BGC admits "material weakness" in reporting ahead of IPO
Interdealer broker BGC has admitted a "material weakness" in its internal accounting, which it says could put it in breach of the US Sarbanes-Oxley Act after it lists its shares later this year.
The company lacks suitable controls for the monthly closing process, uses several different methods to keep its accounts and does not have adequately-qualified staff, BGC said, warning that its accounts could contain "material misstatements" as a result.
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