Interpublic has to correct annual reports again
The advertising holding company has come across cases of book falsification, embezzlement and other misconduct.
The US advertising holding company Interpublic Group
sees progress in the analysis of its business figures and
Billing procedure. The parent company of the FCB agencies, Lowe and
McCann Erickson only had unaudited annual figures in the spring
published because they discovered serious errors in the bookkeeping.
was. The holding company now expects to announce its definitive
figures. At the same time, however, the
results from 2000 to 2004 have to be corrected. Already in 2003
Interpublic had to restate the financial statements for the previous five years.
correct. At that time, the issue was invoicing between the
various subsidiaries. According to Advertising Age, this time the
The focus is on the settlement of income, transfers and rental costs.
Agencies outside the USA are primarily responsible, Ad
Age from a stock exchange document from Interpublic. On the one hand, rules
the US GAAP accounting method was misunderstood, on the other hand
There are cases of book falsification and embezzlement, violations against
Regulations and company rules as well as inappropriate
Customer debits and agreements with vendors. The offending
employees had been dismissed or were no longer with the holding company
active. According to US stock exchange rules, Interpublic is obliged to publish
September to submit certified annual figures. Otherwise the
Held by the New York Stock Exchange.
sees progress in the analysis of its business figures and
Billing procedure. The parent company of the FCB agencies, Lowe and
McCann Erickson only had unaudited annual figures in the spring
published because they discovered serious errors in the bookkeeping.
was. The holding company now expects to announce its definitive
figures. At the same time, however, the
results from 2000 to 2004 have to be corrected. Already in 2003
Interpublic had to restate the financial statements for the previous five years.
correct. At that time, the issue was invoicing between the
various subsidiaries. According to Advertising Age, this time the
The focus is on the settlement of income, transfers and rental costs.
Agencies outside the USA are primarily responsible, Ad
Age from a stock exchange document from Interpublic. On the one hand, rules
the US GAAP accounting method was misunderstood, on the other hand
There are cases of book falsification and embezzlement, violations against
Regulations and company rules as well as inappropriate
Customer debits and agreements with vendors. The offending
employees had been dismissed or were no longer with the holding company
active. According to US stock exchange rules, Interpublic is obliged to publish
September to submit certified annual figures. Otherwise the
Held by the New York Stock Exchange.
