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the audit committee or board of directors In such a case the company must also provide a copy of the disclosure to the independent accountant and cause the independent accountant to prepare a letter to the SEC stating whether or not it agrees with the statements made in the disclosure By way of example, in August 2002, Gemstar-TV Guide International reported on Form 8-K that based on a review conducted by the audit committee of the board of directors, the Company will delay the release of second quarter 2002 earnings and the filing of its Form 10-Q with the SEC The company determined the collection of a large receivable was no longer reasonably assured and it intended to fully reserve for the amount The company further described that it had retained another independent accounting firm With the new firm, it was determined that the statements for 2001 needed to be restated by $20 million Gemstar then relayed the impact this had on cash flow, how they notified KPMG (its certifying accountants), of its decision to restate, and that the investigation into other accounting practices continued Interestingly, the company reported that KPMG informed Gemstar that it did not believe enough information was provided to support the change in accounting treatment The company presented what it knew at that point in its investigation together with the disagreement with its auditors regarding accounting treatment (even though the SEC s new Form 8-K reporting requirements had not yet been adopted) In a later filing, the company reported KPMG did not believe the information sufficient to support a change in accounting treatment and that the company sought guidance from the SEC Eventually, the investigation led to the recognition of over $152 million of licensing revenue and $60 million of advertising revenue improperly reported in 2000, 2001, and 2002 The SEC brought action against KPMG, selected partners, and a senior manager on the engagement for allowing the improper accounting treatment An important finding was that KPMG s reliance on quantitative materiality thresholds was not sufficient given the visibility and performance of the business line affected The business segment was emphasized by the company and closely watched by securities analysts The settlement
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with the SEC cost KPMG $10 million together with a commitment to provide remedial training for its partners and managers regarding quantitative materiality and appropriate disclosures, among other items The partners and manager working on the Gemstar-TV Guide engagement were barred from practicing before the commission for one to three years 15 Changes in control of the registrant The board must disclose the identity of the person or entity that, to its knowledge, has taken a controlling interest in the company The percentage ownership, amount paid, source of funds, the identity of the person from whom control was assumed, and any arrangements between the former and new control groups regarding the election of directors or other matters must also be disclosed You would think that a board would know when someone has effectively bought control of its company, but the board of Aksys Ltd was unaware that Duras Capital Management had acquired 785 percent of its company According to Duras, it was also unaware that it had taken control The company claimed that software failures lead to the unintended purchase of Aksys stock Therefore, none of the 13-D filings (required when a person or company acquires more than a 5 percent stake in a company) was transmitted to the SEC5 This example is an isolated incident, but nevertheless illustrates the need to disclose this type of information to the public The remaining shareholders of Aksys had no idea that a single buyer was supporting the market for the stock Furthermore, management and the board of the company had no idea that they had lost control of their company, and no doubt were not amused by Duras internal control problems 16 Departure of directors of principal officers, election of directors, appointment of principal officers Changes in the composition of the board of directors or principal officers of the company are important to most investors, particularly if a director leaves due to a serious disagreement with management, the board, or both Any changes in the composition of the board or to executive management should be reported together with the circumstances surrounding the change If a director provides any written correspondence regarding a resignation, refusal, or removal, the company must also file a copy as an exhibit to the Form 8-K The
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