Collins & Aikman audit committee retains counsel


LOS ANGELES, March 24 (Reuters) - Auto parts supplier Collins & Aikman Corp. said on Thursday its audit committee has retained independent counsel to assist it in its investigation of accounting for certain supplier rebates, which will result in a restatement of 2004 earnings. The company previously reported that certain accounting for supplier rebates led to premature or inappropriate revenue recognition or was inconsistent with relevant accounting standards. As previously ...

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