Boral has identified financial irregularities in its North American windows business between September 2018 and October 2019, which the building materials maker said would result in a one-off cost.
The irregularites involved the misreporting of inventory levels and raw material and labour costs at the windows plants, and would affect its earnings before interest, taxes, depreciation and amortisation by between $20 million to $30 million, Boral said.
Australia’s biggest supplier of building materials said it is conducting an internal investigation into the matter, with oversight by the board and senior management and has hired a forensic account to assist the probe.Credit:Ben Rushton
Australia’s biggest supplier of building materials said it is conducting an internal investigation into the matter, with oversight by the board and senior management and has hired a forensic account to assist the probe.
Apart from that, Boral said it is reviewing its management, operating procedures and internal control processes for its windows business, which is a part of its North American arm formed from the acquisition of US fly-ash maker Headwaters in 2017.
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