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SEC charges Entergy Corporation with internal accounting controls violations

December 20, 2024
in Accounting
Reading Time: 3 mins read
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SEC charges Entergy Corporation with internal accounting controls violations
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The Securities and Exchange Commission today settled charges with Entergy Corporation for failing to maintain internal accounting controls to ensure that its surplus materials and supplies were accurately recorded in accordance with generally accepted accounting principles. 

From mid-2018 to the present, the Louisiana-based utility company included materials and supplies at their average costs as an asset on its balance sheets, according to the SEC’s complaint. During this same time, however, Entergy employees and management consultants allegedly informed the company that this asset included a substantial amount of potential surplus, including aged materials and supplies in excess of anticipated future use or exceeding the maximum stocking levels.

The SEC claims that Entergy failed to establish a comprehensive process to review these materials supplies to identify surplus, remeasure it and record any differences between its average cost, and remeasured cost as an expense, in accordance with GAAP.

“Internal accounting controls serve as a front-line defense in ensuring the accuracy and reliability of financial statements,” Sanjay Wadhwa, acting director of the SEC’s Division of Enforcement, said in a statement. “Investors rely on public companies, such as Entergy, to ensure that adequate internal accounting controls are in place. We allege that Entergy failed to fulfill its obligation in this regard.”

Without admitting or denying the findings, Entergy agreed to the entry of a final judgement, subject to court approval, which includes being permanently enjoined from violating Sections 13(b)(2)(A) and 13(b)(2)(B) of the Securities Exchange Act of 1934, paying a $12 million civil penalty and implementing an independent consultant’s recommended improvements to its internal accounting controls.

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