Overland Storage management seems to have taken exception to PricewaterhouseCoopers' auditing of its accounts and fired the firm. For the past two financial years PwC has added a stern warning to the accounts, saying that there was substantial doubt about Overland's ability to continue as a going concern. While even accountants …
I've been in lectures recently where the lecturer has flippantly joked about blanket going concern emphasis of matter paragraphs across the board in the current economic climate. Still, we've all seen what good a clean American audit report is worth in the past haven't we?
"Moss Adams is replacing PwC, and might be wise to watch what it says"
Arthur Andersen were careful what they said about Enron. It's unwise and often criminal.
glad they were honest
I for one am glad PwC was honest and stood by their statement even if it got them fired. It certainly seems like they aren't in very good shape. Recently bought a small tape library of theirs, not too concerned though, wasn't a big investment. Wouldn't deter me from buying others in the future. It seems Quantum is in a similar situation(maybe worse?).
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