Munger’s Daily Journal Cites Material Weakness Over Controls
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Daily Journal Corp., the publisher that counts billionaire Charles Munger as chairman, said it found “material weaknesses” in its controls over financial reporting and restated results.
In filings Wednesday, the Los Angeles-based company said it accrued a tax liability related to an acquisition and erased almost all the the previously reported $2.84 million in profit for the three months ended June 30. The publisher said it lacks in-house expertise to apply accounting rules for non-routine transactions.