GM Says Accounting Controls 'Currently Ineffective'
General Motors' internal controls on financial reporting are "currently ineffective," the automaker said in a regulatory filing on Thursday.
GM , which has restated results going back several years at least twice due to accounting errors, said its financial reporting management team is working to improve internal controls.
"We have determined that our internal controls over financial reporting are currently ineffective," the world's largest automaker said in its annual filing with the Securities and Exchange Commission.
"If we are unsuccessful in our focused effort to permanently and effectively remediate the weaknesses in our internal control ... it may adversely impact our ability to report our financial condition ... accurately and in a timely manner," the company said.
GM reported fourth-quarter results on Wednesday after delaying them due to restatements and the delayed closing of the sale of a majority stake in its finance arm.