Enechange Ltd. (JP:4169) has released an update.
ENECHANGE Ltd. has acknowledged significant deficiencies in its internal controls related to financial reporting, as revealed in discussions with its accounting auditor, KPMG AZSA LLC. The deficiencies stem from a failure to include a Special Purpose Company (SPC) within the consolidation scope for its newly launched EV charging business and inadequate checks and oversight by the company’s Board of Directors. ENECHANGE is working to correct these issues, as recommended by an Independent Investigation Committee, to improve its financial reporting and internal controls.
For further insights into JP:4169 stock, check out TipRanks’ Stock Analysis page.