"As it turns out, CFOs come in handy."
U.K. supermarket operator Tesco PLC said it has uncovered a “serious” accounting issue involving the early booking of revenue and delayed booking of costs. Tesco is investigating why it overstated its most recent profit forecast by more than $400 million. Tesco is currently without a CFO.
If this is happening at large, sophisticated, public companies, imagine the challenges facing fast-moving, fast-growing tech startups and other private companies here in the San Francisco Bay Area and Silicon Valley.
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