The Canadian audit oversight body, the Canadian Public Accountability Board, announced Friday that last year they deregistered a small firm in Vancouver (which has since gone out of business) and prevented three other small firms from accepting new client due to deficiencies in their audits discovered upon inspection. My initial thought was, these small firmsContinue reading “Canadian audit overseer reports problems and solutions”
Tag Archives: restatement
Nortel completes latest restatement
Nortel released their 2005 financials Friday and completed more restatements of prior years’ results. The restatements related to revenue recognition and decreased revenues and net income because the revenue should’ve been booked in different periods. Maybe this will mark a turning point for the Canadian communications equipment company and they can retain (or regain) theirContinue reading “Nortel completes latest restatement”
Revenue recognition and Nortel
Nortel Networks Corp. once again will have to restate its financial results to fix accounting mistakes, the company said on Friday as it posted a fourth-quarter loss of $2.2 billion. Their chief executive maintains that the revenue was just recognized in incorrect periods, from 2002 through 2005. Revenue recognition is definitely a touchy subject theseContinue reading “Revenue recognition and Nortel”