Brief: DXP Enterprises - Remediated Previously Reported Material Weaknesses In Its Internal Control Over Financial Reporting

DXP Enterprises

29/03/2022 11:27

March 29 (Reuters) - DXP Enterprises Inc  DXPE.O :
    * DXP ENTERPRISES - AS OF DEC 31, 2021, REMEDIATED
PREVIOUSLY
REPORTED MATERIAL WEAKNESSES IN ITS INTERNAL CONTROL OVER
FINANCIAL REPORTING
    * DXP ENTERPRISES - ALONG WITH PREVIOUSLY IDENTIFIED
WEAKNESS,
DETERMINED A MATERIAL WEAKNESS RELATED TO ACCOUNTING FOR COMPLEX
REVENUE CONTRACTS EXISTED AS OF DEC 31, 2021
    * DXP ENTERPRISES INC - DID NOT PROPERLY ASSESS PROGRESS
TOWARD
COMPLETION AROUND LONG-LIVED PROJECT AND MANUFACTURING CONTRACTS
    * DXP ENTERPRISES INC - BEGUN TO UPDATE AND STANDARDIZE ITS
REVENUE RECOGNITION PROCESSES AND CONTROLS
    * DXP ENTERPRISES - WILL RETAIN A THIRD-PARTY ACCOUNTING
ADVISORY
FIRM TO ASSIST IN IMPROVING INTERNAL PROCESSES IN CONNECTION
WITH REVENUE RECOGNITION

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