June 1, 2005
More Provocative 404 Disclosures
Looking for more water-cooler fodder? From Bob Dow of Arnall Golden, here are a few more interesting 404 disclosures:
– RCN Corp. has a weakness because it has equity investment for which it cannot obtain financial data
– Kelly Services did a restatement (related to lease accounting) but satisfied itself that this was not a material weakness
– Foster Wheeler also had a restatement, decided the restatement was not a material weakness, but had other material weaknesses leading to an adverse opinion (this one has one of the better set of control-related risk factors (2 of them) because they have some specific content; not just the usual boilerplate)
– Brightpoint initially gave a plain vanilla “clean” SOX 404 report; but after it filed its 10-K, it discovered errors and material weaknesses in its overseas operations – and in this 10-K/A it gave an updated, adverse SOX 404 report
Corp Fin’s New Address
For packages and other hard copies going to Corp Fin Staff, they can now be sent to Station Place, located at 100 F St. NE, Washington DC 20549.
June Eminders is Up!
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Arthur Andersen Case Reversed
Yesterday, the US Supreme Court unanimously reversed the conviction of Arthur Andersen and remanded the case, concluding that the jury instructions were flawed in important respects. Here is the Supreme Court list of slip opinions. Click on the Arthur Andersen LLP v. United States case to access the opinion.