NIVRA can request an investigation into any of its member firms if it believes there may have been negligence.

NIVRA president Piet Hoogendoorn told Dow Jones the association hasn't requested a formal investigation. "We are looking at the news from Ahold and Deloitte Touche and compiling information," he said. "We will then take our position."

Deloitte Touche has defended its role in Ahold's restatement and claims it alerted Ahold to the irregularities.

HealthSouth Faces SEC Probe
HealthSouth confirmed in a press release Wednesday evening that the SEC has issued an "Order Directing Private Investigation and Designating Officers To Take Testimony," commonly referred to as a "formal order of investigation."

HealthSouth's management stated: "As previously indicated, the company does not believe that it or anyone associated with it has violated any securities laws."

The commission is looking into the timing of disclosures the hospital chain made last summer, according to a prepared statement from William W. Horton, HealthSouth's corporate counsel, released to Dow Jones Newswires.

"We continue to believe, based on information that the SEC has requested, that its investigation focuses on transactions by individuals in HealthSouth stock before our August 27 announcement," Horton's statement reportedly read.

Earlier this month, HealthSouth said it received a subpoena from the U.S. Attorney's office that indicated it is being investigated for possible securities law violations.

Spiegel, Too
Meanwhile, Spiegel Group Inc announced that the SEC has launched an "informal investigation" into the conduct of the company and its officers and directors as well as into the company's compliance with its disclosure obligations.

The commission is looking at the company's failure to file financial reports on time, in addition to allegedly inaccurate statements made by the company in its notices that these reports would be filed late, according to a company filing on Wednesday.

The company also said the SEC is investigating alleged failure to publicly disclose that its auditors believed that the audit report on the company's 2001 financial statements would have to contain a "going concern" qualification absent the company addressing certain financial issues.

"The SEC staff has advised the company that it will promptly recommend to the SEC that an action be brought against the company seeking preliminary injunctive relief to prevent future violations and to impose other procedures to ascertain whether there have been other violations of the securities laws," stated Spiegel in its filing.

"Moreover, the SEC may also seek monetary remedies against the company, as well as pursue a formal investigation into the conduct of directors, officers and certain other individuals involved in the company's affairs," it added.

Earlier this month, James R. Cannatar resigned as CFO of Spiegel to become executive vice president of Nintendo Co.'s U.S. unit.

Short Takes

• Ousted Royal Ahold NV chairman Cees Van der Hoeven has put his waterside villa up for sale, with a going price of almost 10 million euros, according to Dow Jones (citing a Tuesday report in the Dutch daily De Telegraaf).
  
  

• Ask Jeeves Inc. chief financial officer Steven Sordello sold more than a third of his company stock Tuesday, according to a regulatory filing. Sordello unloaded 33,181 shares at $6.78 to $6.86 a share, reducing his holdings to 54,102 shares, Tuesday's filing said.
  
  

• David Smith is retiring as chief financial officer at the TVA, the nation's largest public utility. He has held the position for eight years.
  
  

"As you are well aware, these are challenging times for Corporate America, particularly in areas of financial integrity and disclosure," Smith said in a letter Monday to TVA directors. "For myself, I believe that now is the opportune time to capitalize on my experience and reputation and take advantage of such board opportunities."

Before joining the TVA, Smith was executive director of Odyssey Financial, a corporate-consulting firm in Scottsdale, Arizona. From 1986 to 1993, he worked for steelmaker LTV Corp.

• A majority of companies in the United States, Europe, and the Asia-Pacific area (85 percent) expect to increase or maintain their IT spending levels in 2003, but economic stability and corporate profits remain key to the IT market rebound, according to an IDC survey of nearly 1,000 CEOs and CIOs in 12 countries.
  
  

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