Improper Accounting Practices in Prior Fiscal Years and Deficiencies in Internal Controls over Financial Reporting
First written in FY2022-Q1. 10 of 15 entries say "Restated". Latest entry: FY2027-H1.
The whole theme swung hardest in 2020: 4 of 12 companies on the "Worse" side.
19 other companies' latest entry also says "Restated".
- FY2027-H1RestatedAnnual report
「During the interim consolidated accounting period, there were no new business risks or material changes to the business risks described in the securities report for the previous fiscal year.」
The company has reaffirmed that there have been no new business or other risks or material changes to existing risks. - FY2026RestatedAnnual report
「If some or all internal controls are not appropriately established or operated, this may adversely affect the group's operating performance and financial condition, reputation and relationships with financial institutions. In addition, if material errors arise in financial reporting or otherwise due to deficiencies in establishing internal controls or a lack of understanding in their operation, the company's credibility may be undermined, and this may adversely affect the group's operating performance and financial condition.」
The company continues to disclose the potential impact on its finances, creditworthiness and relationships with financial institutions of the general internal control risks identified from the specific incidents in prior fiscal years. - FY2026-H1RestatedAnnual report
「During the interim consolidated accounting period, there were no new business risks or material changes to the business risks described in the securities report for the previous fiscal year.」
The company has reaffirmed that there have been no new business or other risks or material changes to existing risks. - FY2025RestatedAnnual report
「If some or all internal controls are not appropriately established or operated, this may adversely affect the group's operating performance and financial condition, reputation and relationships with financial institutions.」
The company continues to disclose the risk associated with deficiencies in the establishment and operation of internal controls generally, rather than the specific incidents in prior fiscal years. - FY2025-H1RestatedAnnual report
「During the interim consolidated accounting period, there were no new business risks or material changes to the business risks described in the securities report for the previous fiscal year.」
The company has reaffirmed that there have been no new business or other risks or material changes to existing risks. - FY2024ReframedAnnual report
「If some or all internal controls are not appropriately established or operated, this may adversely affect the group's operating performance and financial condition, reputation and relationships with financial institutions.」
The disclosure has been reframed from an explanation of the specific incident of inappropriate accounting in prior fiscal years as a risk that deficiencies in the establishment and operation of internal controls generally may affect the group's finances, creditworthiness and relationships with financial institutions. - FY2024-Q3RestatedAnnual report
「During the nine-month period ended the current third quarter, there were no new business or other risks, nor any material changes to the business or other risks described in the annual securities report for the previous fiscal year. It was subsequently discovered that inappropriate accounting had been conducted in prior fiscal years, resulting in deficiencies in internal control over financial reporting.」
While stating that there were no new risks or material changes to existing risks, the company continues to disclose the inappropriate accounting and deficiencies in internal control over financial reporting in prior fiscal years. - FY2024-Q2RestatedAnnual report
「During the six-month period ended the current second quarter, there were no new business or other risks, nor any material changes to the business or other risks described in the annual securities report for the previous fiscal year. It was subsequently discovered that inappropriate accounting had been conducted in prior fiscal years, resulting in deficiencies in internal control over financial reporting.」
While stating that there were no new risks or material changes to existing risks, the company continues to disclose the inappropriate accounting and deficiencies in internal control over financial reporting in prior fiscal years. - FY2024-Q1RestatedAnnual report
「During the three-month period ended the current first quarter, there were no new business or other risks, nor any material changes to the business or other risks described in the annual securities report for the previous fiscal year. It was subsequently discovered that inappropriate accounting had been conducted in prior fiscal years, resulting in deficiencies in internal control over financial reporting.」
While stating that there were no new risks or material changes to existing risks, the company continues to disclose the inappropriate accounting in prior fiscal years and the deficiencies in internal control over financial reporting. - FY2023-Q3RestatedAnnual report
「During the nine-month period ended the current third quarter, there were no new business or other risks, nor any material changes to the business or other risks described in the annual securities report for the previous fiscal year. It was subsequently discovered that inappropriate accounting had been conducted in prior fiscal years, resulting in deficiencies in internal control over financial reporting.」
While stating that there were no new risks or material changes, the company continues to disclose the inappropriate accounting in prior fiscal years and the deficiencies in internal control over financial reporting. - FY2023-Q2RestatedAnnual report
「During the six-month period ended the current second quarter, there were no new business or other risks, nor any material changes to the business or other risks described in the annual securities report for the previous fiscal year. It was subsequently discovered that inappropriate accounting had been conducted in prior fiscal years, resulting in deficiencies in internal control over financial reporting.」
While stating that there were no new risks or material changes, the company continues to disclose the inappropriate accounting in prior fiscal years and the deficiencies in internal control over financial reporting. - FY2023-Q1MitigatedAnnual report
「The company recognizes the importance of internal control over financial reporting. To rectify these material deficiencies requiring disclosure, and taking into account the findings and recommendations of the special investigation committee, it submitted an Improvement Report to the Tokyo Stock Exchange on 31 January 2022, and has formulated the following measures to prevent recurrence while working to establish and operate appropriate internal controls.」
The company continues to disclose the inappropriate accounting and internal control deficiencies in prior fiscal years, but its remedial response has become more concrete through the submission of an Improvement Report and the formulation and implementation of measures to prevent recurrence. - FY2022-Q3WorsenedAnnual report
「After the possibility of errors in prior accounting was discovered, the company established a special investigation committee and corrected its prior-period financial statements to reflect the facts identified by the committee's investigation. As a result, ¥203.876 million in revised audit fees, special investigation committee investigation costs, costs for assistance in preparing corrected disclosure documents and other expenses incurred by 30 November 2021 were recorded as extraordinary losses under costs related to the correction of prior-period financial statements.」
The company corrected its prior-period financial statements to reflect the investigation findings concerning overstated software-related assets and recorded ¥203.876 million in revised audit fees, investigation costs and other expenses as extraordinary losses. - FY2022-Q2WorsenedAnnual report
「The company discovered that the balance of software-related assets had been overstated in prior periods.」
The inappropriate accounting and internal control deficiencies in prior fiscal years were found to involve the specific issue of overstated software-related assets, leading to an investigation by a special investigation committee. - FY2022-Q1MaterialisedAnnual report
「It was subsequently discovered that inappropriate accounting had been conducted in prior fiscal years, resulting in deficiencies in internal control over financial reporting.」
The company reports that inappropriate accounting in prior fiscal years was discovered and that this resulted in deficiencies in internal control over financial reporting.