BusinessCompany NewsFreddie Mac needs more time

Freddie Mac needs more time

The embattled US mortgage financier, Freddie Mac, says it has uncovered no new accounting errors since June this year, but needs more time to validate its results, before restating billions of dollars in earnings.

Link: Fresh accounting scandals rock US

The company was due to restate its 2000 to 2002 earnings at the end of September, after accounting problems were uncovered in June 2003. A restatement is expected to run into billions of dollars, the FT reported.

Also in June the company’s former chief executive Leland Brendsel and its previous president and chief operating officer David Glenn were both fired because of their connections to the accounting inquiry.

Freddie Mac’s debt to bondholders exceeds $500bn and the problems with its accounts has rocked the US financial services market.

Related Articles

BDO replaces Deloitte as Mitie auditor

Audit BDO replaces Deloitte as Mitie auditor

3m Emma Smith, Managing Editor
CVR Global appoints partner in London office

Company News CVR Global appoints partner in London office

7m Alia Shoaib, Reporter
FTSE100 failing to provide adequate ethics information

Company News FTSE100 failing to provide adequate ethics information

7m Alia Shoaib, Reporter
Moore Stephens recruits new private client partner

Accounting Firms Moore Stephens recruits new private client partner

10m Emma Smith, Managing Editor
Magma Group announces merger, partner promotions

Accounting Firms Magma Group announces merger, partner promotions

10m Emma Smith, Managing Editor
BDO on ‘recruitment spree’ with multiple partner appointments

Accounting Firms BDO on ‘recruitment spree’ with multiple partner appointments

10m Emma Smith, Managing Editor
Brand strength leads to fee income growth for RSM

Accounting Firms Brand strength leads to fee income growth for RSM

10m Emma Smith, Managing Editor
Mazars strengthens audit team with partner appointment

Accounting Firms Mazars strengthens audit team with partner appointment

10m Emma Smith, Managing Editor