Tuesday, December 26, 2006
Financial irregularities are not unique to the United States. This week we see the New York Times (AP) reporting that two senior executives would be resigning from Nikko Cordial Corporation, a brokerage firm, following "accounting irregularities." A press release issued by the company reports on the establishment of a special investigating committee "to identify the fact of the matter that results the need to adjust its financial statements." The company will be using individuals external to the company for this audit. They are also implementing measures to make certain this will not occur in the future. Compliance programs can be beneficial no matter where in the world the company exists.