Australian agriculture company Nufarm (ASX: NUF) has had stern words with an accounting intern after the Company identified an accounting error when reconciling their accounts with German customers.
The error related to sales rebates which were incorrectly recorded on their books which promptly forced Nufarm to issue a profit downgrade. Shares in the Company subsequently tanked 17.5%, wiping $410 million off the Nufarm’s market capital as the stock closes at $5.08.
The intern responsible was subsequently recommended to “double check” his work in the future or “ask for assistance” if unsure of procedures.
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