LONDON, Oct 18- The world's third largest retailer, Tesco, will state next week that it overestimated earnings by less than the 250 million pounds which it previously announced, Sky news reported on Saturday, citing an unnamed banking source. Over the last year Tesco's big out-of-town stores have lost favor as shoppers buy more produce locally and online, while...» Read More
Robert Grady, managing director at the Carlyle Group, told CNBC’s “Morning Call” that Sarbanes-Oxley imposes unreasonable costs on small companies that may delay their decision to go public. But David Ruder, professor of law at Northwestern University and former SEC chairman, disagreed. “I think the internal control provisions under Section 404 are absolutely crucial to the management of and honesty of our businesses,” Ruder said.
The report from the Business Roundtable Institute for Corporate Ethics, comprised of U.S. business and academic leaders, and the CFA Centre for Financial Market Integrity asks that companies go beyond government regulations and standardize the way quarterly earnings reports are disseminated.
Shares of Dell opened lower Friday after news that its internal audit found evidence of potential financial misconduct and accounting irregularities. Some have voiced concern that this investigation could focus on founder, chairman and CEO Michael Dell himself. Roger Kay, president and founder of Endpoint Technologies, and Tom Gardner, CEO of The Motley Fool, joined "Morning Call" to debate the impact.
Shares of the world's second-largest personal computer maker were slightly lower on Friday following the disclosure that an internal audit of its accounting found evidence of misconduct, errors and deficiencies in its financial controls.
The world's second-largest personal computer maker said it is working with its auditors and management to determine whether restatements of past financial statements are needed, and to see if the control deficiencies "constitute a material weakness" in its internal control over financial reporting.
Sanyo President Toshimasa Iue will step down next week, the company announced Wednesday amid an accounting scandal at the troubled electronics company that has also claimed the job of its chairwoman.
Automaker DaimlerChrysler, which is considering how to handle its struggling U.S. unit, said Tuesday it will delay the announcement of its first-quarter results because of its changeover to international accounting standards.
General Motors' internal controls on financial reporting are "currently ineffective," the automaker said in a regulatory filing on Thursday.