Network Associates (NA) has restated portions of its financial results from 1998 to 2000 after an investigation found that the bulk of the accounting errors stemmed from one ex-employee.
The company disclosed the need to re-examine its accounts in April, when it dropped its bid for an additional stake in McAfee.com. NA would not say whether the end of the accounting investigation signals the resumption of the deal.
With that investigation over, the company said that the accounting inaccuracies in its 1999 and 2000 financial statements will not require it to change its previous tax payments for the years.
A Securities and Exchange Commission (SEC) investigation regarding the company's accounting in 2000 is still ongoing, and the scope of the investigation may be widened to look at these latest revelations.
NA maintained that it is continuing to help with the inquiry.
The problems with past filings stemmed from the way in which operating expenses had been accounted for over the period.
According to Brian Lolbeck, vice president and corporate controller at NA, one employee had been the cause of almost all the discrepancies.
The firm seems to have confused an accounting rules change that deals with how companies account for certain marketing expenses.
These expenses were previously considered a marketing and sales cost, but must now be treated as reductions in revenue.
During the investigation, NA said that it reviewed every book-keeping entry over $1m from 1998 to the present and every incorrect entry by the individual employee.
The SEC may look into the individual's behaviour in an attempt to discover whether senior executives were aware of the errors and what steps were taken to correct them.
In detail, the new figures reduced net income for 1988 to $32.4m from $36.4m, and cut the company's 1999 net loss for the year to $156.9m from a previously stated $159.9m.
For the year 2000 net loses have now been increased to $123.9m from $102.7m.
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