One of the most explicit examples of the fallout came from Advance Auto Parts, which said it had identified a material weakness in its ICFR due to turnover in key accounting positions during the fiscal quarter ended April 22. The company said it wasn’t able to attract and retain enough qualified people to fulfill internal-control responsibilities.
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Another company that has struggled with an accountant shortage is Joby Aviation, a maker of electric vertical takeoff and landing aircraft, or eVTOLs. In a May 5 quarterly filing, the company said it was continuing to fix the control deficiencies that led to its material weakness. The remaining aspect of the material weakness, as of Dec. 31, 2022, related to the lack of sufficient accounting personnel with deep technical knowledge to identify and resolve complex accounting issues in a timely manner, the Santa Cruz, Calif.-based company said. Joby Aviation declined to comment.
Source: The Accountant Shortage Is Showing Up in Financial Statements – WSJ
