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Harsco Reveals $2.6 Million Revenue Recognition Error
Environmental services firm provides no detail on the origin of the error.
March 16, 2023
Harsco Corporation (HSC), an environmental clean up solutions provider, revealed an out-of-period revenue recognition error in its latest annual report. In 2022, Harsco recognized an additional $2.6 million in revenue in its Clean Earth (CE) segment, or 0.3% of segment sales.
Harsco characterized the matter as an immaterial adjustment. The company provided no detail regarding the origin of the error or whether its cause has been remediated.
Management did say its internal controls over financial reporting (ICFRs) were effective during the period the adjustment was made.
Its auditor, PwC, agreed.
Harsco awarded PwC a 14.2% increase in fees the year the additional revenue was recognized.
In June 2022, the SEC indicated the company had not appropriately quantified certain factors impacting operational performance.
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