Word: audits
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Dates: during 1990-1999
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...financial officer Patrick Finn and taking a $350 million write-off. The company claimed that Monus and Finn embezzled $10 million and overstated profits, then sued its accountants, Coopers & Lybrand, for failing to spot the fraud. Coopers countersued, accusing Phar-Mor executives of providing false and misleading figures to audit...
...student group's environmental audit" of Harvard called for expanding recycling programs and adding additional instructors and courses for the proposed Environmental Studies concentration...
Gore, who is also a Harvard overseer, said he was "extremely impressed" with the student's environmental audit, and he called for more resources devoted to the concentration...
...accounting profession sees itself as a scapegoat in the S&L crisis. Says J. Michael Cook, chairman of Deloitte & Touche: "The equation that an S&L failed, it had an audit, so the audit failed -- that just doesn't add up." Industry leaders complain that they are being targeted by government regulators seeking to deflect blame from their own mistakes and by investors looking for rich firms to make good their losses. "People come after the auditors because they're usually the only ones with money left standing," says Philip Chenok, president of the American Institute of Certified Public Accountants...
...least 15% last year, to about $5,300 for the average Big Six accountant. Increasingly, however, insurers are refusing to offer any coverage at all to accounting firms because the risks are too great and uncertain. Insurers have no way to measure the risks of insuring some financial-services audits because problems usually remain uncovered until several years after the audit. Where 15 firms offered audit insurance about five years ago, only three or four still do, including Crum & Forster. In response, accounting firms are abandoning the riskiest clients, most notably financial-services companies. Goldstein Golub Kessler, a midsize...