|Audit Intelligence

National General Holdings

National General Holdings Corp

# NT 10-K

  • In March 23 2017, the company filed its 10-K after delaying it for 22 days.
  • Reason cited by the company for the delay: The Company is still finalizing the Form 10-K and is still preparing analyses and providing documentation requested by its auditors. The Company does not anticipate any changes from the results reported in its Earnings Release issued on February 27, 2016.  Source

# Non-reliance

In March 16, 2017, the company filed “non-reliance of previously issued financial statements..”.

  • The company announced that it will be unable to file its 10-K for the year ended December 31, 2016 within the 15 day extension granted by the Form 12b-25 filed with Securities and Exchange Commission on March 1, 2017. The audit is substantially completed, but the auditor requires additional time to complete their final review procedures and deliver their audit opinion. The Company does not expect to disclose any material weaknesses with regard to 2016 when its 10-K is filed. In addition, the Company does not anticipate any changes from the results reported in its earnings release published on February 27, 2017.
  • During management’s evaluation of the effectiveness of internal control over financial reporting for 2016, management determined that there was a material weakness in its internal control over financial reporting as of December 31, 2015 (the “2015 Material Weakness”) relating to the precision and sufficiency of formal documentation, including determining the completeness and accuracy of reports used in the operation of management’s review procedures, in particular as it relates to the following areas: (i) investment accounting – the documentation of investment reconciliations and the documentation of the procedures for review of securities for other than temporary impairment and valuation of investments; (ii) accounting for acquisitions – in particular the documentation related to the opening balance sheet and the documentation related to the development of assumptions used in the valuation of intangibles; (iii) accounting for income taxes – the documentation of the procedures for review of the income tax provision; and (iv) completeness and accuracy of reports used in accounting for premiums, investments and loss reserves and claims. Source
  • On the same day (March 16, 2017), the company filed amended 10-K. Click here