BearingPoint Inc., a spinoff from KPMG's former consulting business, said that the Securities and Exchange Commission has launched a formal investigation of the company.
Along with providing an update to the progress of the company's plans to release its 2004 financial statements, BearingPoint said that the SEC has issued a formal order of investigation into the company. In a statement, BearingPoint said that it believes the matters involved are the same as the informal investigation it announced in March.
Formerly KPMG Consulting, BearingPoint is one of the world's largest consulting firms and provides companies with business and technology strategy. The company said that it now expects its 2004 statements will be completed in late October, and the first two quarters of 2005 will be filed shortly afterward. The company had previously planned to finish the review in September.
In March, the company said that Sarbanes-Oxley Section 404 requirements had led it to discover internal control deficiencies that it believed would have been classified as material weaknesses.
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