Financial technology service provider WEX agreed to pay $350,000 as part of a settlement with the Securities and Exchange Commission (SEC) announced Monday regarding violations of internal accounting control provisions in the federal securities laws.
Deficiencies in WEX’s internal control over financial reporting (ICFR) led to accounting errors at the company’s former Brazilian subsidiary, WEX Brazil, according to the SEC. An independent auditor cited numerous weaknesses in ICFR at WEX Brazil in 2016 and 2017 that led to the company revising its financial statements for fiscal years 2016 and 2017 and interim reporting periods for fiscal years 2017 and 2018 to correct the errors.
