Word: auditor
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...shut down last July after it was found to be a virtual supermarket of illegal services. American firms Ernst & Young and Price Waterhouse are being investigated for their part in managing B.C.C.I.'s books; both could face suits. Coopers & Lybrand is coming under similar scrutiny for its role as auditor for the media tycoon Robert Maxwell, who apparently looted some of his companies in the months before his mysterious death at sea. Deloitte & Touche stands to be hit with hundreds of liability suits by policyholders whose investments were put at risk by the failure of Executive Life Insurance...
...case against accountants revolves primarily around their function as auditors, which accounts for 60% of the profession's revenues. An additional 23% comes from tax planning and the remainder from consulting work. After examining a corporate client's books, auditors usually issue a letter intended to adorn the company's financial statement and certify that the statement is free of errors that could distort the company's fiscal picture. The note often includes the auditor's opinion of the company's business risks. But, cautions Dennis Beresford, chairman of the Financial Accounting Standards Board, the profession's chief rule-making...
...problem is that many investors think it is. If something goes wrong, they tend to blame the auditor as well as the company's top officers. The common assumption is that auditors should be among the first to know whether a company is failing or even defrauding investors. To be sure, accountants can be found negligent and held liable if their own work is sloppy. A 1989 report by the General Accounting Office on failed thrifts, for instance, found many cases where auditors simply failed to provide independent verification of management claims that problem loans were collectible...
...General Accounting Office (GAO) has completed its work at the Medical School and is currently sifting through data, according to Joseph S. Cohen, the lead auditor on the project...
...over-the-counter stocks. But during the past year, Cascade's glowing financial self-portrait began to arouse skepticism. Although the company claimed to have 29 stores in California, a search by a financial newsletter turned up only 18. Officials are looking for Incendy, and an outside auditor is currently going over the company's books, which even Cascade concedes "may not be accurate...