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Nice.<A HREF="http://story.news.yahoo.com/news?tmpl=story&u=/ap/20020627/ap_on_bi_ge/worldco

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Bob Zumbrunnen  Grandfathered Member Friday, 06/28/02 02:08:56 PM
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Nice.

http://story.news.yahoo.com/news?tmpl=story&u=/ap/20020627/ap_on_bi_ge/worldcom_64

Arthur Andersen served as WorldCom's accountant during the period in question. The accounting firm, once one of the world's largest, was convicted earlier this month for the destruction of documents related to its work for Enron. Andersen blamed WorldCom for the inaccuracies and said its work was in compliance with SEC standards: "It is of great concern that important information about line costs was withheld from Andersen auditors by the chief financial officer of WorldCom."

But accounting experts disagreed. Bob Bertucelli, director of the tax institute at Long Island University in New York, said there's no way that such an accounting error should have gotten past Andersen's audit.

"The auditor is responsible for everything that goes on, whether it's discussed with the auditing firm or not," Bertucelli said. "It should have been found. It's a clear cut violation of generally accepted accounting principles."





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