- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By 
Adrianne Appel2022-12-02T18:23:00
Avaya Holdings disclosed its assessment of internal control over financial reporting (ICFR) in its fiscal year 2021 annual report can’t be relied upon, along with acknowledging weaknesses in its ethics and compliance program.
The deficiencies in internal control over financial reporting (ICFR) represented “material weaknesses,” the cloud technology company said in a filing with the Securities and Exchange Commission (SEC) on Wednesday. While Avaya contends with the control lapses, the company will file late its annual report for the year ended Sept. 30, 2022, it disclosed separately.
The announcements follow internal investigations and audits the company launched after learning its financial results for the quarter ended June 30, 2022, would be “significantly lower than previous expectations,” according to a late filing notice Avaya delivered to the SEC on Aug. 9.
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The Committee of Sponsoring Organizations of the Treadway Commission created a framework for companies seeking to achieve effective internal control over sustainability reporting.
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