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http://www.tradingmarkets.com/.site/news/Stock%20News/2391444/
EPSON’s FUZZY-MATH EXCUSE FOR SHADY ACCOUNTING
BLAMES FLAWED OVERSIGHT FOR SHADY ACCOUNTING
TOKYO,
July 2009 Seiko Epson Corp. said in a report issued Thursday that
improper accounting practices at three subsidiaries in Brazil and
Mexico represent a “major flaw” in internal oversight.Auditors alerted
Seiko Epson last December to the manipulation, which included inflating
accounts receivable, at three units controlled by U.S. -based Epson
America Inc. The report blamed Epson America and said that until the
end of March, Seiko Epson was unable to confirm the effectiveness of
its internal controls.Hiroshima Gas Co.and concrete maker Nihon Kogyo
Co. also issued reports Thursday citing oversight inadequacies in
separate cases.
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