|Audit Analytics

TRINET GROUP INC: Filed 10-K after delaying it for 30 days

May 31, 2016

  • M. Cap: $1.45 billion
  • TriNet Group, Inc. is a provider of a human resources solution for small to medium-sized businesses (SMBs).

RED FLAG: 

2015-Mar-30: Filed 10-K after delaying it for 30 days.

  • AUDIT ANALYSIS
Reason cited by the company
TriNet Group, Inc. (the “Company”) is unable, without unreasonable effort or expense, to file its Annual Report on Form 10-K for the year ended December 31, 2015 within the prescribed time period because it requires additional time to complete its assessment of the Company’s internal control over financial reporting; accordingly, the Company’s independent registered accounting firm, Ernst & Young LLP (“EY”) has not yet completed its audit of the Company’s internal control over financial reporting as of December 31, 2015.  As a “large accelerated filer” filing its second Annual Report on Form 10-K since its initial public offering, the Company is required to provide management’s report on its assessment of its internal control over financial reporting, together with EY’s audit with respect thereto pursuant to Section 404 of the Sarbanes-Oxley Act of 2002. With this being the Company’s first assessment of internal controls over financial reporting pursuant to the Sarbanes-Oxley Act of 2002, and given the multiple technology platforms that require evaluation and testing, the Company was unable to timely complete its assessment of its internal control over financial reporting without unreasonable effort or expense.
In preparing the Company’s financial statements as of and for the year ended December 31, 2015, the Company identified material weaknesses in its internal control over financial reporting relating to ineffective information technology general controls and ineffective controls in key business processes. While these material weaknesses create a reasonable possibility that an error in financial reporting may go undetected, after extensive review and analysis, no material adjustments, restatement or other revisions to previously issued financial statements are expected to be required.
The Company is working diligently to finalize the assessment of internal control over financial reporting and obtain the related attestation from EY. The Company expects to finalize its financial results and file its Annual Report on Form 10-K no later than the
prescribed due date allowed pursuant to Rule 12b-25.
Red Flag & Status

2015-Mar-30: Filed 10-K after delaying it for 30 days.

Status: Closed

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