Feeds

Deficient Veritas delays year-end fiscal report

This feels so familiar

  • alert
  • submit to reddit

Build a business case: developing custom apps

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

Build a business case: developing custom apps

More from The Register

next story
Sysadmin Day 2014: Quick, there's still time to get the beers in
He walked over the broken glass, killed the thugs... and er... reconnected the cables*
Auntie remains MYSTIFIED by that weekend BBC iPlayer and website outage
Still doing 'forensics' on the caching layer – Beeb digi wonk
Microsoft says 'weird things' can happen during Windows Server 2003 migrations
Fix coming for bug that makes Kerberos croak when you run two domain controllers
Cisco says network virtualisation won't pay off everywhere
Another sign of strain in the Borg/VMware relationship?
VVOL update: Are any vendors NOT leaping into bed with VMware?
It's not yet been released but everyone thinks it's the dog's danglies
prev story

Whitepapers

Implementing global e-invoicing with guaranteed legal certainty
Explaining the role local tax compliance plays in successful supply chain management and e-business and how leading global brands are addressing this.
Consolidation: The Foundation for IT Business Transformation
In this whitepaper learn how effective consolidation of IT and business resources can enable multiple, meaningful business benefits.
Backing up Big Data
Solving backup challenges and “protect everything from everywhere,” as we move into the era of big data management and the adoption of BYOD.
Boost IT visibility and business value
How building a great service catalog relieves pressure points and demonstrates the value of IT service management.
Why and how to choose the right cloud vendor
The benefits of cloud-based storage in your processes. Eliminate onsite, disk-based backup and archiving in favor of cloud-based data protection.