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The Accountant Shortage Is Showing Up in Financial Statements


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https://www.wsj.com/articles/the-accountant-shortage-is-showing-up-in-financial-statements-b14a6b94

 1. CFO Journal
    


THE ACCOUNTANT SHORTAGE IS SHOWING UP IN FINANCIAL STATEMENTS


ADVANCE AUTO PARTS AND OTHERS HAVE CITED A LACK OF SKILLED ACCOUNTING PERSONNEL
FOR MATERIAL WEAKNESSES IN THEIR FINANCIAL-REPORTING CONTROLS, A KEY PREDICTOR
OF RESTATEMENTS

By

Mark Maurer


July 11, 2023 8:00 am ET

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(2 min)



Advance Auto Parts had to briefly delay its 10-Q filing for its fiscal first
quarter due to turnover in its accounting staff. Photo: Justin Kase
Conder/Associated Press

The widening shortage of accountants has begun showing up in financial
statements.

U.S.-listed companies such as car-parts provider Advance Auto Parts,
electric-air-taxi firm Joby Aviation and German biotech company Evotec in recent
months have disclosed efforts to address material weaknesses due at least in
part to a lack of accounting staff. These names are larger than the typically
smaller companies that historically might have had trouble attracting accounting
expertise.

Companies must disclose a material weakness in their internal control over
financial reporting, or ICFR, if there is a reasonable possibility that a
material misstatement could occur and couldn’t be prevented or detected by them
on a timely basis. Such flaws are one of the key predictors of restatements,
both major and minor, and generally lead companies to address the problems and
improve their controls.

The disclosures come as fewer people are pursuing degrees in accounting and
entering the field, resulting in more positions open and for longer periods of
time. What’s more, academics say, the shortage will likely be compounded as more
accountants retire without a robust pipeline of replacements.

Smaller companies in need of accounting staff often decide not to fill the jobs
because they either can’t afford to or can’t justify the cost-benefit trade-off,
while their bigger counterparts might be unable to find the right people, said
Andrew Imdieke, an assistant professor of accounting at the University of Notre
Dame.

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“This is an economic shock where larger companies are not able to fill these
roles as opposed to choosing not to fill these roles,” he said. “It’s definitely
a cause for concern.” 

One of the most explicit examples of the fallout came from Advance Auto Parts,
which said it had identified a material weakness in its ICFR due to turnover in
key accounting positions during the fiscal quarter ended April 22. The company
said it wasn’t able to attract and retain enough qualified people to fulfill
internal-control responsibilities. 

So much so, that the Raleigh, N.C.-based company said on June 2 it wouldn’t be
able to file its 10-Q quarterly report on schedule because it needed more time
to assess the control deficiency and its remediation. It filed the 10-Q four
days later.

Advance Auto Parts is working to address the shortcoming, in part by tapping
temporary outside help with the requisite accounting knowledge and experience,
it said in its June 6 filing. The company didn’t respond to a request for
comment. 

Big and midsize firms like Advance Auto have a higher regulatory bar to clear
than smaller companies do: In 2020, the Securities and Exchange Commission
exempted public companies with less than $100 million in annual revenue from
retaining an outside auditor to verify their internal controls.  

Companies with longstanding ICFR gaps rarely face SEC charges for that
recurrence alone, but they can risk higher borrowing rates, a falling stock
price and an investor exodus if they don’t make fixes. In 2019, the SEC settled
charges with four public companies, including health-food company Lifeway Foods,
for failing to maintain ICFR for seven to 10 consecutive years.

A Joby Aviation air taxi outside the New York Stock Exchange ahead of the
company’s listing in 2021. Photo: ANDREW KELLY/REUTERS

Another company that has struggled with an accountant shortage is Joby Aviation,
a maker of electric vertical takeoff and landing aircraft, or eVTOLs. In a May 5
quarterly filing, the company said it was continuing to fix the control
deficiencies that led to its material weakness. The remaining aspect of the
material weakness, as of Dec. 31, 2022, related to the lack of sufficient
accounting personnel with deep technical knowledge to identify and resolve
complex accounting issues in a timely manner, the Santa Cruz, Calif.-based
company said. Joby Aviation declined to comment. 

Nearly 600 U.S.-listed companies of a total 7,359 reported material weaknesses
related to personnel, typically in accounting or information technology, this
year through June, down 5.2% from the prior-year period, but up 40.6% from the
2019 period, according to a review of filings by research firm Bedrock AI.

Of these companies, 21% were based outside the U.S., a jurisdiction whose
reporting requirements can be knotty for companies with complex operations and
corporate structures.

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The number of foreign U.S.-listed companies reporting personnel-related material
weaknesses this year through June grew 5% to 125, compared with the prior-year
period, Bedrock said. That is nearly triple that of the 2019 period. The 125
companies included 16 with at least a $1 billion market capitalization, up from
15 in the prior-year period and six in the 2019 period. 

> “Higher salaries are coming for in-house accountants whether management likes
> it or not.”  
> 
> — John Coffee, Columbia Law School

Evotec, in a May 12 filing, said it had developed a plan to address the lack of
adequate accounting and supervisory personnel, adding that it had filled key
positions late last year and would continue to recruit people this year. In a
statement this week, the company said it hasn’t had significant trouble doing
so.

Full Truck Alliance, a Chinese provider of an Uber-like service for the trucking
industry, in an April filing said it remediated a material weakness during the
previous year. The company and its auditor, Deloitte Touche Tohmatsu Certified
Public Accountants, had identified the problem—a lack of sufficient skilled
financial reporting and accounting personnel—in connection with audits of 2020
and 2021 financials. 

In a statement, Full Truck Alliance said it immediately began a search for
suitable accounting personnel after identifying the problem, not long after its
June 2021 listing on the New York Stock Exchange. “The company always put
internal control as one of its first priorities and fully understands its
responsibility to investors as a listed company,” the company said. 

SHARE YOUR THOUGHTS

Will the dearth of skilled accounting staff lead companies to restate their
financials or face other financial issues? Join the conversation below.

Ecarx Holdings, a Chinese mobility tech provider, said a similar weakness was
found in its 2020 and 2021 audits. The company did, however, hire knowledgeable
personnel in the run-up to its Nasdaq listing last December, a spokesman said.

“Our accounting personnel have historically been experts on the relevant
reporting regime [in China], and our level of knowledge of U.S. GAAP and SEC
reporting requirements only became relevant at the time we decided to pursue a
Nasdaq listing,” a spokesman said, referring to generally accepted accounting
principles. 

Facing a shortage of accountants, companies might assign less-experienced
personnel to critical tasks, which could lead to more ICFR shortcomings and
fraud—not just in financial reporting but against the companies themselves, said
Ben Foster, a professor of accounting at the University of Louisville. 

“You need highly skilled people to be able to know that what we’re doing here is
still going to be secure and someone can’t come in and manipulate that part of
the operation,” he said.

One solution for companies is to offer accountants more lucrative pay packages,
said John Coffee, a professor at Columbia Law School. Accounting has been long
viewed by people in the profession as underpaid and undervalued, compared with
positions in tech and banking. 

“Higher salaries are coming for in-house accountants whether management likes it
or not,” he said.

Write to Mark Maurer at mark.maurer@wsj.com

Copyright ©2024 Dow Jones & Company, Inc. All Rights Reserved.
87990cbe856818d5eddac44c7b1cdeb8

Appeared in the July 12, 2023, print edition as 'Accountant Shortage Hits
Corporations'.

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