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DYN
02-19-03 12:12 AM
Change in next year's EPS estimate
The next fiscal year consensus EPS estimate for this stock has changed from -0.03 to -0.02.
At least Paul Revere wasn't running from the enemy!
It is running today!
KPMG Gets Probation For Bungling Orange County Audit
AccountingWEB US - Jul-29-2002 - International accounting firm KPMG has been slapped with a $1.8 million fine and a year of probation after being found guilty of gross negligence and unprofessional conduct for its handling of the 1992 and 1993 audit and financial statements of Orange County, California. The California Board of Accountancy also ordered three years of probation and 100 hours community service for KPMG partner Margaret Jean McBride and two years of probation each for former KPMG accountants Joseph Horton Parker and Bradley J. Timon. All were found guilty of gross negligence and unprofessional conduct.
The county declared bankruptcy in late 1994 after it lost $1.7 billion in its investment pool. County treasurer Robert L. Citron oversaw the investment pool. Mr. Citron was convicted of faking interest earnings and falsifying accounts. The Board claims that KPMG, attempting to save money on what turned out to be an underbid audit, cut corners by allowing junior staff members to conduct certain areas of the audit and by not helping the county solve its problem of a lack of internal controls with regard to the investment pool. KPMG auditors did not speak with the county treasurer regarding the investment pool, nor did they determine the true market value of the highly leveraged and speculative investments. KPMG paid a settlement of $75 million to Orange County in 1998.
KPMG refutes the claims and says the accountancy board wasted millions of dollars with the goal of making KPMG a scapegoat. "The claims by the board incorrectly challenge how KPMG reached its conclusions rather than claim our conclusions were wrong," said KPMG spokesman George Ledwith.
State officials claim their decision was appropriate and that KPMG did not follow correct auditing standards. Administrative Law Judge Humberto Flores stated that he found an "extreme departure from professional standards" in the way in which KPMG conducted its audit. He accused Mr. Timon of preparing misleading audit work papers and also stated that Ms. McBride acted unprofessionally by not advising other county offices that were KPMG audit clients of the potential for failure of their investments that duplicated those of the Orange County treasurer.
KPMG plans to appeal the ruling.
You should know Orange County! On the advice of KPMG they bought derivatives as a hedge and lost their county! lol.
~~~~~COMPX 02/19/2003~~~~~
Previous Close: 1,346.54 +36.37
1326 BullNBear52
1330 AKvetch
1333 Phil
1344 Churak
1356 shao
I thought I'd give you a shot at a deja vu WAG.
Phil, you need to change the date or change your WAG. lol.
No donuts. What a bust!
What would those thoughts entail if women were completely unavailable?
Baseball, Football, Nascar, Beer to name a few.
And men would have been much happier. ;)
Never mind apparently Susie is in one of her moods. lol.
Isn't that tweet!
FoF, You need to get Colleen over here too! Spare Derf no room to squirm. He's gone to a Maverick's game.
It's derf that needs an ass whopping!
I got a picture to prove it!
And you so blonde. ;)
FoF, Susie is being picked on my a mean man............
http://www.investorshub.com/boards/read_msg.asp?message_id=775151
I copied SBG's post into Ihub then typed in Al's name. Edit
The screeen is not wide enough.
Edit.
It's a sign of respect.
By: AlanC
18 Feb 2003, 05:34 PM EST Msg. 908634 of 908663
3,005,261,813 shares owned by 2439 shareholders are included in this sharecount, are you and your shares included? Have you bought or sold since the count began and not updated? Please take a moment/visit this link to enter/update your holdings.
http://www.wizardscave.com/pcbmtota.cfm
By: soundreason Fung In case you missed it.
18 Feb 2003, 06:08 PM EST Msg. 908658 of 908663
(This msg. is a reply to 908657 by fung_derf.)
Fung, good , BYE
I bet she loves your taste in wines.
I already picked Allan. You leave me no choice to go with AlanC. I am selling him my lifetime membership at a discount so he can post the PCBM sharecount, 24/7.
I'll counter with Soundbob, Allan, Slurp, Logical etc. all at 18 posts a day. this place will become a toxic waste site on Ihub.
You need to rally the troopettes for a full scale onslaught attack on the grotto/swamp.
Perfect is in the eye of the beholder!
Then I guess you're not perfect! :(
And Mother Theresa!
I guess you just wantobefree.
What was she diving for?
The lamb turned out to be a sheep!
Mary had a little lamb.
And Mary had a little bear.
I always saw her little lmab.
But never saw her bare.
The jury is still out on Mary.
So she ain't perfect! Do you know a woman who is?
Other than my wife. (Added for self preservation.)
Will there be donuts served?
I think it's safe to say another defaulty WAG. ;)
You forgot the duct tape! A must in every toolbox and Nascar pit area.