BusinessCompany NewsRestatement takes bite out of Apple accounts

Restatement takes bite out of Apple accounts

Maker of the iPod will have to revise numbers after stock option probe

Apple, the maker of the iPod, has warned that it will probably have to
restate its accounts going back to 2002 after a probe found stock option
irregularities at the company.

The BBC reports that Apple had found errors in the way staff were awarded
Apple shares after an internal probe. Analysts believe the company backdated
some options to increase their value.

Apple has delayed it results for the last quarter ended 1 July as a result of
the probe, which found that boss Steve Jobs may have been one of the
beneficiaries. The results will be released when the investigation is completed.

Apple did not say which quarters the stock options would have affected, but
warned that all financial statements from 29 September 2002 could not be relied
upon.

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