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Advance Auto Parts (NYSE:AAP) disclosed on Friday that it is unable to complete the company’s 10-Q filing within the prescribed time frame.
The auto retailer said in the course of completing the preparation of the quarterly financial statements for the 10-Q, the company determined that it had a deficiency in the internal control over financial reporting as of April 22.
“Specifically, during the first quarter of fiscal 2023, the Company experienced the loss of certain accounting personnel and turnover of accounting positions, which may have resulted in a deficiency that represented a material weakness in the Company’s internal control over financial reporting.”
In the SEC filing, AAP said it needs additional time to assess the control deficiency and its remediation and to complete its procedures for finalizing the 10-Q. AAP expects to file the 10-Q prior to the expiration of the extension period.
Shares of Advance Auto Parts (AAP) fell 1.15% in premarket trading on Friday and are down more than 38% for the week.
