Deficiencies in internal controls over financial reporting for prior periods
First written in FY2019. 4 of 5 entries say "Materialised", first in FY2019. Latest entry: FY2021.
Meiho Enterprise moved to the "Worse" side of this theme in 2019, 4 years before the typical company in this theme (2023).
The whole theme swung hardest in 2023: 2 of 9 companies on the "Worse" side.
0 other companies' latest entry also says "Cited as achieved".
- FY2021Cited as achievedAnnual report
「On 10 July 2019, the company established a Special Investigation Committee comprising external attorneys and certified public accountants with no vested interests in the company. The committee reviewed the timing of allowance recognition for doubtful accounts relating to receivables, including loans, associated with the company's China project, and the company amended its prior-year securities reports, quarterly reports and other filings.」
The circumstances surrounding the special investigation into the allowance for doubtful accounts on receivables related to the China project, and the resulting amendments to prior-year financial results, are again described as historical facts in the account of the change in audit firm. - FY2020-Q3MaterialisedAnnual report
「The company recorded the ¥24 million surcharge as an extraordinary loss. It also recorded investigation expenses relating to the committee and additional audit fees and other costs arising from revisions to prior-year financial results as special investigation expenses.」
In connection with issues concerning the recognition of allowances for doubtful accounts in prior years, the company recorded a ¥24 million surcharge and ¥135.466 million in special investigation expenses as extraordinary losses. - FY2020-Q2MaterialisedAnnual report
「The Securities and Exchange Surveillance Commission recommended to the Prime Minister and the Commissioner of the Financial Services Agency, pursuant to Article 20, Paragraph 1 of the Act for Establishment of the Financial Services Agency, that a surcharge payment order be issued. Following the issuance of the order by the Financial Services Agency on 29 November 2019, the company recorded the ¥24 million surcharge as an extraordinary loss.」
In connection with issues relating to prior-year financial reporting and internal controls, the company recorded a ¥24 million surcharge as an extraordinary loss. - FY2020-Q1MaterialisedAnnual report
「As a result, on 28 November 2019, the company received an order from the Financial Services Agency to pay a surcharge in connection with amendments to prior-year securities reports and other filings.」
The disclosure states that the company received a surcharge payment order from the Financial Services Agency in connection with issues relating to prior-year financial reporting and internal controls. - FY2019MaterialisedAnnual report
「The company determined that its internal controls over prior-year financial reporting had not been effective and filed an amended internal control report on 13 September 2019.」
Based on the Special Investigation Committee's investigation, the company stated that its internal controls over prior-year financial reporting had not been effective and filed an amended internal control report.