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June 2, 2014
08:25 EDTBNNYAnnie's identifies material weakness in financial reporting internal control
Annie’s disclosed that in finalizing its FY14 results, the company identified a material weakness in its internal control over financial reporting relating to an insufficient complement of finance and accounting resources, including employee turnover, within the organization resulting in design deficiencies in certain areas in which its controls were not precise enough to detect misstatements that in the aggregate could be material to the consolidated financial statements. The material weakness did not result in any material misstatements of the company’s financial statements and disclosures for the years ended March 31, 2014, 2013 and 2012. The material weakness resulted in audit adjustments for the quarter ended March 31, 2014 and immaterial revisions to its consolidated financial statements for the first three quarters of fiscal 2014, the interim periods during, and the annual period ended March 31, of fiscal 2013 and the annual period ended March 31, of fiscal 2012, which will be included in its Annual Report on Form 10-K for the fiscal year ended March 31, 2014. As of the filing deadline, the company had not yet completed the assessment of the company’s internal control over financial reporting. Consequently, its independent registered public accounting firm, PricewaterhouseCoopers, has not completed their audit of the company’s financial statements and the assessment of the company’s internal control over financial reporting. "The company is working diligently to finalize the assessment of and disclosures related to internal control over financial reporting. Nevertheless, procedures relating thereto were not yet complete. As a result, the company was not able to file its Annual Report on Form 10-K for the fiscal year ended March 31, 2014 by the prescribed due date of May 30, 2014...It is anticipated that the Annual Report on Form 10-K for the fiscal year ended March 31, 2014 will be filed on or before the fifteenth calendar day following the prescribed due date of such Annual Report," the company said.
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