Dell finds Evidence of “Misconduct”
“DALLAS (AP) — In the most serious admission yet of the extent of Dell Inc.’s financial woes, the company’s internal audit committee said it has found a number of accounting errors and evidence of misconduct in its months-long review of previous earnings statements.
In a short news release, the Round Rock, Texas, company said that the audit also found “deficiencies in the financial control environment.”
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“Dell also said Thursday that it would miss an April 18 deadline to file its annual 10K financial report to the Securities and Exchange Commission until the internal review is completed.
The company added in the statement that it was working with management and the company’s independent auditors to determine whether the errors would require the restatement of previous earnings reports.
“As we move toward the conclusion of our investigation, we are committing the time and resources required to ensure a thorough and comprehensive review and resolution of all identified issues and the implementation of appropriate remedial measures,” Thomas W. Luce III, chairman of Dell’s audit committee, said in the statement.
Does this sound familiar? Of course, I’m sure Dell will get a considerably easier time of it in the Press that Apple has, but it’s fitting that the hardware giant, which has so often criticized Apple now finds itself in a strikingly familiar and delicate position with the SEC.
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