DoJ probes accounts at AOL/Time Warner
AOL Time Warner is being investigated by the US Justice Department over its accounting practices, soon after the media giant admitted to a similar probe by the Securities & Exchange Commission.
According to USA Today, the DoJ is investigating the company following a story in the Washington Post which raised questions about the way America Online had booked online ad revenue.
Last week, AOL Time Warner admitted that the Securities & Exchange Commission was looking into certain transactions at the company’s internet division.
The company also says, in a prepared statement that if the Justice Department wants to look at the facts the company will cooperate.
The Justice Department wants to restore confidence in U.S. financial markets, which have been shaken by high-profile accounting scandals.
In its statement, AOL said its accounting was appropriate and in accordance with generally accepted accounting principles.