An independent committee investigating accounting errors at Visteon Corp. has found additional expenses that should have been reported in 2004, a Dow Jones Newswire report printed in the Washington Post revealed. The findings will delay the company's federal filings for both the first and second quarter of 2005.
According to the newspaper article, Visteon said its independent committee found upward of $40 million of freight expenses that should have been recorded prior to December 31, 2004; the number includes nearly a $13 million discrepancy discovered in May.
Visteon says it is continuing its investigation the matter and allegations concerning a former finance employee who was responsible for the accounting oversight of purchasing activities. The company had said in May that management had found accounting errors and that an internal review found allegations of improper conduct by the employee, according to the report.
It is unclear if the company will have to reissue its prior financial results.
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