Munger’s Publisher Found to Lack Accounting Controls
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Daily Journal Corp., the California publisher that counts billionaire Charles Munger as chairman, was faulted by its auditor for inadequate accounting controls in a delayed annual report to the Securities and Exchange Commission.
“The company has not adequately identified and documented sufficient internal controls,” Ernst & Young LLP said yesterday in the filing for the fiscal year ended Sept. 30. The auditor cited “material weaknesses” tied to accounting for acquisitions and deferred tax provisions.