Asure’s Income Statement Inconsistent With Balance Sheet
Software firm understated first half net loss by 5% but says it’s not material.
November 7, 2022
With no explanation, Asure Software (ASUR), a human capital management (HCM) software maker, acknowledged inconsistencies between its financial statements in the first half of 2022. In the quarter ended June 30, 2022, Asure overstated its net loss by $1.3 million, or 15.8%. In the six months ended June 30, 2022, Asure understated its net loss by approximately $500k, or 5%.
The company determined the error was not material.
Without saying how the mistake occurred, Asure did not reassure investors the issue resulting in the error had been identified and remedied. Not only did the company not disclose any related control deficiencies, Asure’s CEO and CFO certified the company’s controls were effective in the latest quarter.
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