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Tattooed Chef Reveals Previously Undisclosed Internal Control Deficiency
Frozen food firm discovers new issue that could result in material misstatements on its financial statements.
August 17, 2021
Tattooed Chef (TTCF), a plant based frozen food company, has found another problem that could result in a material misstatement in its financial statements. Three months ago we highlighted five material weaknesses the company disclosed after “adjusting” its 2020 net income upward 34% nine days after originally reporting it.
In its latest 10-Q, Tattooed Chef revealed a sixth material weakness it had not previously disclosed in the prior quarterly filing:
“The sixth material weakness relates to the lack of design and maintenance of formal processes, procedures and controls over the preparation and review of the general ledger, account reconciliations, consolidation schedules, and other supporting schedules used in the preparation of the consolidated financial statements that operated on a timely basis, at an appropriate frequency and at a sufficient level of precision to prevent or detect material misstatements in the consolidated financial statements.”
In addition to the net income adjustment, Tattooed Chef has made other corrections to its financials and belatedly filed its previous quarterly report due to accounting issues over warrants as many SPAC companies have.
Related: BYND, CAG, K, SYY, KR, HRL, NSRGY, KHC
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