The paper claims the SEC is investigating auditing practices while US Treasury Secretary Paul O’Neill served as a board member and that the probe covers possible earnings manipulations dating back as far as the mid-1990s.
Lucent claims the investigation is close to completion and only goes as far back as 2000.
A Lucent spokesman told Accountancy Age there ‘is nothing new here’ and that the company brought it to the attention of the SEC two years ago. ‘We continue to co-operate fully with the SEC in an effort to bring this matter to closure,’ he said.
The SEC refused to comment.
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The EC has been instructed to draft a European Union (EU) directive authorising an EU financial transaction tax, which would apply to ten of the EU’s 28 member states
Accountancy watchdog the FRC has dropped its investigation into the former chief financial officer of Tesco, nearly two years after the supermarket was engulfed in an accounting scandal
Colin imagines how Apple's logo might change in the wake of the EC's ruling over its Irish tax arrangements