Word: auditioned
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Dates: during 2000-2009
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Internal auditors, by definition, work in pursuit of a gotcha. So discoveries like this produce a strange "adrenaline rush," says a WorldCom audit employee, "and at the same time, there's a great sadness." Cooper's mother Patsy could see that the investigation had taken its toll. "I noticed a change in her countenance," she says. "There was no cadence to her speech. I noticed a lack of, well, it seemed to be energy...
...June 11, Sullivan called Cooper and gave her 10 minutes to come to his office and describe what her team was up to, says a source involved with the case. She did, and Sullivan, known for his poker face, remained calm. He then asked her to delay the audit, according to a WorldCom timeline of events filed with the SEC. She told him that would not happen. The meeting was a turning point for her because she, like her colleagues in the industry, considered Sullivan the gold standard. "It was terribly disappointing," says Cooper...
...next day, Cooper told the head of the audit committee about her findings, but she still held out hope that there was a reasonable explanation. She and her team began looking for ways to somehow justify what they had found in the books. Finally, they confronted WorldCom's controller, David Myers, who admitted he knew the accounting could not be justified, according to an internal-audit memo...
...showdown was scheduled for June 20. Cooper and a member of her team headed to Washington for an audit-committee meeting of WorldCom's board of directors. Sullivan would be there to present his side of the story. "We kept waiting up until the very end for Scott to pull a rabbit out of a hat," says a person close to the case. Relations had become so tense that at the last minute, when Cooper and her colleague learned that the management team was booked at the same hotel, they switched to another...
...meeting, Sullivan tried to explain the accounting strategy and asked for more time to fully support his argument. The committee members gave him the weekend. But he could not convince them. On June 24 the audit committee told Sullivan and controller Myers that they would be terminated if they did not resign before the board meeting the next...