Word: auditore
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...WorldCom's auditor--Arthur Andersen, the firm convicted of obstructing justice in the Enron case--somehow missed it. Andersen, which was paid $4.4 million a year to certify that WorldCom's books were honest, says WorldCom CFO Sullivan never handed over the material Andersen requested. "That's like a police officer saying the criminal didn't turn himself in," scoffs analyst Patrick Comack of the brokerage Guzman...
...Forms," then on "Search for Company Filings"; then enter the name of the stock). I would shun any company that pays a manager more than $100 million a year in cash and stock. Make sure that none of the top managers used to work for the firm's "independent" auditor--and that the firm isn't lending millions to its bosses, as WorldCom did. (Check the "Related Parties" section of the financial reports...
...research of Xu remains suspended pending the report of an outside auditor...
...reason the Justice Department is talking deal could be that the pro-business, anti-regulation Bush Administration has an interest in seeing if a reborn, back-to-basics Andersen in the Volcker model could survive on integrity premiums. Certainly a new breed of cold-eyed auditor sought for its very scrutiny - and the investor confidence a passing grade would bring - would take some pressure off the SEC and other federal watchdogs whose responsibilities (and budgets) Bush would prefer not to increase...
...effort to reassure clients, Andersen's partners fired the lead auditor on the Enron account, David Duncan, in January and admitted to Congress later in the month that potentially incriminating documents had been shredded. But suspicion that Andersen was not exactly forthright about the level of involvement of several executives was stoked by the revelation that Nancy Temple, a lawyer with the company, sent a memo reminding employees of Andersen's document-retention policies on Oct. 12. The memo, observers suspect, was a tacit order to start the shredding...