Posted on Tuesday, November 30th, 2010 at 11:19 pm.
Northwest Pipe Co. has stated that an accounting crisis which caused its Nasdaq listing to double was caused by the “lack of internal financial controls and the dearth of communication between the staff members.”
The Vancouver-based pipe company underwent multiple lawsuits and a federal investigation as a result of the accounting woes that occurred.
The company made a statement in a 2009 annual report that said “sales and human resources teams and plant personnel did not communicate to our accounting staff all of the information necessary to make accurate accounting determinations for certain accounts receivable and accrued liability balances.”
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