ADM delays annual report filing amid ICFR assessment
By 
Kyle Brasseur2024-03-04T11:17:00
ADM disclosed it will be late in filing its annual report for 2023 as it continues to investigate potential accounting improprieties regarding its nutrition reporting segment.
The food processing company filed with the Securities and Exchange Commission (SEC) on Friday that it expects to submit its report by March 15, which is when its extension window would close. The company said its financial statements included in the report and its assessment of internal control over financial reporting (ICFR) require additional time to complete.
At this time, ADM said it anticipates reporting a material weakness in its ICFR related to its accounting practices and procedures for intersegment sales in its nutrition reporting segment. The company said it is developing a plan to remediate the apparent issues.
Related articles
-
News BriefADM CFO to depart amid accounting probes
Food processing company ADM announced Chief Financial Officer Vikram Luthar, who was placed on administrative leave in January amid a probe into the company’s accounting practices, will resign.
-
News BriefDOJ joins SEC in probing ADM accounting practices
ADM disclosed the Department of Justice joined the Securities and Exchange Commission in probing the food processing company’s accounting practices.
-
News BriefChemours says probe found accounting misconduct by execs
Chemours said an internal review into the actions of senior managers alleged to have engaged in accounting misconduct uncovered violations of the chemicals company’s code of ethics regarding the promotion of full, fair, accurate, timely, and understandable disclosure.
More from Accounting & Auditing
-
News BriefPhoto gallery: Compliance Week Third-Party Risk Management Summit
Nearly 200 attendees gathered at the Hotel Zaza in Austin, Texas for Compliance Week’s 2025 June 3-4. This year’s conference brought together compliance professionals from across the globe to discuss how rapidly shifting politics, policies and supply chain realities are affecting their jobs, and share best practices to respond.
-
PremiumExperts explain why IIA's new global audit rules will be 'central' to securing high-quality assurance
Compliance teams should expect more support from their organization’s internal audit functions. That is the clear message from the Institute of Internal Auditors, the global body of national affiliated internal audit institutes, which has just put into action its new Global Internal Audit Standards.
-
PremiumChinese regulators impose six-month ban, $62M fine on PwC’s China unit
Chinese authorities banned PwC’s Chinese unit from performing audits in the country for six months, labeling the subsidiary’s flawed audit work as complicit in the failure of giant property developer Evergrande.