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 11:18:28 am Views: 53
  • #22356

    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.