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Subject: Re: [CANSLIM] Who CAN you trust?
Date: Tue, 2 Jul 2002 22:05:59 -0400
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Messagekind of sounds like a monopoly, if you're a big company, you got =
to have one of the Big 4 (was 5) auditors to have credibility. At least =
now none of them have much credibility, so the little guy may be able to =
compete a little better. Maybe the solution is to break up the Big 4 =
into the Big 20 or 30 or 50?=20
- ----- Original Message -----=20
From: Duke Miller=20
To: CANSLIM=20
Sent: Tuesday, July 02, 2002 9:07 AM
Subject: [CANSLIM] Who CAN you trust?
This article from the WSJ just thickens the quagmire for CAN SLIMmers, =
some of which will make you laugh while crying (or throwing up)! (The =
red hi-liting is mine.)
Duke =20
=20
=20
July 1, 2002=20
=20
=20
CALLED TO ACCOUNT=20
=20
Companies Swap Fired Auditors;
Big Four Share Taint of Scandal
Switching Accountants Now Means
Hiring a Firm Dismissed Elsewhere
By SCOT J. PALTROW=20
Staff Reporter of THE WALL STREET JOURNAL
=20
=20
With only four big accounting firms left, the ever-expanding list =
of corporate accounting scandals is making for strange musical chairs.
In October, Xerox Corp., faced with accusations of grossly =
overstating its revenue, dismissed auditor KPMG LLP, which remains under =
Securities and Exchange Commission investigation for its work at Xerox. =
To replace KPMG, Xerox hired PricewaterhouseCoopers LLP.
In April, Allied Irish Banks PLC, reeling from $691 million in =
losses it says were caused by a rogue trader, did just the opposite: It =
fired PricewaterhouseCoopers as its auditor, and hired KPMG.
SPECIAL PAGE
Go to Called to Account1=20
=20
=20
=20
Dollar General Corp. and PNC Financial Services Group Inc. did a =
similar de facto swap. Hit with an accounting scandal last year that =
required it to restate three years of financial statements, Dollar =
General later fired Deloitte & Touche LLP and hired Ernst & Young LLP. =
Meanwhile, PNC Financial Services fired Ernst and hired Deloitte. Ernst =
is under SEC investigation for transactions it promoted and approved at =
PNC.
Examples of such trades abound. And investors who felt relieved =
when their companies dropped Arthur Andersen LLP, recently convicted of =
a felony, may be in for a surprise. The remaining firms are hiring about =
690 Andersen partners, many of whom will remain in charge of auditing =
the very same companies they did before, spokesmen at two firms =
confirmed.
All of which leaves questions about whether, amid a mammoth crisis =
in confidence in companies' books, investors should feel reassured when =
their company switches auditors.
Each of the remaining four big firms is under at least one formal =
SEC investigation. There may also be Justice Department investigations. =
All four face lawsuits by investors in companies they audited. And big =
public companies, which remain reluctant to hire a smaller accounting =
firm, almost always retain one of the four. "Yet there isn't one of =
these firms that hasn't had one of these disasters," says accounting =
Prof. Douglas Carmichael at Baruch College in New York City.
The big audit firms have strongly denied any wrongdoing, and said =
they were victims of deception by the companies they audited. And they =
say the SEC investigations draw attention away from the vast majority of =
their audits that have had no problems.
But with new scandals appearing almost daily, critics say that =
restoring investor confidence in a company's books will take more than a =
mere shuffling of auditors.
"Within all of the firms there continues to be the performance of =
lax audits," says former SEC chief accountant Lynn Turner. He adds, =
"Time and time again the auditors are missing numbers so big it's =
literally like driving past Mount Everest and never noticing it."
Mr. Turner says that when a company switches auditors, the new =
auditor often unearths problems the old one didn't. But he says problems =
crop up as the new auditors inevitably develop closer relationships with =
their new clients. As a result, he and many investor advocates maintain, =
restoration of confidence will depend largely on how far Congress, the =
Bush administration and the SEC are willing to go in toughening =
oversight of the accounting industry.
The reform fight is now in Congress. The Big Four, and especially =
the industry trade organization, the American Institute of Certified =
Public Accountants, are fighting tooth and nail against the more =
far-reaching aspects of proposed reform, supporting what critics say is =
the weakest of several reform proposals pending in Washington, a =
Republican-sponsored bill passed in the House.
Barry Melancon, the AICPA's chief executive, says the =
organization's members now support more reform measures than they ever =
dreamed they would, including a new board to oversee the monitoring of =
audit quality. But Mr. Melancon says that despite public clamor for =
tougher regulation, it's important for the AICPA to oppose measures he =
says will ultimately hurt not just auditing firms but investors. =
Foremost among these is the proposal in a Senate bill that would take =
the setting of auditing standards away from the industry. This, Mr. =
Melancon contends, will make for worse rather than better audits. He =
likens it to "saying that standards for how you operate should be made =
by someone other than a surgeon."
But reform backers say the current, industry-set audit standards =
are at the heart of the problem, failing to require firms to dig deeply =
enough into companies' books to ferret out the kind of accounting frauds =
that have become frequent headline news.
AUDIT CLIENTS PLAY MUSICAL CHAIRS
Some recent changes in outside auditors:=20
FIRED HIRED =20
Deloitte & Touche Adelphia =
PricewaterhouseCoopers =20
PricewaterhouseCoopers Allied Irish Banks KPMG =
=20
Ernst & Young Computer Associates KPMG =20
Deloitte & Touch Dollar General Ernst & Young =
Ernst & Young PNC Financial Services Deloitte =
& Touche =20
KPMG Valley National Bancorp Ernst & Young =20
KPMG Xerox PricewaterhouseCoopers =20
=20
=20
=20
As the reform battle plays out, the firms themselves say there is =
no reason investors now shouldn't feel that they are in good hands when =
their companies switch auditors. Ernst says that to date it has picked =
up about 110 publicly traded companies that had been Andersen clients, =
not to mention companies that in recent months have switched from other =
firms.
But Ernst is facing several investigations and regulatory action. =
In May, the SEC filed civil charges against Ernst for allegedly =
violating SEC rules by entering into lucrative business deals with =
PeopleSoft Inc., a software company it also audited. Ernst is contesting =
the charges. A Dutch affiliate was just fined $400,000 by the SEC for =
similar alleged violations; it neither admitted nor denied wrongdoing.
Ernst, meanwhile, is under formal investigation by the SEC for its =
alleged role in an accounting fraud in the late 1990s at Cendant Corp. =
Ernst already has paid $335 million to settle a lawsuit by investors, =
but it denies wrongdoing. The U.S. Attorney in Newark, New Jersey, =
recently said he has reopened a criminal investigation into the role of =
certain Ernst employees in the Cendant case. Ernst denies that any =
employees are targets of the probe. The SEC also has pending =
investigations into Ernst's role in alleged accounting deficiencies at =
Computer Associates International, Informix Corp., and PNC.
Ernst spokesman Larry Parnell says, "People have to be careful not =
to jump to conclusions that because of a series of isolated incidents =
that the firm is somehow under a cloud."
Mr. Parnell says his firm is hiring about 230 Andersen partners, =
and he confirms that many will continue to audit the same companies they =
did at Andersen. He says that the new hires receive thorough =
"orientation" in Ernst's rules, and says a veteran Ernst partner is =
assigned as an "independent review partner" to make sure the firm's =
standards are upheld. Nevertheless, Mr. Parnell says, the former =
Andersen partner likely will continue to supervise the same company's =
audit. "If you've been running a piece of business for 10 years you =
don't want to have a new boss," he says.
PricewaterhouseCoopers says it expects to hire only about 60 =
Andersen partners, but former Andersen partners may end up supervising =
audits of the same clients they did before. "Prior affiliation with an =
Andersen client would not be a disqualification" for auditing it, says =
Pricewaterhouse spokesman Steven Silber, although he says the Andersen =
partners are being carefully screened and supervised.
Spokesmen for both KPMG and Deloitte refused to say whether former =
Andersen partners they have hired will continue to audit the same =
companies. Each firm has hired about 200 Andersen partners.
Baruch's Mr. Carmichael says keeping former Andersen partners in =
charge of the same audits could blunt the benefits of having a new firm =
look at a company's books. "You could in fact have an audit team =
substantially unchanged, with nothing but a new firm name," he says.
Deloitte has been stung by the Adelphia Communications fiasco. The =
cable-television concern dismissed Deloitte in early June after it was =
learned that the firm had served not only as Adelphia's auditors but =
also as the auditors for Adelphia's founders, the Rigas family. The =
company filed for bankruptcy-court protection following disclosures that =
it had guaranteed about $3 billion in loans to the Rigas. The SEC and =
Justice Department are investigating Adelphia, and the SEC is known to =
be investigating Deloitte's role. Deloitte recently has picked up more =
than 140 former Andersen clients. Deloitte declined to comment on its =
role in Adelphia or on the SEC investigation.
Why haven't a larger number of public companies turned to the =
smaller accounting firms that are eager for more business? There is a =
second tier of accounting firms that do audit some public companies, =
most notably Chicago-based Grant Thornton and BDO Seidman. Those two =
firms, however, have picked up only a handful of Andersen clients. In =
general, large companies are concerned that smaller firms lack global =
offices. There is also traditional skepticism among investors about =
lesser-known accounting firms, and concern by Wall Street underwriters =
about whether smaller accounting firms have enough insurance in the =
event of a lawsuit over an offering.
-- Cassell Bryan-Low contributed to this article
Write to Scot J. Paltrow at scot.paltrow@wsj.com2
URL for this article:
=
http://online.wsj.com/article/0,,SB1025472464207545120.djm,00.html
=20
Hyperlinks in this Article:
(1) http://online.wsj.com/page/0,,2_0801,00.html=20
(2) mailto:scot.paltrow@wsj.com =20
Updated July 1, 2002
=20
Copyright 2002 Dow Jones & Company, Inc. All Rights Reserved
Printing, distribution, and use of this material is governed by =
your Subscription agreement and Copyright laws.
For information about subscribing go to http://www.wsj.com
=20
I went to a bookstore and asked the saleswoman: Where's the self-help =
section? She said if she told me, it would defeat the purpose. Henny =
Youngman.
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<DIV><FONT face=3DArial>kind of sounds like a monopoly, if you're a big =
company,=20
you got to have one of the Big 4 (was 5) auditors to have credibility. =
At least=20
now none of them have much credibility, so the little guy may be able to =
compete=20
a little better. Maybe the solution is to break up the Big 4 into the =
Big 20 or=20
30 or 50? </FONT></DIV>
<DIV> </DIV>
<DIV style=3D"FONT: 10pt arial">----- Original Message -----=20
<DIV style=3D"BACKGROUND: #e4e4e4; font-color: black"><B>From:</B> <A=20
title=3Ddukemill@tampabay.rr.com =
href=3D"mailto:dukemill@tampabay.rr.com">Duke=20
Miller</A> </DIV>
<DIV><B>To:</B> <A title=3Dcanslim@lists.xmission.com=20
href=3D"mailto:canslim@lists.xmission.com">CANSLIM</A> </DIV>
<DIV><B>Sent:</B> Tuesday, July 02, 2002 9:07 AM</DIV>
<DIV><B>Subject:</B> [CANSLIM] Who CAN you trust?</DIV></DIV>
<DIV><BR></DIV>
<DIV><SPAN class=3D890005412-02072002><FONT face=3DArial>This article =
from the WSJ=20
just thickens the quagmire for CAN SLIMmers, some of which will make you =
laugh=20
while crying (or throwing up)! (The red hi-liting is=20
mine.)</FONT></SPAN></DIV>
<DIV><SPAN class=3D890005412-02072002><FONT =
face=3DArial></FONT></SPAN> </DIV>
<DIV><SPAN class=3D890005412-02072002><FONT face=3DArial>Duke =20
</FONT></SPAN></DIV>
<DIV><SPAN class=3D890005412-02072002><FONT =
face=3DArial></FONT></SPAN> </DIV>
<DIV><SPAN class=3D890005412-02072002><FONT =
face=3DArial></FONT></SPAN> </DIV>
<DIV>
<DIV id=3Dndiv onmouseover=3DOverNav=3Dtrue style=3D"Z-INDEX: 1; =
POSITION: absolute"=20
onmouseout=3DOverNav=3Dfalse></DIV><A name=3Dtop><!-- ----- =
- ------------------------ ----- --><!-- ----- Header Table Starts Here =
- ----- -->
<TABLE height=3D117 cellSpacing=3D0 cellPadding=3D0 width=3D617 =
border=3D0>
<TBODY>
<TR>
<TD width=3D617 colSpan=3D2 height=3D19><SPACER height=3D"19" =
width=3D"617"=20
type=3D"block"></TD></TR>
<TR>
<TD width=3D492><A href=3D"http://online.wsj.com/home"><IMG =
height=3D58=20
alt=3D"The Wall Street Journal"=20
src=3D"http://online.wsj.com/img/compressed_head.gif" width=3D462=20
border=3D0></A></TD>
<TD width=3D125 height=3D67 rowSpan=3D2></TD></TR>
<TR>
<TD width=3D492 height=3D20><!-- ----- ---------------- ----- =
- --><!-- ----- Date starts here ----- -->
<P=20
style=3D"MARGIN-TOP: 7px; FONT-WEIGHT: bold; FONT-SIZE: 15px; =
MARGIN-BOTTOM: 0px; MARGIN-LEFT: 190px; FONT-FAMILY: times new roman, =
times, arial">July=20
1, 2002 </P><!-- ----- Date ends here ----- --><!-- ----- =
- -------------- ----- --></TD></TR>
<TR>
<TD width=3D617 colSpan=3D2 height=3D21><SPACER height=3D"21" =
width=3D"617"=20
type=3D"block"></TD></TR></TBODY></TABLE><!-- ----- Header Table =
Ends Here ----- --><!-- ----- ------------------------ ----- --><!-- =
- ----- ------------------------------------------ ----- --><!-- ----- =
Article Title and Author Table Starts Here ----- -->
<TABLE height=3D117 cellSpacing=3D0 cellPadding=3D0 width=3D617 =
border=3D0>
<TBODY>
<TR>
<TD width=3D20><IMG height=3D1 =
src=3D"http://online.wsj.com/img/b.gif" width=3D20=20
border=3D0></TD>
<TD width=3D617>
<TABLE cellSpacing=3D0 cellPadding=3D0 width=3D617 border=3D0>
<TBODY>
<TR height=3D28>
<TD class=3DboldPumpkinSixteen vAlign=3Dtop colSpan=3D3>CALLED =
TO=20
ACCOUNT</TD></TR><!-- Article in DB =
- --></TBODY></TABLE></TD></TR>
<TR>
<TD width=3D20><IMG height=3D1 =
src=3D"http://online.wsj.com/img/b.gif" width=3D20=20
border=3D0></TD>
<TD width=3D617><SPAN class=3Darticle><!-- --><!-- ID: =
SB1025472464207545120.djm --><!-- LEVEL: normal --><!-- TYPE: =
Questioning the Books --><!-- DISPLAY-NAME: Questioning the Books =
- --><!-- PUBLICATION: "The Wall Street Journal Interactive Edition" =
- --><!-- DATE: 2002-07-01 00:01 --><!-- COPY: Dow Jones & =
Company, Inc. --><!-- ORIG-ID: --><!-- article start --><!--
CODE=3DINDUSTRY SYMBOL=3DDAT
- -->
<P class=3DarticleTitle style=3D"MARGIN: 0px">Companies Swap Fired =
Auditors;<BR>Big Four Share Taint of Scandal</P>
<DIV=20
style=3D"PADDING-RIGHT: 0px; PADDING-LEFT: 0px; PADDING-BOTTOM: =
0px; MARGIN: 0px; FONT: bold 16px/17px Times New Roman, Times, Serif; =
COLOR: #666; PADDING-TOP: 13px">Switching=20
Accountants Now Means<BR>Hiring a Firm Dismissed =
Elsewhere</DIV><SPAN=20
style=3D"FONT: bold 12px times new roman, times, serif">
<P style=3D"FONT: bold 12px times new roman, times, serif">By =
<B>SCOT J.=20
PALTROW</B> <BR><SPAN=20
style=3D"FONT: bold 10px times new roman, times, serif"><B>Staff =
Reporter of=20
THE WALL STREET JOURNAL</B></SPAN><BR></P></SPAN></SPAN>
<TABLE cellSpacing=3D0 cellPadding=3D0 width=3D200 align=3Dright =
border=3D0>
<TBODY>
<TR>
<TD width=3D20 rowSpan=3D12><IMG height=3D1=20
src=3D"http://online.wsj.com/img/b.gif" width=3D20 =
border=3D0></TD>
<TD width=3D180 height=3D15><SPACER height=3D"1" width=3D"180" =
type=3D"block"></TD></TR>
<TR>
<TD><!-- NO PROMINENT COMPANIES =
- --></TD></TR></TBODY></TABLE><SPAN=20
class=3Darticle>
<P class=3Dtimes>With only four big accounting firms left, the=20
ever-expanding list of corporate accounting scandals is making for =
strange=20
musical chairs.</P>
<P class=3Dtimes>In October, <B>Xerox</B> Corp., faced with =
accusations of=20
grossly overstating its revenue, dismissed auditor KPMG LLP, which =
remains=20
under Securities and Exchange Commission investigation for its =
work at=20
Xerox. To replace KPMG, Xerox hired PricewaterhouseCoopers =
LLP.</P>
<P class=3Dtimes>In April, <B>Allied Irish Banks</B> PLC, reeling =
from $691=20
million in losses it says were caused by a rogue trader, did just =
the=20
opposite: It fired PricewaterhouseCoopers as its auditor, and =
hired=20
KPMG.</P>
<TABLE cellSpacing=3D0 cellPadding=3D1 width=3D254 align=3Dleft =
border=3D0>
<TBODY>
<TR>
<TD vAlign=3Dtop width=3D243 bgColor=3D#cccccc><!-- Start Nest =
- -->
<TABLE cellSpacing=3D0 cellPadding=3D0 width=3D243 =
bgColor=3D#ffffff=20
border=3D0>
<TBODY>
<TR vAlign=3Dtop>
<TD width=3D8 height=3D1 rowSpan=3D99><SPACER =
height=3D"1" width=3D"8"=20
type=3D"block"></TD>
<TD class=3DplnEleven=20
style=3D"PADDING-BOTTOM: 5px; PADDING-TOP: 5px"><SPAN=20
class=3DboldThirteen>SPECIAL PAGE</SPAN><BR>
<DIV width=3D"100%"><IMG height=3D1 alt=3D""=20
src=3D"http://online.wsj.com/img/g.gif" =
width=3D"100%"></DIV>
<DIV width=3D"100%"><IMG height=3D5 alt=3D""=20
src=3D"http://online.wsj.com/img/b.gif" =
width=3D"100%"></DIV>
<DIV class=3DplnEleven><A class=3DplnEleven=20
=
href=3D"http://online.wsj.com/page/0,,2_0801,00.html">Go to=20
Called to Account</A><SUP>1</SUP>=20
<P><FONT face=3DArial></FONT></P></DIV></TD>
<TD width=3D8 height=3D1 rowSpan=3D99><SPACER =
height=3D"1" width=3D"8"=20
type=3D"block"></TD></TR></TBODY></TABLE><!-- End Nest =
- --></TD>
<TD width=3D9><SPACER height=3D"5" width=3D"9" =
type=3D"block"></TD></TR>
<TR>
<TD width=3D252 colSpan=3D2 height=3D12><SPACER height=3D"12" =
width=3D"252"=20
type=3D"block"></TD></TR></TBODY></TABLE>
<P class=3Dtimes><B>Dollar General</B> Corp. and <B>PNC Financial =
Services=20
Group</B> Inc. did a similar de facto swap. Hit with an accounting =
scandal=20
last year that required it to restate three years of financial =
statements,=20
Dollar General later fired Deloitte & Touche LLP and hired =
Ernst &=20
Young LLP. Meanwhile, PNC Financial Services fired Ernst and hired =
Deloitte. Ernst is under SEC investigation for transactions it =
promoted=20
and approved at PNC.</P>
<P class=3Dtimes>Examples of such trades abound. And investors who =
felt=20
relieved when their companies dropped Arthur Andersen LLP, =
recently=20
convicted of a felony, may be in for a surprise. <FONT =
color=3D#ff0000>The=20
remaining firms are hiring about 690 Andersen partners, many of =
whom will=20
remain in charge of auditing the very same companies they did =
before,=20
spokesmen at two firms confirmed.</FONT></P>
<P class=3Dtimes>All of which leaves questions about whether, amid =
a mammoth=20
crisis in confidence in companies' books, investors should feel =
reassured=20
when their company switches auditors.</P>
<P class=3Dtimes>Each of the remaining four big firms is under at =
least one=20
formal SEC investigation. There may also be Justice Department=20
investigations. All four face lawsuits by investors in companies =
they=20
audited. And big public companies, which remain reluctant to hire =
a=20
smaller accounting firm, almost always retain one of the four. =
"Yet there=20
isn't one of these firms that hasn't had one of these disasters," =
says=20
accounting Prof. Douglas Carmichael at Baruch College in New York=20
City.</P>
<P class=3Dtimes>The big audit firms have strongly denied any =
wrongdoing,=20
and said they were victims of deception by the companies they =
audited. And=20
they say the SEC investigations draw attention away from the vast =
majority=20
of their audits that have had no problems.</P>
<P class=3Dtimes>But with new scandals appearing almost daily, =
critics say=20
that restoring investor confidence in a company's books will take =
more=20
than a mere shuffling of auditors.</P>
<P class=3Dtimes>"Within all of the firms there continues to be =
the=20
performance of lax audits," says former SEC chief accountant Lynn =
Turner.=20
He adds, "Time and time again the auditors are missing numbers so =
big it's=20
literally like driving past Mount Everest and never noticing =
it."</P>
<P class=3Dtimes>Mr. Turner says that when a company switches =
auditors, the=20
new auditor often unearths problems the old one didn't. But he =
says=20
problems crop up as the new auditors inevitably develop closer=20
relationships with their new clients. <FONT color=3D#ff0000>As a =
result, he=20
and many investor advocates maintain, restoration of confidence =
will=20
depend largely on how far Congress, the Bush administration and =
the SEC=20
are willing to go in toughening oversight of the accounting=20
industry.</FONT></P>
<P class=3Dtimes>The reform fight is now in Congress. The Big =
Four, and=20
especially the industry trade organization, the American Institute =
of=20
Certified Public Accountants, are fighting tooth and nail against =
the more=20
far-reaching aspects of proposed reform, supporting what critics =
say is=20
the weakest of several reform proposals pending in Washington, a=20
Republican-sponsored bill passed in the House.</P>
<P class=3Dtimes>Barry Melancon, the AICPA's chief executive, says =
the=20
organization's members now support more reform measures than they =
ever=20
dreamed they would, including a new board to oversee the =
monitoring of=20
audit quality. But Mr. Melancon says that despite public clamor =
for=20
tougher regulation, it's important for the AICPA to oppose =
measures he=20
says will ultimately hurt not just auditing firms but investors. =
Foremost=20
among these is the proposal in a Senate bill that would take the =
setting=20
of auditing standards away from the industry. This, Mr. Melancon =
contends,=20
will make for worse rather than better audits. He likens it to =
"saying=20
that standards for how you operate should be made by someone other =
than a=20
surgeon."</P>
<P class=3Dtimes>But reform backers say the current, industry-set =
audit=20
standards are at the heart of the problem, failing to require =
firms to dig=20
deeply enough into companies' books to ferret out the kind of =
accounting=20
frauds that have become frequent headline news.</P>
<TABLE cellSpacing=3D0 cellPadding=3D1 width=3D254 align=3Dleft =
border=3D0>
<TBODY>
<TR>
<TD vAlign=3Dtop width=3D243 bgColor=3D#cccccc><!-- Start Nest =
- -->
<TABLE cellSpacing=3D0 cellPadding=3D0 width=3D243 =
bgColor=3D#ffffff=20
border=3D0>
<TBODY>
<TR vAlign=3Dtop>
<TD width=3D8 height=3D1 rowSpan=3D99><SPACER =
height=3D"1" width=3D"8"=20
type=3D"block"></TD>
<TD class=3DplnEleven=20
style=3D"PADDING-BOTTOM: 5px; PADDING-TOP: 5px"><SPAN=20
class=3DboldThirteen>AUDIT CLIENTS PLAY MUSICAL=20
CHAIRS</SPAN><BR>
<DIV width=3D"100%"><IMG height=3D1 alt=3D""=20
src=3D"http://online.wsj.com/img/g.gif" =
width=3D"100%"></DIV>
<DIV width=3D"100%"><IMG height=3D5 alt=3D""=20
src=3D"http://online.wsj.com/img/b.gif" =
width=3D"100%"></DIV>
<DIV class=3DplnEleven>Some recent changes in outside =
auditors:=20
<P></P>
<TABLE cellSpacing=3D1 cellPadding=3D3 width=3D275 =
border=3D1>
<TBODY>
<TR>
<TD class=3DplnEleven vAlign=3Dtop><B>FIRED</B> =
</TD>
<TD class=3DplnEleven vAlign=3Dtop =
align=3Dmiddle> </TD>
<TD class=3DplnEleven vAlign=3Dtop =
align=3Dmiddle><B>HIRED</B>=20
</TD></TR>
<TR>
<TD class=3DplnEleven vAlign=3Dtop>Deloitte & =
Touche </TD>
<TD class=3DplnEleven vAlign=3Dtop=20
align=3Dmiddle><B>Adelphia</B> </TD>
<TD class=3DplnEleven vAlign=3Dtop=20
align=3Dmiddle>PricewaterhouseCoopers </TD></TR>
<TR>
<TD class=3DplnEleven =
vAlign=3Dtop>PricewaterhouseCoopers=20
</TD>
<TD class=3DplnEleven vAlign=3Dtop =
align=3Dmiddle><B>Allied=20
Irish Banks</B> </TD>
<TD class=3DplnEleven vAlign=3Dtop =
align=3Dmiddle>KPMG </TD></TR>
<TR>
<TD class=3DplnEleven vAlign=3Dtop>Ernst & =
Young </TD>
<TD class=3DplnEleven vAlign=3Dtop =
align=3Dmiddle><B>Computer=20
Associates</B> </TD>
<TD class=3DplnEleven vAlign=3Dtop =
align=3Dmiddle>KPMG </TD></TR>
<TR>
<TD class=3DplnEleven vAlign=3Dtop>Deloitte & =
Touch </TD>
<TD class=3DplnEleven vAlign=3Dtop =
align=3Dmiddle><B>Dollar=20
General</B> </TD>
<TD class=3DplnEleven vAlign=3Dtop =
align=3Dmiddle>Ernst &=20
Young </TD></TR>
<TR>
<TD class=3DplnEleven vAlign=3Dtop>Ernst & =
Young </TD>
<TD class=3DplnEleven vAlign=3Dtop =
align=3Dmiddle><B>PNC=20
Financial Services</B> </TD>
<TD class=3DplnEleven vAlign=3Dtop =
align=3Dmiddle>Deloitte=20
& Touche </TD></TR>
<TR>
<TD class=3DplnEleven vAlign=3Dtop>KPMG </TD>
<TD class=3DplnEleven vAlign=3Dtop =
align=3Dmiddle><B>Valley=20
National Bancorp</B> </TD>
<TD class=3DplnEleven vAlign=3Dtop =
align=3Dmiddle>Ernst &=20
Young </TD></TR>
<TR>
<TD class=3DplnEleven vAlign=3Dtop>KPMG </TD>
<TD class=3DplnEleven vAlign=3Dtop =
align=3Dmiddle><B>Xerox</B>=20
</TD>
<TD class=3DplnEleven vAlign=3Dtop=20
align=3Dmiddle>PricewaterhouseCoopers=20
</TD></TR></TBODY></TABLE></DIV></TD>
<TD width=3D8 height=3D1 rowSpan=3D99><SPACER =
height=3D"1" width=3D"8"=20
type=3D"block"></TD></TR></TBODY></TABLE><!-- End Nest =
- --></TD>
<TD width=3D9><SPACER height=3D"5" width=3D"9" =
type=3D"block"></TD></TR>
<TR>
<TD width=3D252 colSpan=3D2 height=3D12><SPACER height=3D"12" =
width=3D"252"=20
type=3D"block"></TD></TR></TBODY></TABLE>
<P class=3Dtimes>As the reform battle plays out, the firms =
themselves say=20
there is no reason investors now shouldn't feel that they are in =
good=20
hands when their companies switch auditors. Ernst says that to =
date it has=20
picked up about 110 publicly traded companies that had been =
Andersen=20
clients, not to mention companies that in recent months have =
switched from=20
other firms.</P>
<P class=3Dtimes>But Ernst is facing several investigations and =
regulatory=20
action. In May, the SEC filed civil charges against Ernst for =
allegedly=20
violating SEC rules by entering into lucrative business deals with =
<B>PeopleSoft</B> Inc., a software company it also audited. Ernst =
is=20
contesting the charges. A Dutch affiliate was just fined $400,000 =
by the=20
SEC for similar alleged violations; it neither admitted nor denied =
wrongdoing.</P>
<P class=3Dtimes>Ernst, meanwhile, is under formal investigation =
by the SEC=20
for its alleged role in an accounting fraud in the late 1990s at=20
<B>Cendant</B> Corp. Ernst already has paid $335 million to settle =
a=20
lawsuit by investors, but it denies wrongdoing. The U.S. Attorney =
in=20
Newark, New Jersey, recently said he has reopened a criminal =
investigation=20
into the role of certain Ernst employees in the Cendant case. =
Ernst denies=20
that any employees are targets of the probe. The SEC also has =
pending=20
investigations into Ernst's role in alleged accounting =
deficiencies at=20
<B>Computer Associates International</B>, Informix Corp., and =
PNC.</P>
<P class=3Dtimes>Ernst spokesman Larry Parnell says, "People have =
to be=20
careful not to jump to conclusions that because of a series of =
isolated=20
incidents that the firm is somehow under a cloud."</P>
<P class=3Dtimes><FONT color=3D#ff0000>Mr. Parnell says his firm =
is hiring=20
about 230 Andersen partners, and he confirms that many will =
continue to=20
audit the same companies they did at Andersen. He says that the =
new hires=20
receive thorough "orientation" in Ernst's rules, and says a =
veteran Ernst=20
partner is assigned as an "independent review partner" to make =
sure the=20
firm's standards are upheld. Nevertheless, Mr. Parnell says, the =
former=20
Andersen partner likely will continue to supervise the same =
company's=20
audit. "If you've been running a piece of business for 10 years =
you don't=20
want to have a new boss," he says.</FONT></P>
<P class=3Dtimes>PricewaterhouseCoopers says it expects to hire =
only about=20
60 Andersen partners, but former Andersen partners may end up =
supervising=20
audits of the same clients they did before. "Prior affiliation =
with an=20
Andersen client would not be a disqualification" for auditing it, =
says=20
Pricewaterhouse spokesman Steven Silber, although he says the =
Andersen=20
partners are being carefully screened and supervised.</P>
<P class=3Dtimes>Spokesmen for both KPMG and Deloitte refused to =
say whether=20
former Andersen partners they have hired will continue to audit =
the same=20
companies. Each firm has hired about 200 Andersen partners.</P>
<P class=3Dtimes>Baruch's Mr. Carmichael says keeping former =
Andersen=20
partners in charge of the same audits could blunt the benefits of =
having a=20
new firm look at a company's books. "You could in fact have an =
audit team=20
substantially unchanged, with nothing but a new firm name," he =
says.</P>
<P class=3Dtimes>Deloitte has been stung by the Adelphia =
Communications=20
fiasco. The cable-television concern dismissed Deloitte in early =
June=20
after it was learned that the firm had served not only as =
Adelphia's=20
auditors but also as the auditors for Adelphia's founders, the =
Rigas=20
family. The company filed for bankruptcy-court protection =
following=20
disclosures that it had guaranteed about $3 billion in loans to =
the Rigas.=20
The SEC and Justice Department are investigating Adelphia, and the =
SEC is=20
known to be investigating Deloitte's role. Deloitte recently has =
picked up=20
more than 140 former Andersen clients. Deloitte declined to =
comment on its=20
role in Adelphia or on the SEC investigation.</P>
<P class=3Dtimes>Why haven't a larger number of public companies =
turned to=20
the smaller accounting firms that are eager for more business? =
There is a=20
second tier of accounting firms that do audit some public =
companies, most=20
notably Chicago-based Grant Thornton and BDO Seidman. Those two =
firms,=20
however, have picked up only a handful of Andersen clients. In =
general,=20
large companies are concerned that smaller firms lack global =
offices.=20
There is also traditional skepticism among investors about =
lesser-known=20
accounting firms, and concern by Wall Street underwriters about =
whether=20
smaller accounting firms have enough insurance in the event of a =
lawsuit=20
over an offering.</P>
<P class=3Dtimes><I>-- Cassell Bryan-Low contributed to this =
article</I></P>
<P class=3Dtimes><B>Write to</B> Scot J. Paltrow at <A =
class=3Dtimes=20
=
href=3D"mailto:scot.paltrow@wsj.com">scot.paltrow@wsj.com</A><SUP>2</SUP>=
</P><!-- article end -->
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<TR>
<TD width=3D70><SPACER height=3D"1" width=3D"70" =
type=3D"block"></TD>
<TD=20
style=3D"FONT-WEIGHT: bold; FONT-SIZE: 11px; FONT-FAMILY: =
Arial, Helv, Helvetica"=20
width=3D407>URL for this article:<BR><A=20
style=3D"FONT-WEIGHT: normal; FONT-SIZE: 11px; FONT-FAMILY: =
Arial, Helv, Helvetica"=20
=
href=3D"http://online.wsj.com/article/0,,SB1025472464207545120.djm,00.htm=
l">http://online.wsj.com/article/0,,SB1025472464207545120.djm,00.html</A>=
<BR><BR></TD></TR>
<TR>
<TD width=3D70><SPACER height=3D"1" width=3D"70" =
type=3D"block"></TD>
<TD=20
style=3D"FONT-WEIGHT: bold; FONT-SIZE: 11px; FONT-FAMILY: =
Arial, Helv, Helvetica"=20
width=3D407><B>Hyperlinks in this Article:</B><BR>(1) <A=20
class=3DmoduleLink=20
=
href=3D"http://online.wsj.com/page/0,,2_0801,00.html">http://online.wsj.c=
om/page/0,,2_0801,00.html</A>=20
<BR>(2) <A class=3DmoduleLink=20
=
href=3D"mailto:scot.paltrow@wsj.com">mailto:scot.paltrow@wsj.com</A>=20
</TD></TR></TBODY></TABLE>
<P class=3Darticle><I>Updated July 1, =
2002</I></P><BR><BR></SPAN><!-- ARTICLE-TYPE:Questioning the =
Books--><BR><BR></TD></TR></TBODY></TABLE><!-- =
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