Spirit said Thursday that it started a review of its accounting process compliance in December and has since found that it didn't comply with the accounting processes related to certain potential contingent liabilities that it received after the end of 2019’s third quarter.
Spirit said it doesn't believe the non-compliance will result in a third-quarter financial restatement or materially impact its financial statements for fiscal year 2019. But the company said the review is ongoing and no final conclusion has been made.
Spirit added that Garcia and
Spirit said it's taking steps to strengthen procedures related to contingent liabilities of this type to make sure they're processed correctly in the future. The company expects to file its Form 10-K for the fiscal 2019 financial results by the
Garcia will be succeeded by
Spirit also announced Thursday that it'll slowly restart production of 737 Max airplane components after reaching a deal with
The company, which is a key supplier to
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