ACCOUNTING PRACTICES
Symantec results ‘unaffected by probe’ into accounting practices
New York/Bengaluru — Symantec said on Monday that it would not restate previous financial results except for a specific $13m transaction, following a four-month long probe into the Norton antivirus maker’s accounting practices, sending its shares up about 4%. Symantec launched the "whistle-blower" investigation in May after a former employee raised "concerns" about some accounting practices, prompting the company’s board to hire an independent counsel and other advisers to assist in the probe. The audit committee identified certain behaviour inconsistent with the code of conduct and Symantec said it would take appropriate action in these matters, without specifying details. The company said that the committee reviewed a transaction with a customer for which $13m was recognised as revenue in the fourth quarter of 2018, and concluded that $12m of the $13m should be deferred. Disclosure of the investigation, and the decline in Symantec’s stock price, put the company on the radar of act...
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.