First Consulting Group (FCG) reported a delay in filing its annual Form 10-K financial report with the U.S. Securities and Exchange Commission.
The Long Beach, CA, consulting firm said the delay was due to an ongoing review by management and external auditors of the accounting treatment of FCG's income tax provision, and its internal controls related to the calculation of the tax provision. The company expects that the annual report, when filed, will include a tax expense approximately $1.3 million larger than the previously announced tax expense for the fourth quarter of 2005, and an offsetting improvement in prior years of an equivalent amount.
FCG also said that it expects that the annual report will include a disclosure about a deficiency in internal controls relating to the company's tax accounting, and that such deficiency constitutes a "material weakness" in internal controls. FCG and its external auditor are continuing to review the internal controls matter, and FCG believes that it has corrected the weakness in the course of the current review process.
By AuntMinnie.com staff writers
March 31, 2006
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