SunEdison audit reveals cash accounting issues

SunEdison Inc. said in a regulatory filing on Thursday an independent audit committee had identified several issues in the company’s cash accounting practices but found no “material misstatements” or substantial evidence of fraud in its historical financial statements.

However, the panel did identify wrongdoing by a former non-executive employee in connection with talks over the termination of SunEdison’s deal to buy solar panel installer Vivint Solar Inc. The panel said the employee had been subsequently fired by SunEdison.

Maryland Heights-based SunEdison, which is more than $12 billion in debt and is expected to file for bankruptcy this week, had delayed filing its annual report twice after identifying material weaknesses in its financial reporting controls.

Read more: St. Louis Post-Dispatch


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