Word: auditore
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Dates: during 1980-1989
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...collapse of Continental Illinois Bank of Chicago. Litigants are asking at least $400 million from Peat Marwick for its alleged failure to predict the Penn Square debacle. Then came the 1985 furor over E.S.M., the Fort Lauderdale Government-securities firm, amid a scandal that involved massive fraud. E.S.M.'s auditor, Chicago-based Grant Thornton (formerly Alexander Grant), has reportedly since been slapped with some $1 billion in legal claims for allegedly failing to expose the malfeasance...
Representative Andrew Natsios (R--Holliston), the Republican Party chairman since 1980, announced his campaign for state auditor last week, but maintained that he will not give up his chairmanship until after the November election...
Malone maintained that although he and others were "concerned that the Republican party was not progressing at the speed it should," the Chairman's decision to run for auditor was the crucial factor behind the move for his ouster...
...often murky and bewildering world of annual reports, the job of an independent auditor is to shed light. He examines the numbers in company records for accuracy, and describes his findings in a letter that becomes part of the annual report. The Security and Exchange Commission last week accused Price Waterhouse, one of the nation's oldest and most prestigious auditors, of not doing its job. As part of a crackdown on financial fraud, the agency charged that the company had winked at errors in the 1980 financial statements of AM International, a maker of copiers and other graphics equipment...
Some critics were skeptical of the Pentagon's ballyhooed crackdown. "It's all show," said George Spanton, who was a Defense Department auditor for 25 years and became a celebrated whistle blower. "I can assure you that the last four years have been the worst that the department has seen. They are going after the brush fires...