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Will this Sarbox whistleblower fare any better?
We've noted that financial whistleblowers have not fared well, despite the protections offered by Sarbanes-Oxley. In fact, many of them have fared poorly. Will the case of Anthony Menendez and Halliburton be any different? Menendez, former director of technical accounting research and training, filed under the whistleblower protection provision in May. He says he was fired for informing others about accounting problems that would affect possibly billions in revenue. The main issue seems to be bill and hold practices that determine when revenue is booked on products and services that have not yet been delivered. The difference this time is that Congress has taken an interest; a congressional committee has asked for information. Halliburton is a high-profile company right now. Of course, the SEC has already taken an interest and found nothing untoward.
For more:
- here's an article from Chron.com
- The limits of whistleblower protection. Article
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