Kraft Heinz warns it will have to restate almost three years of results after finding £140m error in its accounts
Kraft Heinz has uncovered a £140m error in its accounts
Food firm Kraft Heinz has uncovered a £140million error in its accounts and warned it will have to restate almost three years of results.
The US conglomerate, which owns the famed baked beans brand as well as Philadelphia cheese and Capri Sun drinks, said it had discovered employee ‘misconduct’ after launching an investigation.
The probe was prompted by the US Securities and Exchange Committee in October, relating to Kraft’s procurement accounting.
It revealed ‘misstatements’ in results for 2016, 2017 and the first nine months of 2018.
Kraft said the errors will not have any significant impact on its finances. Last year, the firm made more than £20billion in revenues.
Kraft added that it had taken action against staff members, and had made improvements to its internal controls. The SEC investigation is continuing.