By Polly Raymond, 26 August 1998 12:25
NEWS Security software company, CyberGuard is being forced to restate its financial results for the third quarter of 1998. The company estimates that the restatement of revenue could mean a difference of as much as £2.5m. The mistake was uncovered in a review of revenue recognition policies relating to distributors and resellers. In the same announcement CyberGuard confirmed that KPMG has stepped down as its independent auditors. The company is now considering taking legal action against KPMG. A special committee of four outside directors has now assumed control of the company. Two executives have been temporarily suspended pending a review to be completed by the committee.
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