United States SEC Fines $32 Billion Energy & Utility Giant $12 Million Entergy Corp for Failure to Maintain Internal Accounting Controls to Ensure Surplus Materials & Supplies were Accurately Recorded Since Mid-2018
23rd December 2024 | Hong Kong
The United States Securities and Exchange Commission (SEC) has fined energy & utility giant Entergy Corp ($32 billion market value) $12 million for failure to maintain internal accounting controls to ensure surplus materials & supplies were accurately recorded since mid-2018. United States SEC (20/12/24): “The Securities and Exchange Commission today announced that Entergy Corporation, a Louisiana-based utility company, agreed to pay a $12 million civil penalty to settle charges that it failed to maintain internal accounting controls to ensure that its surplus materials and supplies were accurately recorded in its books and financial statements in accordance with generally accepted accounting principles (GAAP). According to the SEC’s complaint, filed in the U.S. District Court for the District of Columbia, from at least mid-2018 to the present, Entergy included materials and supplies at their average cost as an asset on its balance sheets. However, during this time, Entergy had allegedly been informed by its employees and management consultants that this asset included a substantial amount of potential surplus, including aged materials and supplies in excess of Entergy’s anticipated future use or exceeding the maximum stocking levels deemed necessary by its business units. According to the complaint, Entergy failed to establish a comprehensive process to review these materials and supplies to identify surplus, remeasure it, and record any differences between its average cost and remeasured cost as an expense, in accordance with GAAP. Without admitting or denying the allegations in the SEC’s complaint, Entergy consented to the entry of a final judgment, subject to court approval, which includes being permanently enjoined from violating Sections 13(b)(2)(A) and 13(b)(2)(B) of the Securities Exchange Act of 1934, paying the $12 million civil penalty referenced above, and adopting an independent consultant’s recommended improvements to its internal accounting controls.”
“ United States SEC Fines $32 Billion Energy & Utility Giant $12 Million Entergy Corp for Failure to Maintain Internal Accounting Controls to Ensure Surplus Materials & Supplies were Accurately Recorded Since Mid-2018 “
United States SEC Fines $32 Billion Energy & Utility Giant $12 Million Entergy Corp for Failure to Maintain Internal Accounting Controls to Ensure Surplus Materials & Supplies were Accurately Recorded Since Mid-2018
Sign Up / Register
Caproasia Users
- Manage $20 million to $3 billion of assets
- Invest $3 million to $300 million
- Advise institutions, billionaires, UHNWs & HNWs
Caproasia Platforms | 11,000 Investors & Advisors
- Caproasia.com
- Caproasia Access
- Caproasia Events
- The Financial Centre | Find Services
- Membership
- Family Office Circle
- Professional Investor Circle
- Investor Relations Network
Monthly Roundtable & Networking
Family Office Programs
The 2025 Investment Day
- March - Hong Kong
- March - Singapore
- July - Hong Kong
- July - Singapore
- Sept- Hong Kong
- Sept - Singapore
- Oct- Hong Kong
- Nov - Singapore
- Visit: The Investment Day | Register: Click here
Caproasia Summits
- The Institutional Investor Summit
- The Investment / Alternatives Summit
- The Private Wealth Summit
- The Family Office Summit
- The CEO & Entrepreneur Summit
- The Capital Markets Summit
- The ESG / Sustainable Investment Summit
