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ComScore completes review of accounting policies; chairman steps down

ComScore Inc. completed the review of substantially all of its accounting policies, significant accounting transactions, related party transactions, and other financial, internal control and disclosure matters.

As a result, the company filed a Form 10-K on March 23 with the adjustment or restatement of certain previously filed or furnished consolidated financial statements for 2015, 2014 and 2013. The filing for the year ended December 2017 also includes audited consolidated financial statements for 2017, 2016 and 2015.

In addition, the company filed its quarterly reports on Form 10-Q for the quarters ended Sept. 30, June 30 and March 31, 2017, and is now current on its periodic filings with the SEC and has initiated the process to relist its common stock on the Nasdaq Stock Market, the company said March 26.

The company has highlighted various material weaknesses in internal control, including entity level controls and in certain accounting practices. Certain material weaknesses have been remediated as of Dec. 31, 2017, while others are being remediated through additional work expected to be completed in 2018. The company expects these steps to fully remediate the identified deficiencies and strengthen its internal control over financial reporting.

In February 2016, the audit committee of the comScore's board had started an internal investigation into matters related to its revenue recognition practices, disclosures, internal controls, corporate culture and certain employment practices. The company will schedule a call to discuss first-quarter 2018 results earlier next month and hold its 2018 annual meeting of stockholders later in the second quarter.

Separately, comScore said March 26 that Susan Riley, chair of the company's board of comScore, will step down from the board, effective immediately.

The board expects to appoint a new chair and, if needed, a lead independent director, concurrent with the conclusion of its search for its new CEO. Riley will serve as a consultant to the company through the end of 2018.

Further, the company named Dale Fuller as its new board member. Fuller currently chairs the MobiSocial Inc. board. The board will add another member later to increase its size to 10 members.