TLA Worldwide says former CFO misappropriated funds
Source - SMW
Sports marking agency TLA Worldwide has restated its annual result for 2016 after an investigation discovered its former chief financial officer had misappropriated or made unauthorised transfers of funds of around $800,000 over a three-year period.
The forensic investigation also uncovered instances of intentional posting of erroneous accounting entries by former members of the company's US finance team, which was overseen by the former CFO, Donald Malter.
In its revised income statement, the company said it posted a net loss for the year of $6.978m, swinging from a profit of $2.462m in the previous year.
Malter resigned in June and was replaced as interim CFO by Bill Armstrong, who has assisted with the investigation.
"Good progress has been made in this regard over the Summer and Autumn and now the US business has significantly enhanced controls and improved financial reporting systems and procedures," the company said.