Ahold needs $1bn restatement
PricewaterhouseCoopers' probe in to Dutch retail giant, Ahold, has revealed that its US food subsidiary had overstated profits by some $880m (£550m), and that overall changes to the balance sheet reach $1bn (£626m).
PwC has said that the $880m overstatement occurred between 1 April 2000 and December 2002. The company bought the American arm in 2000.
Results of the probe were presented by PwC to the Ahold audit committee yesterday.
To reach the huge figure Ahold overstated by $110m in 2000, $260m in 2001 and $510m in 2002. On top of this, the Big Four firm also discovered $90m of adjustments required to the opening balances at the date of its acquisition.