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$27.4m Harken Energy Loses Auditor, Gains Material Weakness

Compliance Week | July 7, 2004

Texas-based oil and gas company Harken Energy was informed last week by its outgoing auditor, BDO Seidman, of a material weakness in its accounting system.

According to an SEC filing, the weakness relates to an “inability to determine the appropriate accounting for non-routine securities transactions on a timely basis.”

Harken’s audit committee hired an independent accounting firm to teach the company the appropriate treatment of non-routine securities transactions.

No auditor has been engaged to replace BDO Seidman.

Harken's related 8-K filing is available from the box at right, as is the latest spreadsheet of auditor changes.

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