Implementing measures to prevent recurrence of improper transactions and accounting
First written in FY2020-Q3. 2 of 4 entries say "Advanced", first in FY2020. Latest entry: FY2022.
The whole theme swung hardest in 2022: 1 of 8 companies on the "Worse" side.
6 other companies' latest entry also says "Advanced".
- FY2022AdvancedAnnual report
「As a result, the company disclosed in its Internal Control Report dated 28 June 2021 that, as of the end of the fiscal year ending March 2021, the material weaknesses requiring disclosure had been remediated and internal controls were effective.」
Regarding the response to improper accounting, the company specified concrete milestones, including resolving the material deficiencies and disclosing the effectiveness of internal controls, and moved on to continued implementation of recurrence-prevention measures and monitoring by the Audit Committee. - FY2021-Q1Expense recorded for the investigation into improper accountingAnnual report
「These were investigation expenses of ¥238 million related to improper accounting identified in prior fiscal years.」
The company recorded ¥238 million in investigation costs related to improper accounting as an extraordinary loss. This is not a new disclosure concerning the implementation status of measures to prevent recurrence. - FY2020AdvancedAnnual report
「Improper accounting practices continued for 6 consecutive fiscal periods without being discovered. As a result, the company restated the financial results for each of those prior periods and delayed the announcement of its financial results, causing considerable inconvenience and concern to shareholders, investors, business partners, and market participants.」
The company explicitly stated that the inappropriate accounting had continued for the past 6 fiscal periods and that prior-period financial statements had been restated. It also specified concrete measures, including establishing a Governance Improvement Committee, analyzing the causes, and formulating and implementing measures to prevent recurrence. - FY2020-Q3First statedAnnual report
「Having received the investigation report from the investigation committee regarding the inappropriate transactions and accounting treatment, the company has formulated measures to prevent recurrence and published their outline today, 13 April. The company takes this matter seriously, will implement the measures to prevent recurrence reliably, and will further strengthen corporate governance.」
For inappropriate transactions and accounting treatment, the company for the first time identified as a separate issue the formulation and publication of recurrence-prevention measures based on the investigation committee's report, their reliable implementation, and the strengthening of corporate governance.