Office Depot to revise statements
From Times Wire Services
Office Depot Inc. said it would revise some past financial statements after an independent review of vendor-program accounting found weakness in its internal controls and led to the firing of four employees.
The review revealed that during the period beginning in the third quarter of 2006 through the second quarter of this year, funds due or received from vendors were recognized in the current quarter but should have been deferred to later periods.
