Washington, DC 3/2/18—Bio-Rad Laboratories has delayed the filing of its 10-K SEC form, the company’s year-end regulatory financial report, stating it “has not yet completed its assessment of the effectiveness of its internal control over financial reporting.” The filing deadline was March 1. The company cited time needed to complete the assessment of its internal controls and procedures resulting from adjustments to its third quarter 2017 results. The adjustments were previously disclosed. The company noted the conversion of its European business to a new ERP system earlier in the year.

In its third quarter 2017 10-Q filing, Bio-Rad stated it had identified two items recorded in the third quarter that should have been recorded in the second quarter as a result of the European ERP conversion. The company stated, “Our review controls and our user acceptance testing controls were not sufficiently designed to identify these items on a timely basis.” The company disclosed there was no material impact on its financial results and the deficiencies were being addressed. Since remediated, weaknesses in the company’s internal controls were also identified in 2010, 2012 and 2013 (see IBO 3/31/14).