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The ripples from a minor accounting discrepancy show how shallow this confidence still is.
Parmalat, the bankrupt Italian food conglomerate, released figures on Monday that showed its debt to be eight times the amount reported in its financial statements, placing the company's accounting discrepancy at more than 12 billion euros ($15.1 billion).
Especially given the current atmosphere in which any accounting discrepancy causes a huge overreaction and a call for someone's scalp.
According to Raju's letter, the trouble began years ago with a small accounting discrepancy, but as the company grew, so did the scale of the problem.
Kabateck said the accounting discrepancy arose when he and Geragos reviewed the account after discovering about 100 people had not been paid.
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The two brothers have blamed each other for the accounting discrepancies but say that their situation does not constitute criminal misconduct.
The Pirro brothers have blamed each other for the accounting discrepancies but say that their situation does not constitute criminal misconduct.
This conclusion was drawn largely from accounting discrepancies between what Iraq had previously told U.N. weapons inspectors it possessed, and what records showed had been destroyed.
The market regulator said it would investigate that breach, as well as the latest accounting discrepancies, along with possible insider trading.
The Xerox Corporation, whose auditors had refused to sign off on its annual report until they had rechecked the numbers, said yesterday that the auditors, KPMG, found some accounting discrepancies but uncovered no signs of fraud.
C1 New Report on Xerox Numbers Xerox, whose KPMG auditors had refused to sign off on the company's annual report until they had rechecked the numbers, said some accounting discrepancies had been turned up but no signs of fraud.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com