Auditors Discover Accounting Errors in Two U.S Units of IT Company Atos

Financial auditors have discovered some accounting errors in two United States units of French IT consulting firm Atos SE (EPA: ATO). The units affected are Atos IT Outsourcing Services LLC and Atos IT Solutions and Services Inc.

According to the statement issued by the auditors these errors constitute to about 11% of the company’s consolidated turnover.

Atos confirmed these unpleasant news further mentioning that during its regular internal audits its accountants had noted some issues with financial reporting which had resulted to multiple accounting errors.

The company says it sourced the external experts to establish whether those errors led to material misstatement of financial performance further saying there is still time to finalize the audit before the regular audit is published.

As of today, the Group has not identified misstatements on the two U.S. entities that are material for the consolidated financial statements. Atos is committed to the highest standards and the Group is strongly enhancing its preventive controls and processes through a comprehensive action plan,” said Atos.

Following this announcement shares of the company declined by 18%.

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