IT giant Dell has been unable to file its quarterly figures to the Securities
& Exchange Commission due to the continuing investigation into the company’s
financial affairs by the US watchdog.
In a statement Dell revealed that the investigation revolved around the
‘possibility of mis-statements in prior period financial reports, including
issues relating to accruals, reserves and other balance sheet items that may
affect the company’s previously reported financial results’.
The United States Attorney for the Southern District of New York has also
joined the SEC’s investigation, requesting information relating to Dell’s
financial reporting from 2002 onwards.
Dell’s audit committee and auditors are looking into whether restatements of
figures for that period will be required.
‘We have not yet reached any conclusion on materiality as to these issues,’
said Don Carty, chairman of the Audit Committee reviewing the matter. ‘We are
continuing to investigate the matter fully.’
The investigation is the latest problem for Dell, which recently made
headlines for notebook batteries, supplied by Sony, which set alight. Four
million batteries have been recalled.
HMRC breaches client confidentiality; and partner profits fall at EY. These stories and more discussed in Friday Afternoon Live
Does Darwin's theory apply to taxation? Colin ponders...
"The whole idea of HMRC officials supplying confidential information about individuals to the media on a non-attributable basis is, or should be, a matter of serious concern," say Supreme Court judges
Changes to the tax system is urged to support the growth of entrepreneurs, found a report from the Grant Thornton UK, the Institute of Directors, and the Prelude Group