WALL Street was hit by a fresh accounting controversy today as drugs maker Merck revealed it had booked $14bn (£9.1bn) of sales it never actually received. The admission by Merck, one of the 30 blue-chip companies in the Dow Jones Industrial Average, follows accounting irregularities at Enron, WorldCom and Xerox and is set to heighten investor suspicions about the reliability of company accounts.
Merck, which was audited by Andersen until March this year, made the admission in a filing to the Securities and Exchange Commission.
posted by Matthew @ 7/08/2002 10:49:00 AM
Comments: 0
