Dell said it will delay its annual report as it has found "a number of accounting errors, evidence of misconduct, and deficiencies in the financial control environment."
The delayed report with the Securities and Exchange Commission is the latest in a series of issues facing Dell. Management turnover, missed quarters and intense competition from Hewlett-Packard has rattled Dell. Founder Michael Dell has returned as CEO to fix matters. So far the company has been mum about its progress or future game plan.
In a statement, Dell said:
"The Audit Committee is working with management and the company's independent auditors to determine whether the accounting errors necessitate any restatements of prior period financial statements, and to assess whether the control deficiencies constitute a material weakness in Dell's internal control over financial reporting."