SunEdison identifies material weaknesses in internal controls, delays filing annual report
Written By: Stratton Report
March 16, 2016
On March 16, SunEdison, Inc. announced that it is delaying the filing of its Annual Report on Form 10-K for the year ended December 31, 2015 beyond the extended due date of March 15, 2016.
The company explained that the scope of work required to finalize the Company’s financial statements included in the 2015 Annual Report on Form 10-K has expanded due to the identification by management of material weaknesses in its internal controls over financial reporting, primarily resulting from deficient information technology controls in connection with newly implemented systems.
Because of these weaknesses, additional procedures are necessary for management to complete SunEdison’s annual financial statements and related disclosures, and for the independent registered accounting firm, KPMG LLP, to finalize its audits of the annual financial statements and the effectiveness of internal controls over financial reporting as of December 31, 2015.
In addition, the investigation by SunEdison’s Audit Committee, previously disclosed by the Company on Form 12b-25 filed with the Securities and Exchange Commission on February 29, 2016, concerning the accuracy of the Company’s anticipated financial position previously disclosed to the Company’s board of directors, has not yet been finalized.
To date, the company has not identified any material misstatements or restatements of SunEdison’s audited or unaudited consolidated financial statements or disclosures for any period previously reported.