TrueBridge (TBRG), a healthcare technology firm, continues to find control deficiencies that sow doubt about the accuracy of its financial statements.

In previous SEC filings, the company has acknowledged the following:

—In Q3 2023, TrueBridge revealed its controls over debt covenant monitoring and compliance were not operating with sufficient precision and timeliness
—In Q3 2024, TrueBridge revealed control deficiencies related to procedures for processing customer contract changes and terminations and issuing credits to customers

The latter— which wasn’t disclosed until a day after the company’s Q2 earnings release— was a problem in 2023 despite Grant Thornton, TrueBridge’s auditor, telling investors the company’s controls were effective in the 2023 annual report.

That deficiency was identified after TruBridge says it realized it had overbilled customers in 2023 and Q1 2024, resulting in multiple out-of-period adjustments to its accounts receivable and total revenues for the fiscal quarter ended June 30, 2024.

Most recently, TrueBridge inserted new language in its latest quarterly report identifying another Q3 2024 control deficiency not previously identified:

“In addition, during the fiscal quarter ended September 30, 2024, the Company’s management concluded there was a deficiency in the Company’s internal control over financial reporting related to the Company’s procedures for reviewing manual journal entries.”

The company said this deficiency existed as of March 31, 2024 and continued through September 30, 2024.

It’s unclear what exactly TrueBridge discovered as there are no revisions, restatements, or out-of-period adjustments included in the company’s latest quarterly report.

TrueBridge did not immediately respond when DuDil asked the company to describe specifically what caused management to conclude its controls related to manual journal entries were not effective.