Word: andersens
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...decline but not of the creative accounting fix. At WorldCom her department handled operational audits, which set company budget standards and evaluate performance, among other things. Financial audits, which verify the accuracy of a company's financial reports, were the province of the then esteemed independent firm Arthur Andersen...
...fluke, really, that Cooper got wind of the rotten accounting. A worried executive in the wireless division told her in March 2002 that corporate accounting had taken $400 million out of his reserve account and used it to boost WorldCom's income. But when Cooper went to Andersen to inquire about the maneuver, she was told matter-of-factly that it was not a problem. When she didn't relent, Sullivan angrily told Cooper that everything was fine and she should back off. He was furious at her, according to a person involved in the matter. Cooper, concerned that...
...many auditors, the word of the CFO and an Andersen partner would have been more than enough to leave the situation alone. "You have to understand," says a WorldCom employee, "Scott was probably the most respected person in the company." But, says Cooper, "when someone is hostile, my instinct is to find...
...weeks went on, Cooper directed her team members to widen their net. Having watched the Enron implosion and Andersen's role in it, she was worried they could not necessarily rely on the accounting firm's audits. So they decided to do part of Andersen's job over. She and her team began working late into the night, keeping their project secret. And they had no allies. At one point, one of Cooper's employees bought a CD burner and started copying data, concerned that the information might be destroyed before they could finish...
...valley of the shadow of death, I will fear no evil: for thou art with me." At various times during the ordeal, she has been screamed at and she has been patronized, say her colleagues. She continued to work, keeping long hours to help the accounting firm KPMG redo Andersen's audit and staying at her parents' house because it was closer to the office. Finally, Lance piled their two kids into the car and drove to the Ferrells' house so he could see her. "I just told her, 'Don't worry about losing your job. We'll find...