Super Micro Computer Finally Issues Delinquent Financial Reports—And Blames Accounting Firm Ey for It
Super Micro Computer has finally published its long-overdue financial reports, citing accounting firm EY as the cause of the delay and removing itself from scrutiny by investors. The company's founder and CEO Charles Liang has taken responsibility for the tardiness, acknowledging weaknesses in internal controls over financial reporting. Super Micro's leadership has also vowed to focus on the business at hand, with a revenue target of $40 billion.
- The fact that EY was aware of governance, transparency, and control issues at Super Micro before they became public raises questions about the accountability of auditing firms and their relationships with corporate clients.
- What implications will this scandal have for the future of audit practices in the tech industry, where timely financial reporting can make or break a company's stock price?