Monday, April 9, 2007
IR Sees Accounting Issues
El Segundo-based International Rectifier is reporting this morning that a number of its quarterly financial statements should no longer be relied upon, based on an independent investigation by its Audit Committee. The maker of mixed signal ICs said that it found accounting irregularities at a foreign subsdiary, affecting its financial statements for the quarters ended December 31, 2006, September 30, 2006, March 31, 2006, December 31, 2005 and September 30, 2005, and for the year ended June 30, 2006. According to a statement released by the firm, the accounting issues included premature revenue recognition of product sales at the foreign subsidiary.