ADM Accounting Probe Centers on Dubious Footnote Investors Watch

A probe into Archer-Daniels-Midland Co.’s accounting is aggravating investors’ long-time concerns that large, complex companies are more prone to the risk of undetected manipulation of crucial financial figures.

The Chicago-based agricultural giant has released few details since it said Sunday that it had suspended its chief financial officer and cut its earnings forecast, sending its stock tumbling 24%. A Securities and Exchange Commission request for information sparked the company’s inquiry into how it reported revenue for its nutrition business, one of three major operating divisions, including any transactions among those units that could have impacted the totals.

Corporate managers ...