Compass Minerals International Inc. on Nov. 29 filed a Form 12b-25 with the SEC saying it has determined that it is unable to file its Annual Report on Form 10-K for the fiscal year ended Sept. 30, 2022, by the prescribed due date without unreasonable effort or expense primarily because the company’s independent registered public accounting firm needs additional time to complete its audit procedures.
As a result, the company expects to file its 2022 Form 10-K within the 15 calendar day extension provided by Rule 12b-25, but can provide no assurance that it will be able to file by such time.
Compass said that based on currently available information, it expects to report a material weakness in:
- the design and operations of its information technology general controls over user access related to an enterprise resource planning and other IT systems that support the processes related to the preparation of its consolidated financial statements,
- the design and operations of select controls related to the sales process, and
- controls over salt inventory at salt depots and warehouses.
Compass does not expect any of the material weaknesses to result in material misstatements or omissions in its previously reported financial statements. It does not anticipate any material changes to the selected financial information furnished with the Form 8-K (fourth-quarter and full-year earnings press release) filed by the company on Nov. 29, 2022.