SEC expands AOL Time Warner probe
The US Securities and Exchange Commission has expanded its inquiry into accounting practices at AOL Time Warner.
The US Securities and Exchange Commission has expanded its inquiry into accounting practices at AOL Time Warner.
With the US’s largest companies facing an SEC deadline to vouch for the accuracy of their accounts, AOL admitted late on Wednesday that questionable accounting practices continued well after the internet company merged with Time Warner in early 2001.
Sources close to the investigation have told the Financial Times that the findings had been passed to the SEC, and that some SEC and Department of Justice investigators were sceptical this would be the last accounting announcement from the company.
Previously, the SEC was probing a handful of deals relating to advertising transactions while AOL was an independent company. But it is now investigating three new transactions totalling $49m that took place after the merger, according to the paper.
AOL is also examining further transactions that may have been improperly accounted for, with the FT reporting that the SEC’s inquiries remain focused on the AOL division.
The chief executives and chief financial officers of more than 900 of the largest US companies had been ordered by the SEC to attest to the truth of their financial statements.
The move was part of wide-ranging efforts to restore confidence in Wall Street after a wave of financial scandals that led to the collapse of Enron and its auditor Andersen and forced WorldCom to file for bankruptcy.
The SEC told the FT on Thursday that almost 600 companies had their sworn statements posted on its website, but that it was still processing others.
The numbers you crunch tell a story. Your expertis...
22yEmbracing user-friendly AP systems can turn the tide, streamlining workflows, enhancing compliance, and opening doors to early payment discounts. Read...
View articleOrganisations can enhance their financial operations' efficiency, accuracy, and responsiveness by adopting platforms that offer them self-service cust...
View articleIn a world of instant results and automated workloads, the potential for AP to drive insights and transform results is enormous. But, if you’re still ...
View resourceDiscover how AP dashboards can transform your business by enhancing efficiency and accuracy in tracking key metrics, as revealed by the latest insight...
View articleThe ICAEW confirms new vice president, with senior heads appointed at KPMG and EY. Within the mid market, a flurry of end of year partner appointments...
View articleThe ICAEW confirms new vice president, with senior heads appointed at KPMG and EY. Within the mid market, a flurry of end of year partner appointments...
View articleThis follows an investigation into undisclosed personal loans and issues with an acquisition. Despite challenges, the company aims to achieve £1bn in ...
View articleThe ICAEW confirms new vice president, with senior heads appointed at KPMG and EY. Within the mid market, a flurry of end of year partner appointments...
View articleThere is optimism that the IPO market will rebound in the second half of 2024, driven by pent-up demand and potential improvements in economic conditi...
View articleThe ICAEW confirms new vice president, with senior heads appointed at KPMG and EY. Within the mid market, a flurry of end of year partner appointments...
View articleKPMG confirms reappointment of it's UK chair, while EY announces Janet Truncale as the next EY global chair and CEO Read More...
View articleThe ICAEW has announced the appointment of its forthcoming chief executive Read More...
View article