CORPAY, INC. (CPAY): auditor change — FLEETCOR to restate 2023 quarterly financials due to cash and AR errors; material weakness

CORPAY, INC.

Audit committee determines Q1-Q3 2023 unaudited financials should no longer be relied upon; restatement planned.
Errors: (1) recognition of customer custodial cash as restricted cash and (2) misclassification of unbilled accounts receivable.
No misconduct involved; adjustments limited to balance sheet and cash flow statement.
Company to report ineffective disclosure controls and material weakness in the 2023 Form 10-K.
FY2023 earnings release and investor materials also deemed unreliable.

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

CORPAY, INC. reported that prior financial statements should not be relied upon.

Action: non reliance
Auditor: Ernst & Young LLP

Exact text from the filing

On February 26, 2024, the Audit Committee of the Board of Directors of the Company, after discussion with management, determined that the Company’s previously issued unaudited condensed consolidated financial statements included in the quarterly report on Form 10-Q for the fiscal quarter ended March 31, 2023, filed on May 10, 2023, unaudited condensed consolidated financial statements included in the quarterly report on Form 10-Q for the fiscal quarter ended June 30, 2023, filed on August 9, 2023, and unaudited condensed consolidated financial statements included in the quarterly report on Form 10-Q for the fiscal quarter ended September 30, 2023, filed on November 9, 2023 (each a “Previous Filing” and collectively “Previous Filings”), should no longer be relied upon and should be restated

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Source: SEC EDGAR

accession 0001628280-24-008055

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