EPSON's FUZZY-MATH EXCUSE FOR SHADY-ACCOUNTING

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EPSON's FUZZY-MATH EXCUSE FOR SHADY-ACCOUNTING

 user 2009-07-14 at 11:17:58 am Views: 57
  • #22401

    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.