Word: peated
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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...
...been 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...
...inchworm. Another New York housewife recently expended the last half-gallon of gas in the family car to rush her ailing plant to the nearest cactus clinic. "It's stopped growing," she cried, "and the leaves keep falling off. I've tried everything, from Mozart to peat moss. What am I doing wrong'" Replied the resident physician: "Nothing, madam, it's a plastic plant...
...Peat, Marwick, Mitchell (accounting...