SUNPOWER CORP: auditor change — SunPower Corporation restates prior financial statements, expects $15M-$25M income decrease

SUNPOWER CORP

Audit Committee determined that audited 2022 Form 10-K/A and unaudited Q1-Q3 2023 financial statements should no longer be relied upon.
Misstatements primarily relate to capitalization of deferred costs, classification of sales commissions, and other individually immaterial adjustments.
Estimated impact is a decrease to income before taxes of approximately $15 million to $25 million for the fiscal year ended January 1, 2023.
A new material weakness in internal control over financial reporting was identified; previously disclosed material weaknesses continue.
Ernst & Young LLP withdrew reliance on its reports on the company's financial statements and internal control.

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 0.95

SUNPOWER CORP reported that prior financial statements should not be relied upon.

Action: non reliance
Auditor: Ernst & Young LLP

Exact text from the filing

y filed with the SEC on December 18, 2023 (collectively, the “Affected Prior Period Financial Statements”), as well as the relevant portions of any communication which describe or are based on such financial statements, should no longer be relied upon. The Company plans to restate, as soon as practicable, the Affected Prior Period Financial Statements. In connection with the preparation of its financial statements for the fiscal year ended December 31, 2023, the Company identified misstatements in the audited financial statements for the fiscal year ended January 1, 2023, included in the 2022 Form 10-K/A. These misstatements primarily relate to (i) the capitalization of certain deferred costs that did not qualify for capitalization, (ii) the classification of certain sales commissions as cost of revenue rather than sales, general and administrative expense, and (iii) certain other indivi

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Source: SEC EDGAR

accession 0000867773-24-000047

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