Dell promises to restate fudged accounts

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Texas-based PC manufacturer Dell has been forced to restate accounts going back to 2003 due to accounting errors and irregularities identified by an internal investigation. John Stokdyk reports.

The audit committee that conducted the investigation explained that accounting errors and irregularities were significant because of the combination of the number of issues identified, the qualitative nature of many of the issues, and in some cases, the dollar amounts involved.

The problems came to light in 2005, when the Security and Exchange Commission's enforcement division launched an investigation into the company's accounting and financial reporting practices. As the investigation intensified, Dell's audit committee turned to law firm Willkie Farr & Gallagher and KPMG to help it identify...

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20th Aug 2007 03:00

Dumbing down
Where were PwC in all of this? Oh yes - they're the ones that see IFRS as a way to inject liquidity into the markets and their role as auditors is therefore being redefined.

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