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NEW YORK Interpublic Group today said the material restatement resulting from its six-month internal financial review totaled $550 million for the period of 2000-04. Roughly half of that reduction in earnings and shareholder equity came before 2002, IPG said.
About $441 million, or 80 percent, of the restatement was due to poor accounting for revenue, said IPG. The next biggest chunk, about $105 million, stemmed from acquisition accounting problems. Roughly 10 percent, or $55 million, resulted from employee malfeasance, including the falsifying of books; violations of laws, regulations and company policies; the misappropriation of assets; and inappropriate customer charges and dealings with vendors.
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