Countrywide Financial Has Accounting Glitch

Published on:
12 September 2006 at 10:19 a.m. ET

Written by: Unknown Author –

http://www.insidearm.com/news/00001692-countrywide-financial-has-accounting-glit/

Countrywide Financial, the nation’s biggest mortgage lender, will restate 2004 financial results after the company’s auditor found it improperly recorded a gain on the sale of securities.

To correct the improper accounting, Countrywide will reduce its 2004 full-year net income by 20 cents a share and boost its first-quarter results by an equal amount.

The Calabasas, Calif.-based lender said the readjustment was necessitated on the advice of its auditor, KPMG. The audit firm discovered the faulty accounting on Feb. 18. The revision will force Countrywide to report the discovery of a “material weakness” in it internal controls in the upcoming 2004 annual report.

For this complete story, please visit Countrywide Financial Has Accounting Glitch.

Countrywide Financial Has Accounting Glitch

Unknown Author

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