Word: audits
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...style scandals. But under intense lobbying pressure from Wall Street as well as the accounting and legal professions, the commission has watered down or delayed some of these rules. For example, the SEC voted to allow accounting firms to continue to earn fat consulting fees from the companies they audit. And lawyers will be required to report any wrongdoing they witness to senior company executives but not to the SEC--as the SEC had initially proposed...
...ensure that its funds are used for their intended purposes. These conditions are ripe for potentially fraudulent applications or funding for non-existent events, and this appearance of loose financial controls should be ended immediately. Proposals that have surfaced to ask groups for their receipts, or to convene an audit committee are promising, but this reform calls for more swift and decisive action from council leaders...
...Cooper says, she is encouraged by the changes at her firm. The company has carried out many of her recommendations. And she firmly believes there is a point to all of the loss. "There really is a corporate-governance revolution across the country. Internal-audit departments are going to be taken more seriously," she says, noting that the Sarbanes-Oxley law passed by Congress last July requires all public companies to maintain internal-audit departments. She has received more than 100 letters and e-mails from strangers who want to thank and encourage...
...would think she would be rewarded," says a friend and colleague at WorldCom. "She went through a battle, one of the biggest battles in corporate America. And that promotion didn't come." Cooper will not comment on any possible resentment, except to note that a member of the audit committee did send her a grateful note and that she is looking forward to working closely with the new management team...
COOPER: I certainly knew it was possible that I would lose my job. I told my husband that I am going to report to the [WorldCom board's] audit committee what I need to report. I even cleared some things out of my office. But the fear of losing my job was very secondary to the obligation I felt...