Comments on: Only at Overstock.com http://www.sequenceinc.com/fraudfiles/2008/10/28/only-at-overstockcom/ Thu, 18 Mar 2010 05:52:34 +0000 http://wordpress.org/?v=2.9.1 hourly 1 By: More accounting mistreatment by Overstock.com (NASDAQ:OSTK) and CEO Patrick Byrne | Sequence Inc. Fraud Files Blog http://www.sequenceinc.com/fraudfiles/2008/10/28/only-at-overstockcom/comment-page-1/#comment-183007 More accounting mistreatment by Overstock.com (NASDAQ:OSTK) and CEO Patrick Byrne | Sequence Inc. Fraud Files Blog Sun, 17 May 2009 16:35:11 +0000 http://www.sequence-inc.com/fraudfiles/?p=2738#comment-183007 [...] of incompetence involved as well. Overstock is the only public company I’ve seen which has to restate restated financial statements. The list of accounting manipulations continues to [...] [...] of incompetence involved as well. Overstock is the only public company I’ve seen which has to restate restated financial statements. The list of accounting manipulations continues to [...]

]]> By: Tracy Coenen http://www.sequenceinc.com/fraudfiles/2008/10/28/only-at-overstockcom/comment-page-1/#comment-166607 Tracy Coenen Thu, 30 Oct 2008 17:45:40 +0000 http://www.sequence-inc.com/fraudfiles/?p=2738#comment-166607 Ohhh.... So the explanation isn't the the "hooking up" of the accounting system, it's general incompetence? Because I never would have guessed that. Ohhh…. So the explanation isn’t the the “hooking up” of the accounting system, it’s general incompetence? Because I never would have guessed that.

]]> By: Sam E. Antar (former Crazy Eddie CFO and a convicted felon) http://www.sequenceinc.com/fraudfiles/2008/10/28/only-at-overstockcom/comment-page-1/#comment-166596 Sam E. Antar (former Crazy Eddie CFO and a convicted felon) Thu, 30 Oct 2008 03:46:31 +0000 http://www.sequence-inc.com/fraudfiles/?p=2738#comment-166596 Overstock.com is restating its financial statements prior to 2005 to reflect its revenue accounting error uncovered by the SEC, earlier this year. Originally, the company used a one-time cumulative adjustment in Q4 2007, rather than a restatement to correct its revenue accounting errors. Overstock.com is restating its financial statements prior to 2005 to reflect its revenue accounting error uncovered by the SEC, earlier this year. Originally, the company used a one-time cumulative adjustment in Q4 2007, rather than a restatement to correct its revenue accounting errors.

]]> By: john lichtenstein http://www.sequenceinc.com/fraudfiles/2008/10/28/only-at-overstockcom/comment-page-1/#comment-166592 john lichtenstein Thu, 30 Oct 2008 02:57:30 +0000 http://www.sequence-inc.com/fraudfiles/?p=2738#comment-166592 Simple. Before the botched Oracle implementation, the in-house developed "spread sheet" based systems also were not recording returns correctly. But the Oracle implementation made the problem worse. And they never would have figured out the problem with the pre-Oracle systems except that they, apparently recently, did regression testing with the Oracle and legacy process and found problems with both. That should have been done before Oracle went on-line, but they had bigger problems at the time so they cut some corners. Testing schmesting. Simple. Before the botched Oracle implementation, the in-house developed “spread sheet” based systems also were not recording returns correctly. But the Oracle implementation made the problem worse. And they never would have figured out the problem with the pre-Oracle systems except that they, apparently recently, did regression testing with the Oracle and legacy process and found problems with both.

That should have been done before Oracle went on-line, but they had bigger problems at the time so they cut some corners. Testing schmesting.

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