Feeds

Deficient Veritas delays year-end fiscal report

This feels so familiar

  • alert
  • submit to reddit

Secure remote control for conventional and virtual desktops

Veritas has delayed the filing of its year-end financial forms with a US regulator after discovering "controls over financial reporting" that were not up to snuff.

Veritas hopes to hand in the 10-K filing for 2004 to the US Securities and Exchange Commission by April 11. It had previously looked to meet an already extended deadline of March 31. This extension was designed to give its auditor KPMG time to review the filing.

The storage software maker was a bit vague in describing the "controls" issues.

"The company has now determined that the aggregation of its control deficiencies, which include two significant deficiencies, constitute a material weakness," Veritas said. "One of the significant deficiencies relates to the company's controls over its order entry processes, while the other relates to its review of multiple element software license transactions."

Veritas did not return repeated calls seeking comment.

It does not expect the issues or the filing delay to necessitate a change to past financial reports.

Financial reporting has not always been Veritas' strength. Last year, it restated financial data from 2002 and 2003. The year before that it tweaked figures from 2000 and 2001. The company's CFO was canned as well in 2002 after lying on his resume. ®

Related stories

Symantec outlines plans for Veritas
Investors scamper from Veritas shares
Veritas to restate results after probe
Fired! Veritas CFO lies on CV

Secure remote control for conventional and virtual desktops

More from The Register

next story
Ellison: Sparc M7 is Oracle's most important silicon EVER
'Acceleration engines' key to performance, security, Larry says
Linux? Bah! Red Hat has its eye on the CLOUD – and it wants to own it
CEO says it will be 'undisputed leader' in enterprise cloud tech
Oracle SHELLSHOCKER - data titan lists unpatchables
Database kingpin lists 32 products that can't be patched (yet) as GNU fixes second vuln
Ello? ello? ello?: Facebook challenger in DDoS KNOCKOUT
Gets back up again after half an hour though
Hey, what's a STORAGE company doing working on Internet-of-Cars?
Boo - it's not a terabyte car, it's just predictive maintenance and that
prev story

Whitepapers

A strategic approach to identity relationship management
ForgeRock commissioned Forrester to evaluate companies’ IAM practices and requirements when it comes to customer-facing scenarios versus employee-facing ones.
Storage capacity and performance optimization at Mizuno USA
Mizuno USA turn to Tegile storage technology to solve both their SAN and backup issues.
High Performance for All
While HPC is not new, it has traditionally been seen as a specialist area – is it now geared up to meet more mainstream requirements?
Beginner's guide to SSL certificates
De-mystify the technology involved and give you the information you need to make the best decision when considering your online security options.
Security for virtualized datacentres
Legacy security solutions are inefficient due to the architectural differences between physical and virtual environments.