Software giant receives SEC notice

Software giant receives SEC notice

Computer Associates, the American software giant which recently sold its Accpac subsidiary to accountancy software company Sage, is to face civil charges from the Securities and Exchange Commission over its accounting practices.

The company has received a ‘Wells Notice’ from the SEC, which represents the last chance for a company to defend itself before civil action takes place.

Last year the company faced criticism after an internal inquiry found the company was reporting revenue prematurely.

Sage announced its acquisition of Accpac just before Christmas in a £60m cash deal. Although the deal has not yet been completed the company insists that it will still go ahead.

‘Sage carried out its due-diligence on Accpac and we are confident that the deal will go through,’ a spokeswoman said. She said that the SEC notice refers to accounting issues related to big contracts, where Accpac traditionally operates in the lower-end market.

Share

Subscribe to get your daily business insights

Resources & Whitepapers

The importance of UX in accounts payable: Often overlooked, always essential
AP

The importance of UX in accounts payable: Often overlooked, always essentia...

1m Kloo

The importance of UX in accounts payable: Often ov...

Embracing user-friendly AP systems can turn the tide, streamlining workflows, enhancing compliance, and opening doors to early payment discounts. Read...

View article
The power of customisation in accounting systems
Accounting Software

The power of customisation in accounting systems

2m Kloo

The power of customisation in accounting systems

Organisations can enhance their financial operations' efficiency, accuracy, and responsiveness by adopting platforms that offer them self-service cust...

View article
Turn Accounts Payable into a value-engine
Accounting Firms

Turn Accounts Payable into a value-engine

3y Accountancy Age

Turn Accounts Payable into a value-engine

In 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 resource
8 Key metrics to measure to optimise accounts payable efficiency
AP

8 Key metrics to measure to optimise accounts payable efficiency

2m Kloo

8 Key metrics to measure to optimise accounts paya...

Discover how AP dashboards can transform your business by enhancing efficiency and accuracy in tracking key metrics, as revealed by the latest insight...

View article