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[C5.] Penthouse Is Formally Under Inquiry Penthouse said that an inquiry by the Securities and Exchange Commission into the company's previous financial statements had become a formal investigation.
Those reports would normally have been released in the spring and summer, respectively, but Allegheny's were delayed by an internal review of accounting errors in previous financial statements.
Mr. Sidgmore, who took over as chief executive when Mr. Ebbers resigned, said that the company had been "shocked" when the accounting transgressions it reported this week were uncovered during a review of previous financial statements.
Shares of Cardinal Health, a large health care concern that has made numerous acquisitions over the years, fell as much as 18percentt in intraday trading yesterday over concerns that Andersen did not sign off on the company's previous financial statements in a filing the company made late last week with the Securities and Exchange Commission.
Andersen's response was considered inadequate given that three other major corporations for whom Andersen recently issued unqualified or clean audit opinions Global Crossing, WorldCom, and Qwest were either being investigated by the SEC, drastically restating previous financial statements, or abruptly declaring bankruptcy.
Sony had reported that demand for PCs was slowing down in previous financial statements, but said just yesterday that it was still considering various options for VAIO.
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It will explain to you the standards that were used to measure each account in the previous four financial statements, the balance sheet, income statement, cash flow statement and stockholder's equity.
Andersen's role in Enron's fall, coming after previous scandals over financial statements it approved at the Sunbeam Corporation and Waste Management, has made it the focus of industry critics.
Indeed, in recent weeks the organization has removed links to its financial statements from previous years.
The City Council had asked organizers to provide financial statements from previous events, with Mayor Bruce Broadwater angry that he could not see a detailed accounting of expenses.
Documents you may need to prepare can include monthly financial reports and other financial statements, the previous AGM minutes, the president's report, the secretary's report, and the treasurer's report.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com