Bottom line: Wall Street is a place where even instant gratification can seem like an eternity. And the backdating investigations have been a multitude of eternities as firms evaluate their situations. The longer it takes, the more that could be wrong - but not necessarily so. Just getting the facts, and getting them right, could be a horrendous task. And it’s one that firms will want to be ready for, come this year’s audit season. It would be very strange indeed, if auditors weren’t poking more into the records of option grants this year.Read Mr. Ciesielski's post (Intuit's Conclusion) at AAO Weblog linked here:
Monday, August 21, 2006
Misdating investigations - why so long?
Jack Ciesielski of AAO blog writes about backdating investigation. It is an interesting and short read - his conclusion:
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1 comment:
Treowth,
Good find and interesting analysis on the reasons for lengthly option investigations.
I say this does not apply to Rambus.
...Intuit announced their investigation June 27 and finished already. Rambus announced theirs in May and has yet to finish. It's been nearly 3 months.
...Rambus has less than 1000 employees involved, probably several hundred fewer employees.
...the task is not rocket science regardless if the recordkeeping were paper and pencil. Rambus hired a forensic team to do the work.
What is the delay in announcing the results and publishing restated financials???????
Threejack
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