Accounting Errors and Adjustments - The company identified and corrected eight accounting errors from previous years, impacting sales incentive plans, receivables, and inventory provisions[1]. - The adjustments related to error (i) were made in the interim financial statements for the six months ending June 30, 2022, following a detailed review of contract liability calculations[3]. - The audit committee confirmed that the adjustments for error (i) were correctly made and resolved all significant misstatements from prior years[5]. - The company has updated its accounting treatment for sales incentive plans to ensure compliance with relevant accounting standards[4]. - The adjustments made for error (i) reflect complex calculations and parameters that were not easily identifiable by the board[3]. - The company identified several errors in its financial statements, including understatements related to accounts receivable provisions and inventory reserves, which were attributed to credit losses and unsold products[7][8][9]. - The adjustments related to errors (ii) to (viii) were deemed not significant in nature and amount, leading the company to decide against restating prior financial statements[9][10]. - The audit committee confirmed that the adjustments related to errors (ii) to (viii) were correctly made and resolved all significant misstatements in prior financial reports[13]. Revenue and Profit Performance - The company reported a significant decline in revenue and profit performance due to market downturns, which was unexpected by the board[3]. Internal Control and Review - An internal control review has been initiated by the company, with an external consultant engaged to assess and improve the internal control and financial reporting systems, expected to take two to three months[14]. - The company is in the process of reviewing its internal controls[15]. - The company will provide updates regarding the internal control review results at an appropriate time[15]. Customer and Tax Adjustments - The company has reviewed the financial status of its customers and adjusted the expected credit loss amounts accordingly, ensuring no other anomalies were found in prior years' financial statements[11]. - The company has updated its calculations for income tax payable and deferred tax assets based on a review of past tax filings, ensuring compliance with tax regulations[12]. - The company has taken steps to ensure the accuracy of intercompany transaction eliminations, reviewing key assumptions and ensuring completeness[11]. - The company has reassessed long-term sick leave provisions for employees, updating estimates based on internal discussions and reviews[12]. - The company has conducted a thorough review of inventory to identify any significant inventory write-downs necessary due to nearing expiration dates[11]. Corporate Governance and Transparency - The company plans to correct all identified errors in its 2022 annual performance announcement and report, aiming for better corporate governance[10]. - The company is committed to transparency for shareholders and potential investors[15]. - No specific financial performance metrics or forecasts were disclosed in this announcement[15]. - Further details will be communicated to stakeholders in due course[15]. Board of Directors - The board of directors includes three executive directors and three independent non-executive directors[15]. - The chairman and CEO is Mr. Yan Weibin[15]. - The vice chairman is Mr. Sun Donghong[15]. - The board consists of a total of nine members[15]. - The announcement date is July 7, 2023[15].
澳优(01717) - 2023 - 年度业绩