(Reuters) – Super Micro Computer (SMCI) has begun a search for a new finance chief based on recommendations from a special committee formed to investigate the AI ​​server maker’s accounting practices, the company said on Monday.

The company said the review by the independent committee, which lasted more than three months, found no evidence of fraud or misconduct by Super Micro’s management, leading to a roughly 20% rise in shares.

In late July, Super Micro’s then-auditor Ernst & Young (EY) raised concerns about corporate governance, transparency and internal control over financial reporting, prompting the board to form a special committee.

The committee concluded that EY’s statements were not supported by the facts examined in its review, Super Micro said on Monday, adding that the evidence did not raise material concerns about the integrity of Super Micro’s management.

“The audit committee demonstrated appropriate independence and generally provided proper oversight of matters related to financial reporting,” the committee found.

However, the Committee noted certain corporate failures for which the CFO was responsible, including instances in which the Company’s auditor was not promptly informed of the reinstatement of some former employees.

Super Micro said it does not expect to restate its previously reported financials. The company reiterated that it would complete its annual financial report for the year ended June 30, but did not provide a target date for filing.

The company also appointed Kenneth Cheung, currently vice president of finance and corporate controller at Super Micro, as chief accounting officer, following the committee’s recommendations.

It also plans to appoint a chief compliance officer and a general counsel.

(Reporting by Deborah Sophia in Bengaluru; Editing by Sriraj Kalluvila and Maju Samuel)