Fraud involving former officers and employees of the Chinese subsidiary and related investigation and financial statement correction costs
First written in FY2018-Q2. 5 of 8 entries say "Restated". Latest entry: FY2021.
0 other companies' latest entry also says "Restated".
- FY2021RestatedAnnual report
「As measures to prevent a recurrence of and remedy the accounting misconduct at our Chinese subsidiary discovered in 2018, we have been working to establish and improve the subsidiary’s financial closing and business processes and strengthen group management.」
We continue to improve the Chinese subsidiary’s financial closing and business processes in response to the misconduct issue and strengthen group management. - FY2020RestatedAnnual report
「As measures to prevent a recurrence of and remedy the accounting misconduct at our Chinese subsidiary discovered two years ago, we have been working to establish and improve the subsidiary’s financial closing and business processes and strengthen group management. However, our current independent auditor approached us to say that the audit work required for the Chinese subsidiary had increased beyond initial expectations, making it difficult to secure sufficient audit personnel, and that it wished to refrain from renewing the audit engagement.」
As improvements to the Chinese subsidiary’s financial closing and business processes continue following the misconduct issue, the increase in audit work has emerged as a specific factor behind the change in audit firm. - FY2019RestatedAnnual report
「To strengthen governance, the company brought in external consultants in addition to support from Japan, sought to improve awareness among local management executives, and reviewed its internal control system in line with actual business operations.」
While the effects of misconduct by a former officer and employee of the Chinese subsidiary continued to affect customer trust and the business, the company continued its response through support from Japan, the introduction of external consultants and a review of internal controls. - FY2019-Q3RestatedAnnual report
「Following the discovery during the previous consolidated fiscal year of misconduct by a former officer and employee of the Chinese subsidiary, the company worked to improve its governance structure, including strengthening the subsidiary's guidance and oversight systems and internal controls, as well as improving compliance awareness.」
As a response to the misconduct at the Chinese subsidiary discovered in the previous year, the company continued to improve its guidance and oversight systems, internal controls, governance and compliance. - FY2019-Q2RestatedAnnual report
「Following the discovery last year of misconduct by a former officer and employee of the Chinese subsidiary, the company worked to improve its governance structure, including strengthening the subsidiary's guidance and oversight systems and internal controls, as well as improving compliance awareness.」
As a response to the misconduct discovered in the previous year, the company continued to improve guidance and oversight, internal controls and compliance. - FY2019-Q1MitigatedAnnual report
「Following last year's misconduct by a former officer and employee, the company has worked to ensure thorough awareness of compliance and to improve governance and internal controls.」
No new extraordinary loss related to the misconduct itself was recorded, and the company continued to improve compliance, governance and internal controls. - FY2018-Q3WorsenedAnnual report
「In addition to recording a gain on the transfer of the equity interest in the subsidiary 瀋陽特可思木芸製品有限公司 as an extraordinary gain, the company recorded investigation costs related to misconduct by a former officer and employee of 無錫三和塑料製品有限公司 as an extraordinary loss. As a result, the quarterly net loss attributable to owners of the parent was ¥160.038 million, compared with quarterly net income attributable to owners of the parent of ¥76.635 million in the same period of the previous year.」
In addition to investigation costs related to the misconduct by a former officer and employee, ¥101.837 million in financial statement restatement-related costs for prior fiscal years and other items were recorded as extraordinary losses, and the issue continued to affect earnings. - FY2018-Q2First statedAnnual report
「As a result of recording investigation costs related to misconduct by a former officer and employee of 無錫三和塑料製品有限公司 as an extraordinary loss, the quarterly net loss attributable to owners of the parent was ¥68.449 million, compared with quarterly net income attributable to owners of the parent of ¥97.852 million in the same period of the previous year.」
Misconduct by a former officer and employee was discovered at the Chinese subsidiary, resulting in response and investigation costs. The income statement also included ¥75.851 million in financial statement restatement-related costs for prior fiscal years as an extraordinary loss, indicating that the misconduct and accounting restatement had an actual impact.