Archer-Daniels-Midland Co (ADM): auditor change — ADM to restate segment disclosures in FY2023 10-K and Q1/Q2 2024 10-Qs; prior filings no longer reliable

Archer-Daniels-Midland Co

Board concluded Nov 4, 2024 to amend FY2023 10-K and Q1/Q2 2024 10-Qs for intersegment sales errors.
Additional misclassified intersegment transactions found in Q3 2024 during remediation testing.
Restatements not expected to materially impact earnings, balance sheets, or cash flows.
Material weakness in internal control over intersegment sales persists; remediation plan ongoing.
Prior filings should no longer be relied upon due to errors in segment disclosure.

item 4.02

Key facts

Extracted from this filing and checked against the source text.

Auditor Changes SEC 8-K Item 4.01/4.02 confidence 0.9

Archer-Daniels-Midland Co reported that prior financial statements should not be relied upon.

Action: non reliance

Exact text from the filing

The Prior Filings should no longer be relied upon because of errors identified in such financial statements

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Source: SEC EDGAR

accession 0000007084-24-000034

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