NU Online News Service, Sept. 14, 2004, 4:02 p.m. EDT
BISYS Group Inc., New York, says it will postpone filing its Form 10-K annual report with federal securities regulators.[@@]
BISYS, which has a fiscal year that ends June 30, sells support services to insurance companies, mutual fund companies and other financial services companies.
BISYS was going to file its Form 10-K Monday, but an employee in the fund services unit “raised certain issues, particularly in connection with the documentation process in the company’s preparation for a SAS 70 review,” BISYS says.
An SAS 70 review is the “authoritative guidance that allows service organizations to disclose their control activities and processes to their customers and their customers’ auditors in a uniform reporting format,” according to Grant Thornton L.L.P., Chicago.
BISYS has reported the matter to the U.S. Securities and Exchange Commission, and the company has formed a special committee of independent directors to conduct an independent investigation, BISYS says.
“The company is fully cooperating in the investigation and is making every effort to file its Form 10-K on or before Sept. 28, 2004, the end of the filing extension period,” BISYS President Russ Fradin says in a statement.