Archer-Daniels-Midland Says Material Weakness In Internal Control Over Financial Reporting Resulted From Inadequate Controls That Allowed For Certain Intersegment Sales To Be Reported At Amounts Not Approximating Market
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Archer-Daniels-Midland (ADM) disclosed a material weakness in its internal control over financial reporting, attributing it to inadequate controls that permitted the reporting of certain intersegment sales at values not close to market rates.
March 12, 2024 | 10:24 am
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Archer-Daniels-Midland disclosed a material weakness in financial reporting due to inadequate controls over intersegment sales reporting.
The disclosure of a material weakness in financial reporting controls, especially related to the accuracy of intersegment sales reporting, is likely to erode investor confidence in ADM's financial integrity. This could lead to a negative short-term impact on the stock price as investors reassess the reliability of ADM's financial statements and the effectiveness of its internal controls.
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