Preventing Recurrence of Deficiencies in the Internal Control System at a Chinese Subsidiary
First written in FY2021. 3 of 5 entries say "Restated". Latest entry: FY2023.
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- FY2023DroppedAnnual reportThe specific deficiencies in the internal control system concerning questionable transactions and the special investigation at the Suzhou subsidiary, which had been disclosed through the previous fiscal year, cannot be confirmed in the body of the current consolidated fiscal year’s report. At the same time, general frameworks such as the compliance committee and internal controls are disclosed.
- FY2022RestatedAnnual report
「Due mainly to the recording of special investigation-related costs in non-operating expenses, the amount was ¥724.912 million, down 29.3% year on year.」
Special investigation-related costs of ¥69.247 million concerning the Chinese subsidiary were recorded, and the impact of the continued investigation into deficiencies in the internal control system remains disclosed. - FY2022-Q2RestatedAnnual report
「Special investigation-related costs: ¥70.247 million」
The special investigation concerning the Chinese subsidiary continued, and related costs of ¥70.247 million were recorded as non-operating expenses. The continued investigation into deficiencies in the internal control system is disclosed with a quantified amount. - FY2022-Q1RestatedAnnual report
「In addition, following an investigation into questionable transactions at a Chinese subsidiary, investigation costs of ¥44.905 million incurred as a result of establishing an investigation committee were recorded as non-operating expenses.」
The investigation committee’s work concerning deficiencies in the Chinese subsidiary’s internal control system continued during the quarter, as shown by the recording of investigation costs. - FY2021MaterialisedAnnual report
「Following findings that the investigation had identified suspected incidents lacking a substantive basis in the use of expenses by the sales division of Suzhou Okumura Valve Co., Ltd., as well as deficiencies in the compliance framework and other shortcomings in the Group’s internal control system, we will sincerely accept the facts established by the investigation committee and its recommendations for preventing recurrence, formulate specific preventive measures, and implement them.」
The investigation committee identified concerns regarding expense use at the Chinese subsidiary and deficiencies in its compliance framework, and a policy of formulating and implementing measures to prevent recurrence was announced.