Financial Software Firm FactSet to Tackle Accounting Weakness

Financial software company FactSet Research Systems Inc. is still working to remedy its internal accounting safeguards after identifying an IT-related weakness, according to a regulatory filing.

FactSet told investors in a quarterly report filed Monday with the Securities and Exchange Commission that certain financial reporting procedures weren’t effective as of Nov. 30 due to a “material weakness” remaining in certain IT processes. This designation means there’s a reasonable possibility that a significant mistake in financial statements wouldn’t be sufficiently prevented or detected.

The company, which provides data tools for investment professionals, flagged deficiencies related to the design and operation ...