BISYS Group Inc. indicated its financial statements for fiscal years ended June 30 for the years 2002, 2003 and 2004 will be restated because of accounting and revenue recognition errors, Dow Jones reports.
The second look was prompted by an investigation conducted by its audit committee.
In addition, quarters ended Dec. 31, 2003 and Sept. 30, 2004 will be restated, BISYS indicated in a press release. These financial statements should no longer be relied upon, BISYS added.
Meanwhile, the Securities and Exchange Commission is investigating certain practices at BISYS' mutual fund services division.
These regulatory matters will cost upwards of $25 million, the fund accounting giant, responsible for $210.8 billion in assets, indicated.
BISYS is currently in discussions with independent auditor PriceWaterhouseCoopers to resolve these issues.