Latest Expert Exchange Queries

GST Demo Service software link:
Username: demouser Password: demopass
Get your inventory and invoicing software GST Ready from Binarysoft
sitemapHome | Registration | Job Portal for CA's | Expert Exchange | Currency Converter | Post Matrimonial Ads | Post Property Ads
News shortcuts: From the Courts | News Headlines | VAT (Value Added Tax) | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing | GST - Goods and Services Tax
Popular Search: empanelment :: cpt :: TDS :: articles on VAT and GST in India :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: VAT Audit :: Central Excise rule to resale the machines to a new company :: ARTICLES ON INPUT TAX CREDIT IN VAT :: ACCOUNTING STANDARD :: list of goods taxed at 4% :: ACCOUNTING STANDARDS :: form 3cd :: TAX RATES - GOODS TAXABLE @ 4% :: VAT RATES :: due date for vat payment
« News Headlines »
 TDS Rate Chart for AY 2018-19
 Last date to submit third installment of advance tax is December 15
 5 tax-saving funds that have given stellar returns in the past 5 years
 Find out which ITR Form is suitable for you
  Pr CIT vs. Baisetty Revathi (Andhra Pradesh High Court)
 What is income tax?
 Refund procedure initiated under GST
 Income tax returns (ITR) filing: How to get capital gains tax benefits on assets in own name
 7 avenues to help you save tax under Section 80C of Income Tax Act
 How to make income tax law less taxing
 Your Income Tax returns (ITR) filing revised? 5 points you must worry about

Michael Dell in spotlight after audit
August, 20th 2007
Dell Incs disclosure that executives routinely adjusted accounts to meet financial goals raises questions about the role of founder Michael Dell. Dell, who made his return as CEO when he took over from Kevin Rollins in January, was chairman from 2002 through early 2006, when certain adjustments appear to have been motivated by the objective of attaining financial targets, according to a Dell statement. He was also CEO for three of the four years.

From an investor standpoint, the risk that Michael Dell is involved is arguably one of the most significant risks remaining in this, said Clay Sumner, an analyst at Friedman, Billings, Ramsey & Co, who has a market perform rating on shares of the No 2 personal computer maker. It is a risk that everyone is asking about, he said.

Dell said on Thursday it would restate four years of financial results, reducing net income for the period by $50 million to $150 million. It will reduce revenue for each restated year by less than 1 percent of the reported amounts.

An internal audit by Willkie Farr & Gallagher LLP and KPMG LLP uncovered adjustments to reserve and accrued-liability accounts, typically in the days after the end of a quarter, and other irregularities. Sumner said Dell executives told him the founder was not implicated in the wrongdoing. If we can take Dell at its official word, Michael Dell was not involved, he said.

Dell, 42, started the company in his University of Texas dorm room in 1984 with $1,000 and set out to bypass middlemen, selling computers directly, and for less money, to customers. His direct-to-customer sales strategy helped Dell become the worlds top PC maker in less than two decades, but it began to stumble two years ago as a resurgent Hewlett-Packard Co clawed back market share by selling printers and laptop computers in large retail chains and expanding overseas.

Many investors welcomed Dells return as CEO this year, as growth had slowed under Rollins. The Round Rock, Texas-based company had also replaced James Schneider as chief financial officer in December, when the audit was in its sixth month.

Dell spokesman Bob Pearson declined to comment on Michael Dell, but said, The companys leadership team takes responsibility overall. The company still faces investigations by the US Securities and Exchange Commission and the US Attorneys office for the Southern District of New York.

The SEC will want to hear testimony from Michael Dell, said Michael Piazza, former regional trial counsel for the SECs Los Angeles office and now in private practice at Dorsey & Whitney. They dont want to be viewed as giving preferential treatment to corporate hotshots, Piazza said. They will want to know what all the decision-makers knew and when they knew it, and how they reacted to it. But Piazza added: Theres an understanding in the commission that the CEO cannot know everything everywhere.

The restatements affect Dells fiscal 2003, 2004, 2005 and 2006 and the first quarter of fiscal 2007, which cover roughly the calendar period from 2002 through early 2006. Michael Dell was both chairman and CEO until 2004, when Rollins became CEO.

Dell said it was taking remedial measures including terminations, reassignments, reprimands and financial penalties. It did not name those disciplined or fired. Some analysts were surprised that Dells accounting manipulations, while relatively minor from a financial standpoint, occurred after tough anti-fraud regulations went into effect following accounting scandals at Enron Corp and Worldcom Inc. The US Congress passed the so-called Sarbanes-Oxley Act in 2002, mandating stricter corporate-governance procedures and greater accountability by company executives.

Post-Sarbanes-Oxley, nobody would have thought this would have been going on, said George Stamboulidis, a former US federal prosecutor who now heads the white-collar defense and corporate investigations group at Baker Hostetler.
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Web Application Development Web based Software Solution Web Application Deployment Web Application Solutions Web Application Software Development Web Application Deployment Web Application Programming Web Application Design and Development

Transfer Pricing | International Taxation | Business Consulting | Corporate Compliance and Consulting | Assurance and Risk Advisory | Indirect Taxes | Direct Taxes | Transaction Advisory | Regular Compliance and Reporting | Tax Assessments | International Taxation Advisory | Capital Structuring | Withholding tax advisory | Expatriate Tax Reporting | Litigation | Badges | Club Badges | Seals | Military Insignias | Emblems | Family Crest | Software Development India | Software Development Company | SEO Company | Web Application Development | MLM Software | MLM Solutions