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CSC Responds to SEC Notice as Discussions Fail to Resolve Probe

Jan. 31 (Bloomberg) -- Computer Sciences Corp. filed a formal response to the U.S. Securities and Exchange Commission’s accounting probe after failing to reach a resolution thus far in discussions with the agency.

CSC delivered a Wells submission on Jan. 14, prepared with help from its board’s audit committee, which is running its own investigation, according to a filing today. The technology company, whose clients include NASA and Avis Budget Group Inc., received a Wells notice on Dec. 11, signaling the SEC may take action against the company.

The accounting probe initially involved the company’s former Managed Services Sector division and focused on the Nordic region. Eventually, CSC’s auditors expanded their internal investigation to include operations in Australia, its Americas outsourcing business and a contract with the U.K.’s National Health Service.

As part of the effort, CSC wrote down its investment in the U.K. contract last year by almost $1.5 billion.

To contact the reporter on this story: Crayton Harrison in New York at tharrison5@bloomberg.net

To contact the editor responsible for this story: Nick Turner at nturner7@bloomberg.net

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