First Data 2013 Annual Report Download - page 126
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Based on management’s evaluation under the COSO framework, management concluded that the Company’s internal controls over financial reporting
were not effective as of December 31, 2013.
Ernst & Young LLP, an independent registered public accounting firm, has issued an attestation report on the Company’s internal control over financial
reporting which is contained below.
Remediation of Material Weakness
During 2013, management initiated a remediation plan which included the following actions:
· the Tax Department was restructured, key resources were refocused on the most critical areas and additional technical resources were added;
· processes, procedures and controls over income tax accounting were reviewed and modified to ensure greater oversight and transparency; and
· additional external resources were engaged to ensure that all concepts and interpretations around income tax accounting have been appropriately
considered.
Remaining remediation actions relate to the implementation of tax provision software and further review and modification of processes, procedures and
controls.
Changes in Internal Control over Financial Reporting
Other than with respect to the ongoing remediation of the material weakness pursuant to the plan described above, there were no changes in the
Company’s internal control over financial reporting identified in connection with the above evaluation that occurred during the last fiscal quarter that has
materially affected, or is reasonably likely to materially affect, the Company’s internal control over financial reporting.
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