Napco Security restates FY 2019-2021 financials; inventory reserves errors, material weakness

NAPCO SECURITY TECHNOLOGIES, INC

Audit committee concluded FY 2019-2021 audited financials and auditor's opinion should no longer be relied upon.
Errors in inventory obsolescence reserve methodology; changed to systematic method using historical data and usage.
Material weakness in internal control over financial reporting and ineffective disclosure controls at June 30, 2021.
Management enhanced procedures but cannot estimate timeline to complete remediation testing.

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