Unisys: Probe identified ‘material weaknesses’ in disclosure controls


Information technology (IT) services company Unisys Corp. revealed Monday the discovery of faults in its internal control over financial reporting (ICFR), including involving its compliance functions, following an internal investigation it first disclosed earlier this month.

The audit and finance committee of Unisys’s board of directors consulted with company management on its identification of “material weaknesses” in how financial information was communicated by the IT, legal, and compliance departments to the chief executive officer, chief financial officer, and other governance decision-makers, Unisys disclosed in an 8-K filing with the Securities and Exchange Commission (SEC).

The deficiencies didn’t “allow timely decisions related to both financial reporting and other nonfinancial reporting” in the company’s reports filed with the SEC, the probe found. Unisys concluded its ICFR was not effective as of Dec. 31, 2021, affecting multiple quarterly reports.

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