10-K
18. SUBSEQUENT EVENTS
The Company evaluated June 30, 2012 financial statements for subsequent events through the date that the financial statements were available to be issued and noted no material events requiring either recognition as of June 30, 2012 or disclosure herein, except for the issuance of a waiver and amendment to the Loan and Security Agreement as disclosed in Note 12.
Item 9 - Changes in and Disagreements with Accountants on Accounting and Financial Disclosure None.
Item 9A - Controls and Procedures Pursuant to Rule 13a-15(b) under the Securities Exchange Act of 1934, we carried out an evaluation, with the participation of our management, including our Chief Executive Officer and Chief Financial Officer, of the effectiveness of our disclosure controls and procedures (as defined under Rule 13a-15(e) under the Securities Exchange Act of 1934) as of the end of the period covered by this annual report. Based upon that evaluation, our Chief Executive Officer and Chief Financial Officer concluded that our disclosure controls and procedures were effective as of such date in ensuring that information required to be filed in this annual report was recorded, processed, summarized and reported within the time period required by the rules and regulations of the Securities and Exchange Commission, and that such information is accumulated and communicated to our management, including our Chief Executive Officer and Chief Financial Officer, as appropriate, to allow timely decisions regarding required disclosure.
Starting in the first quarter of fiscal 2012, the Company dedicated one member of its finance team to review all aspects of the tax provision and the tax balance sheet accounts, and ensured that this work was also coordinated with and reviewed by an outside advisor on taxes for each of the interim quarterly financial statements. During the fourth quarter of fiscal 2012, the Company effectively remediated the material weakness within its financial reporting process related to income taxes. The additional steps taken to achieve remediation included the hiring of a tax director, enhancements to the documentation supporting the tax calculation model, and completion of a more detailed review of tax accounts at all subsidiaries., There were no other changes in our internal control over financial reporting (as defined in Rules 13a-15(f) and 15d-15(f) under the Securities Exchange Act of 1934) during the fourth quarter of fiscal 2012 identified in connection with our Chief Executive Officer’s and Chief Financial Officer’s evaluation that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.
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