Aon tangles with SEC over earnings
Aon Insurance has become the latest big name company to tangle with the Securities and Exchange Commission over its accounting policies.
On the day Aon reported its second quarter results it revealed that it had been arguing with the SEC over the reporting of results in previous years.
Aon confessed that if it did finally agree with the SEC it would have to restate results cutting pretax earnings in 1999 by $27m (£17m), $24m for 2000, and reduce the 2002 first quarter results by $5m.
In its report the company said it ‘has determined that the impact on prior periods would not be material.
Revenue in the second quarter of 2002 rose to $2.1bn for Aon against $1.9bn for the same period in 2001. Revenues for the first six months of 2002 are up to $4.2bn against $3.7bn last year.