Accounts probed at US aerospace giant
Raytheon, the defence and aerospace giant, is having its accounting policies investigated by US regulator, the Securities & Exchange Commission.
The company labelled the investigation ‘informal’, but admitted the SEC was looking into accounting at its aircraft subsidiary over the period 1997 to 2001. No further details have been provided.
This is not the first time though that Raytheon has been in trouble with regulators. Two months ago the company signed a cease-and-desist order over an alleged breach of securities rules.
In 2000 Raytheon changed its accounting practices in response to an accounting standard change, booking receipts from aircraft sales and leases later than in the past.
But it said it believed its accounting practices were appropriate and was co-operating fully with the investigation.