Ford units hit by accounting glitches

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DETROIT, Mich. – Accounting irregularities have been discovered at Kwik-Fit, the vehicle repair business sold to Ford Motor Co. for US$1.5 billion three years ago.

According to the Financial Times, several million dollars may have been improperly booked by Kwik-Fit, and is likely to delay Ford’s plans to sell the business.

“Accounting irregularities” have become the watchwords for all of corporate America after Enron, WorldCom and Xerox were caught hiding billions of dollars of expenses through creative bookkeeping techniques.

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