Word: audition
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Just four days before Enron disclosed a stunning $618 million loss for the third quarter-its first public disclosure of its financial woes-workers who audited the company's books for Arthur Andersen, the big accounting firm, received an extraordinary instruction from one of the company's lawyers. Congressional investigators tell Time that the Oct. 12 memo directed workers to destroy all audit material, except for the most basic "work papers." And that's what they did, over a period of several weeks. As a result, FBI investigators, congressional probers and workers suing the company for lost retirement savings will...
...will audit the auditors...
Broader than it is deep, GuideStar's free database doesn't exactly allow visitors to run their own audit, but it enables analysts to compare charities with their counterparts and helps the IRS develop profiles of tax-exempt organizations that could be up to no good. One red flag: more than a fourth of the 990s submitted in 1997 and 1998 reported zero fund-raising costs, as unlikely as money growing on trees...
...ridiculous screening questions, to the serious, such as flying luggage of passengers who weren't on board. American spokesman John Hotard says the airline spends tens of millions of dollars a year on security and that it "is the only carrier that has its own internal audit team that [every week] goes around various airports to audit not only American Airlines but our security operators...
...misplaced. The city removed one camera last May that had generated more than 19,000 tickets at a particularly confusing intersection. In San Diego, faulty sensors made drivers appear to be going faster than they really were. The city suspended the system in July, pending an independent audit this fall...