Canadian aerospace company Magellan Aerospace has uncovered accounting errors and misstatements which have pushed up its net losses to $11.3m (£5.7m).

The company's 2007 loss was 14 cents per share compared with 11 cents per share in 2006.

The company said it began internal investigations into the irregularities after they were detected at one of its divisions collecting outstanding accounts receivable, AP reported.

During the inquiry, discoveries were made on overstatement of various assets on the balance sheet, which resulted from improper accounting, as well as unsupported and unrecorded transactions between 2003 and 2007.

Further reading:

Magellan Aerospace Q4 Net Loss Widens On Higher Expenses

Magellan falls on accounting errors