ADT discloses ICFR weaknesses related to impairment calculations
By 
Kyle Brasseur2023-07-11T14:58:00
Home security company ADT said it will restate several of its recent financial statements after discovering errors in its calculation of goodwill impairment losses at its solar reporting unit.
Affected financial statements include the company’s quarterly reports filed with the Securities and Exchange Commission for the third quarter of 2022 and first quarter of 2023 and its 2022 annual report. ADT disclosed the issues in a filing Monday, saying it identified the errors while preparing its financials for the second quarter of 2023.
As a result of the errors, ADT management concluded the company’s internal control over financial reporting was not effective as of Dec. 31, 2022, and its disclosure controls and procedures were not effective at the reasonable assurance level as early as Sept. 30, 2022.
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