April 1, 2019 / 10:58 AM / 22 days ago

ABB says controls over 2018 financial reporting were lacking

ZURICH, April 1 (Reuters) - Swiss engineering group ABB did not have effective internal controls over financial reporting as of Dec. 31, 2018, Chief Executive Ulrich Spiesshofer said in the company’s annual report.

“These control failures did not lead to any financial misstatement and there was no need to restate numbers,” ABB said on Monday. “However, the controls failures could have led to a potential misstatement of the company’s financial statements and are therefore called out as a material weakness.” (Reporting by John Miller, Editing by Michael Shields)

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