First Data 2014 Annual Report Download - page 112
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Since 2012, we have implemented a remediation plan that includes the following actions:
• our Tax Department was restructured, key resources were refocused on the most critical areas and additional technical resources were added,
including regional tax controllers;
• processes, procedures, and controls over income tax accounting were reviewed and modified to ensure greater oversight and transparency; and
• implemented a standardized software platform.
We completed a review and detailed testing of our updated processes and based upon the results of this review and testing, we concluded that the material
weakness has been fully remediated.
During the first quarter of 2014, we commenced the migration of certain activities performed in Denver, Colorado to Atlanta, Georgia and Melville, New York
and certain activities performed in our Captive Shared Service Centers to a Business Process Outsourcer (Migrations). These Migrations continued into the
fourth quarter of 2014 and present transitional risks to maintaining adequate internal controls over financial reporting.
There were no changes in our 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, our internal control over financial reporting, other than improvements within
our Tax Department discussed above.
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