The parent company of California-based Guild Mortgage reported on Monday it has identified material weaknesses in its internal control over financial reporting, according to its annual 10K document filed with the U.S. Securities and Exchange Commission (SEC).
The nonbank lender said it did not have sufficient staff with the experience to design and operate its controls over financial reporting. In addition, the company did not perform an effective risk assessment, including the risk of fraud.
“This resulted in ineffective general information technology controls over user access and change management within details ⇒
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