Internal control issues at Weatherford Int

Mar 28, 2011 by

Weatherford International Ltd, a Geneva based oilfield services and equipment company, announced that it will be restating its results back to 2007 and delay the 2010 annual report. The delay the company said is due to tax accounting errors stemming from failure of internal controls.

The errors relate to writing off tax assets that were booked on transactions between subsidiaries starting in 2007. The corrections amount to more than $500 million over 4 years starting 2007.

Other than the accounting issue the company will definitely get hit with lower revenue in the next year due to the ongoing turmoil in the Middle East and North Africa.

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  1. Hİ,THANK YOU VERY MUCH FOR INFORMATION

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  1. Why Does No One Ask Hard Questions Of Weatherford International? - Daily Small Talk - [...] going on? Analyzer called “internal control issues” back in 2011. That’s shorthand for management sucks. It reported $ 500 …
  2. Why Does No One Ask Hard Questions Of Weatherford International? « Small Cap Savvy - [...] going on? Analyzer called “internal control issues” back in 2011. That’s shorthand for management sucks. It reported $500 million …
  3. Sizzlin Stocks » Blog Archive » Why Does No One Ask Hard Questions Of Weatherford International? - [...] going on? Analyzer called “internal control issues” back in 2011. That’s shorthand for management sucks. It reported $500 million …

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