AFC Directors Launch Investigation

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Atlanta--Troubled franchisor AFC Enterprises Inc. said the audit committee of its board of directors is engaged in an independent investigation into quarter-end adjustments to reserve, asset and accrual accounts on the books of the company and certain related matters. AFC, parent of Popeyes Chicken & Biscuits, Church's Chicken and Cinnabon, said the committee launched the investigation after the company's independent auditors raised questions regarding certain quarter-end adjustments during the course of the ongoing audit of the company's financial statements. The company said one of the purposes of the ongoing investigation is to determine whether the quarter-end adjustments were properly recorded and, if they weren't, to find out the reasons for the inaccuracies. -Atlanta Business Chronicle

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