Word: audits
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Responsibility for spotting outright fraud, though, is another matter. Says John Hill, assistant professor of accounting at Indiana University: "No audit is going to uncover cleverly disguised fraudulent schemes concocted by management." In the strictest sense, auditors are not required to look for fraud -- but controversy rages about what they should do when they stumble upon it. Rather than inform on clients, auditors usually prefer to drop the account quietly. When that happens, the client must file form 8-K with the Securities and Exchange Commission, explaining why the auditor resigned. But details of the disagreement are typically fudged...
...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...
...gift follows a previous three-year Ford grant earmarked for African journalists in the program, which brings mid-career journalists to live and study in the University community for one year. The Fellows audit classes and lead seminars...
Republican members of the House ethics committee plan to introduce a resolution that would call for all House bank records to be made public -- and for the hiring of a professional manager to modernize and carefully audit Congress. That could mean only bad news for Russ -- a former doorman with no management training who had found himself with power, prestige and a six- figure salary...
...detailed "building audit" in the summer of 1986, the Faculty of Arts of Sciences pinpointed the necessary interior and exterior improvements, according to Director of Physical Operations Michael N. Lichten...