Take-Two named a new board member to chair its audit committee today, hoping to instill investor confidence after accounting woes rocked the company earlier this year and forced it to restate eithg quarters of earnings.
The new board member, Richard Roedel, is well versed in US accounting laws, including the Sarbanes-Oxley Act which the US Congress passed this year in response to all of the corporate accounting scandals. Take-Two is still under investigation by the US Securities and Exchange Commission because of its accounting practices. Last February the company had to restate the financial results for 2000 and the first three quarters of fiscal 2001 to correct accounting errors in which sales of products were recognized as revenue and later returned or purchased by the company.
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