Financial Accounting Blog

Tuesday, April 06, 2004

This article in the San Antonio Buisiness Journal says that KPMG quit as Lancer's auditor due to alleged irregularities on reporting.
"In addition, KPMG has orally informed Lancer's (AMEX: LAN) audit committee that it intends to withdraw its audit opinions for the years 2000, 2001 and 2002."
Allegations came right after lawsuits filed against Coca-Cola that claims, among other things, that Coke used slush funds to hide losses on the company's failed computerized fountain drink dispensing system.