Improper reporting and accounting at a subsidiary and special investigation
First written in FY2019-Q3. 1 of 2 entries say "Materialised", first in FY2019-Q3. Latest entry: FY2019.
0 other companies' latest entry also says "Mitigated".
- FY2019MitigatedAnnual report
「As a result of the investigations, the Company received the final report from the Special Investigation Committee on 29 March 2019.」
After receiving the final report from the Special Investigation Committee, the Company is working to formulate and implement measures to prevent recurrence, reinforce compliance awareness and strengthen internal controls. - FY2019-Q3MaterialisedAnnual report
「At LIXIL Renewal, a consolidated subsidiary of the Company, we are conducting an investigation to clarify the facts, including the details of the events and their impact on the Company's consolidated financial statements, after establishing a Special Investigation Committee in response to the possibility that appropriate reports were not made to the Company and that improper accounting treatment may have been used to recognize part of revenue earlier than appropriate. We are also considering measures to prevent recurrence.」
The Company identified potentially improper reporting and premature recognition of revenue at a subsidiary, and a Special Investigation Committee is conducting an investigation. The Company received an interim report and stated that it is working to implement measures to prevent recurrence based on the final report and recommendations, as well as strengthen internal controls. It has also determined that the impact on the consolidated financial statements is immaterial and that no corrections to prior financial results will be made.