Lee Enterprises flags ICFR weaknesses following internal review
By 
Adrianne Appel2023-02-07T19:58:00
Lee Enterprises, the media company that owns the St. Louis Post-Dispatch and 76 other newspapers nationwide, concluded its internal controls over financial reporting (ICFR) were not effective for the fiscal year ended Sept. 25, 2022.
The results of an internal review, conducted by Lee management and its board of directors’ audit committee, were included in a Feb. 2 regulatory filing with the Securities and Exchange Commission. Lee disclosed in December it received warning of delisting from Nasdaq after failing to meet certain deadlines for filing its annual 10-K form for 2022.
Despite the material weaknesses uncovered, Lee said it doesn’t expect changes to its reported operating results for the fiscal year ended Sept. 25, 2022.
Related articles
-
News BriefVeradigm discloses ICFR weakness related to rev rec software tool
Healthcare technology company Veradigm disclosed it expects it misstated revenue by approximately $40 million during its 2021 and 2022 reporting periods.
-
News BriefTupperware to delay annual report amid ICFR weaknesses
Tupperware Brands Corp. disclosed it uncovered material weaknesses in its internal control over financial reporting as part of an announcement its 2022 annual report would be delayed.
-
News BriefQualtrics discloses ICFR weakness in IT controls
Software company Qualtrics disclosed the discovery of a material weakness in its internal control over financial reporting for the 2022 fiscal year.
More from Accounting & Auditing
-
PremiumU.K. financial regulator looks to streamline audit enforcement procedures
Auditors are supposed to keep businesses honest, but how much regulation is the optimum for the auditors – and how onerous and punitive should the enforcement regime be? A new consultation by the U.K. regulator, the Financial Reporting Council, opened on Oct. 1 and has put the vexed question of ...
-
ArticlePCAOB’s Christina Ho: How emerging technologies could improve audit quality
Emerging technologies, like artificial intelligence (AI) and advanced data analytics, can improve audit quality in significant ways. As the regulatory overseer of public-company audits, the Public Company Accounting Oversight Board (PCAOB) has a critical role to play by ensuring that its audit standards evolve as the audit profession evolves.
-
News BriefPCAOB chair Williams latest independent official pushed out by Trump
Continuing a Trump administration practice of firing independent regulators, the head of the Public Accounting Oversight Board has been sent packing.