Advance Auto Parts delays 10-Q filing, says accounting errors identified

Advance Auto Parts disclosed in a filing that it is unable to complete the filing of its Quarterly Report on Form 10-Q for the quarter ended October 7 within the prescribed time frame without unreasonable effort or expense due to the circumstances described below. “In the course of completing the preparation of its quarterly financial statements for the Form 10-Q, the company identified certain accounting errors impacting cost of sales and selling, general and administrative costs occurring in fiscal year 2022. The company evaluated the errors and determined that the related impacts were not material to the previously issued consolidated financial statements for any prior period, however, the company, in consultation with the company’s audit committee, management and external auditors, determined that the company’s consolidated financial statements for the affected periods should be revised,” the filing states.