Loop Media (LPTV), a digital billboard and advertising firm, has discovered new material weaknesses in its internal control over financial reporting (ICFR). Not only are the company’s end-of-period disclosures regarding items like income taxes, among others, suspect, Loop Media also acknowledges it lacks supporting documentation for certain journal entries.

Even worse, the company suggests the most basic of checks-and-balances are missing when it comes to ensuring the validity of journal entries:

“In most instances, persons responsible for reviewing journal entries and account reconciliations for validity, completeness and accuracy were also responsible for preparation.”

Still, Loop’s CEO and CFO determined the company’s disclosure controls and procedures were effective. The company first disclosed control deficiencies in 2021 and has been implementing fixes since.