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Another Big Agency Group Announces Accounting Problems

MDC Partners became the latest ad agency holding group to admit it wasn't entirely sure what is going on with its financials, according to AdWeek. The Toronto-based parent of some of the U.S.'s major creative boutiques, like Crispin Porter Bogusky and Kirshenbaum Bond, said it would need more time to file 2004 and Q4 filings. MDC recently started to list itself on U.S. exchanges, which added to its reporting requirements, and the firm attributed the delays to document substantiations demanded by its new auditor KPMG. Early in the fall of 2004, MDC brought in an IPG veteran as its CFO. IPG, meanwhile, is aswim in its own financial confusion, which may have helped bring about the demise of some of that company's agency heads.

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