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Essay / Research Paper Abstract
A 6 page paper that reports and discusses Navstar's audit and accounting problems that were recognized in 2005 but that went back to 2002 and continued until 2007 when the NYSE relisted the stock. The paper explains what happened and points out that it is the auditing firm that is being investigated by the SEC and not the company. The history of the incident is reported along with comments. Data are included. Bibliography lists 8 sources.
Page Count:
6 pages (~225 words per page)
File: MM12_PGnvstr.rtf
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Unformatted sample text from the term paper:
Navistar manufactures numerous diesel engines and commercial trucks, school buses, military vehicles and a number of other vehicles. In January 2006, the company announced that it would not be filing
the required SEC documents, specifically the SEC 10-K annual report on time. The company explained that it had a disagreement with its auditors, Deloitte and Touche, regarding some very complex
accounting issues. They fired Deloitte and Touche in April of that year, the company it had been with for nearly 100 years.1 They hired KPMG to redo the audits
beginning with the 2002 fiscal year.2 In December 2006, the company announced that the restatement of 2006 fiscal results would also be delayed. At that point, the NYSE dropped
Navistar from their list, i.e., the NYSE delisted Navistar.3 The company had been on the NYSE for 98 years. Navistar appealed the delisting but the S&P 500 Index removed them
anyway and subsequently, the NYSE denied the companys appeal and delisted them.4 Navistar would not be relisted until the end of June 2008. At that time, Navistar said that
it would be restating its financial reports for the years from 2002 to 2005.5 And, it also announced that it did not know when it would be able to file
their 2005 annual reports since the errors of earlier reports were in error and because they had hired a new auditor.6 Meanwhile, in 2005, the Public Company Accounting Oversight Board
launched an investigation of Deloitte & Touche, the largest accounting firm in the country.7 The Board noted that the auditors work may have failed to comply with five or more
auditing standards.8 This was not the first time Deloitte & Touche were investigated; they had just paid a find of $50 million as a result of the SECs accusations against
...