Word: marwick
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Dates: during 1970-1979
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...profession has suffered a more painful drop in public esteem than accounting; in recent years accountants have been regularly criticized for failing to expose corporate shenanigans, and have been sued for allegedly certifying misleading company earnings reports. Four SEC complaints have been filed against Peat, Marwick, Mitchell & Co., onetime auditor of such tarnished firms as Penn Central and National Student Marketing and a giant of the profession (it recorded worldwide billings of $370 million in 1973). Last week Walter E. Hanson, 48, a former railroad accountant and senior partner (chief executive) of Peat, Marwick since 1965, moved to restore confidence...
...expected last week when it filed civil suits charging that massive fraud preceded the spectacular 1970 bankruptcy of the Penn Central. Even so, the suits-one against twelve former officers and directors of the railroad, headed by onetime Chairman Stuart T. Saunders, and also the accounting firm of Peat, Marwick, Mitchell & Co.; another against the investment firm of Goldman, Sachs & Co.-are unusually significant...
...Clarify the obligation of accountants to take a hard look at transactions that company managers ask them to approve. The SEC contends that Peat, Marwick failed to give "due professional consideration to the economic substance" of several Penn Central "transactions, schemes and ... devices." Peat, Marwick says the charges are "unfair...
...Peat, Marwick, Mitchell (accounting...
...outside expert on employee benefit plans should be retained to assist them in developing recommendations to the Board of Directors for changes in the plans which would enable the Coop to improve benefits, especially pension benefits, reduce administration costs and update the plans. Mr. Archibald Price of Peat, Marwick, Mitchell & Company was retained for this purpose. After a thorough review of the old plans and extensive discussions between Mr. Price and the management, detailed recommendations were prepared for the Board of Directors. These recommendations, in essence, were to provide all insurance under a new group life insurance plan; to shift...