Former Arthur Andersen partner Daniel F. Stulac has escaped a maximum term of
30 years in jail after charges were dismissed against him for his role in the
firm’s audits of Peregrine Systems.
Software company Peregrine filed for bankruptcy in 2002 after uncovering
misstatements in previous financial reports. Both the CEO and CFO resigned after
the discovery and have since pleaded guilty together with 10 other defendants.
After six weeks of hearings the jury was deadlocked in the second trial of
Stulac, 43. Last August, following a three-month trial, the original jury
deadlocked with eight votes favoring acquittal on all counts.
Stulac’s attorney Michael Attanasio, a partner in law firm Cooley Godward
Kronish, said he believes the criminal case is over now that the charges have
been dismissed, US website WebCPA reported.
Simon Wright of CareersinAudit.com discusses how an effective cyber defence force is critical to businesses worldwide and how internal auditors can make the transition to a new career in cyber security
The FRC has said that the investigation will 'consider, but not be restricted to, issues regarding misstated accounting balances'
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Stephen Grayson to join the audit department in Manchester