The Company plans to remediate the material weakness in internal control described above to provide reasonable assurance that errors and control deficiencies of this type will not recur. Specifically, the Company has elected to outsource the preparation of its tax provision to a large independent public accounting firm, commencing with the preparation of the provision for the first quarter of 2008. This accounting firm, together with the Company, will also review and redesign tax accounting processes and controls, including increasing the level of review and discussion of significant tax issues and improving the level of supporting documentation concerning such issues. The Company will monitor the effectiveness of these procedures and will make any changes that are deemed appropriate.
This press release contains condensed financial information derived from the audited consolidated financial statements for the years ended December 31, 2007 and 2006, which together with Management's Discussion and Analysis for these same periods, will be filed with the relevant regulatory agencies, as well as posted on our website at http://www.angiotech.com.
The following table presents a reconciliation of the differences in
items reported in the preliminary 2007 unaudited financial results
announced on February 14, 2008 as compared to the audited consolidated
statement of operations for the year ended December 31, 2007. In addition,
this table presents a reconciliation of the differences in items restated
in the consolidated statement of operations for the year ended December 31,
2006 as compared to results originally reported. Additional information
regarding the restatement, including a summary balance sheet, can be
|SOURCE Angiotech Pharmaceuticals, Inc.|
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