SI
SI
discoversearch

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor.  We ask that you disable ad blocking while on Silicon Investor in the best interests of our community.  If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.
Technology Stocks : PSFT - Fiscal 1998 - Discussion for the next year
PSFT 0.00010000.0%Oct 29 5:00 PM EST
 Public ReplyPrvt ReplyMark as Last ReadFilePrevious 10Next 10PreviousNext  
To: Melissa McAuliffe who wrote (2607)10/12/1998 10:23:00 PM
From: Mad Duck  Read Replies (1) of 4509
 
What I recall about Baan's accounting problem earlier this year is that it came to light that Baan channeling sales through a company which was majority owned by the Baan brothers and 15% owned by Baan itself. Baan claimed that is was an "independently-owned company" and that their auditors (I think Ernst & Young) found the practice acceptable. The problem was that sales revenues claimed by Baan during particular fiscal periods were sometimes inventory on the other company's books at the end of those periods. The other problem was that those same auditors had begun to assume a major marketing role for Baan products in the U.S., thus creating a significant conflict of interest. If memory serves, the outcry was such that Baan retained new auditors and one of the Baan brothers severed himself from Baan to dedicate himself to running the "independently-owned company". I'm certain the Baan thread has the full story.
Report TOU ViolationShare This Post
 Public ReplyPrvt ReplyMark as Last ReadFilePrevious 10Next 10PreviousNext  

HomeMailHotSubjectMarksPeopleMarksKeepersSettings
Terms Of UseContact UsCopyright/IP PolicyPrivacy PolicyAbout UsFAQAdvertise on SI
© 2026 Knight Sac Media.  Data provided by Twelve Data, Alpha Vantage, and CityFALCON News