BlueMeme Inc.
Notice Regarding Material Weaknesses in Internal Control over Financial Reporting
The company recognized material weaknesses in internal control and disclosed a corrective policy based on the Special Investigation Committee's report. It submitted amended filings covering prior periods, including corrections to revenue recognition for the fiscal year ended March 2021 and recording of subcontracting expenses from the fiscal year ending March 2021 onward. The corrections have been reflected in the consolidated financial statements, and the audit opinion is unqualified. The company plans to implement measures to prevent recurrence.
Key Figures
- Unqualified opinion
- Submission of amended filings (including corrections to period allocation and cost recognition)
- Date information such as receipt date of the Special Investigation Committee's report and publication date of the corrective policy is Unknown
AI要約
Key Points
The company announced that a material weakness in internal control over financial reporting at headquarters has been identified. Following the Special Investigation Committee's report, inappropriate accounting treatments were found, including revenue recognition for the fiscal year ended March 2020 and the recording of subcontracting expenses from the fiscal year ended March 2021 onward, and corrective actions including submission of amended filings are being undertaken. The amended filings also describe multiple internal control deficiencies such as errors in period allocation and insufficient verification of existence. It was also pointed out that aspects of the audit framework required improvement.
Impact and Next Steps
The aforementioned corrective items have been reflected in the consolidated financial statements and financial statements, and the audit opinion is unqualified. The company plans to strengthen governance and comprehensively reform internal controls based on the Special Investigation Committee's recurrence prevention measures. Improving the operation of the whistleblower system has also been identified as an issue.
BlueMeme Inc.
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