3M NZ reissues accounts after $21m expenses blooper

Between July 2020 and July 2022, nearly 92 million masks were supplied to the Ministry of Health by 3M. (Image: 3M)

Fri, 17 May 2024

The New Zealand branch of United States multinational conglomerate 3M has had to withdraw and reissue its audited 2022 annual accounts because of a $21.27 million discrepancy in its support services expenses.The expenses of $41,000 reported under transfer pricing rules were signed off in the accounts for calendar 2022 on April 27 last year by the company’s long-time auditor, PwC Australia partner David Ronald. The accounts were filed at the NZ Companies Office on May 3.When accounts were reissued on Sept 26 and filed on Nov 7, the su...

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