Internal control issues found in Middlesex Water’s 2022 financial report

  • Middlesex Water has identified material weakness in its internal controls
  • The material weakness was found in connection with the 2022 financial reporting
  • Remediation has not yet occurred
  • Deficient controls were due to a lack of sufficient IT control processes
  • The company’s financial operations for 2022 are still accurately presented

Middlesex Water has recently identified a material weakness in its internal controls related to its 2022 financial reporting, as stated in a Securities and Exchange Commission filing. The company has not yet implemented any remediation measures to address this issue. The deficiency in controls was primarily attributed to inadequate IT control processes, which failed to prevent or detect unauthorized changes in applications and data within certain IT environments. Despite this weakness, Middlesex Water assures that its full-year and quarterly audited results for 2022 accurately reflect the company’s financial operations.

Factuality Level: 8
Factuality Justification: The article provides a clear and concise report on Middlesex Water’s identification of material weakness in its internal controls. It cites a Securities and Exchange Commission filing as the source of the information. The article does not contain any irrelevant or misleading information, sensationalism, redundancy, or opinion masquerading as fact. It does not include any digressions, unnecessary background information, or tangential details. The article does not provide any misleading information, disinformation, or propaganda. It is not poorly researched or inaccurately reported. There is no exaggerated or overly dramatic reporting. The article does not include any repetitive information. There is no bias or personal perspective presented as universally accepted truth. The article does not contain any invalid arguments, logical errors, inconsistencies, fallacies, faulty reasoning, false assumptions, or incorrect conclusions. Overall, the article provides accurate and objective information about Middlesex Water’s material weakness in its internal controls.
Noise Level: 3
Noise Justification: The article provides relevant information about Middlesex Water identifying material weakness in its internal controls. It mentions the specific issue related to IT control processes. However, it lacks in-depth analysis, evidence, and actionable insights. The article stays on topic and does not dive into unrelated territories.
Financial Relevance: Yes
Financial Markets Impacted: Middlesex Water
Presence Of Extreme Event: No
Nature Of Extreme Event: No
Impact Rating Of The Extreme Event: No
Rating Justification: The article pertains to financial topics as it discusses the identification of material weakness in internal controls by Middlesex Water. However, there is no mention of an extreme event or its impact rating.
Public Companies: Middlesex Water (N/A)
Key People:

Reported publicly: www.marketwatch.com