Re: [CANSLIM] Accounting stuff (off topic, sorta)

From: "Tom Worley" <stkguru@bellsouth.net>
Subject: Re: [CANSLIM] Accounting stuff (off topic, sorta)
Date: Fri, 12 Jul 2002 23:05:15 -0400

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cool way for the Big 4 to increase their revenues and potential earnings
(BTW, who audits the auditors??). This way they will be able to charge for
two full audits instead of just one, at the expense of the corps
(shareholders).

- ----- Original Message -----
From: "Patrick Wahl" <pjwahl@attbi.com>
To: <canslim@lists.xmission.com>
Sent: Friday, July 12, 2002 6:35 PM
Subject: [CANSLIM] Accounting stuff (off topic, sorta)

Someone I know who works for a big accounting firm sent this comment, might
be
of some interest here -

I have been a little defensive about the CPA profession lately.
Incidentally, the big
four have told the SEC that they will not certify any Andersen audited
statements as
the successor auditor without a full re-audit of that year.   That will
preclude anyone
who has an opinion signed by Andersen from accessing the capital markets
after
Sept 1, 2002 (Andersen's suspension date) unless they submit to a full
second
audit.  Only affects public bond and stock offerings but that should cause a
lot of the
ex-Andersen guys to find work for  awhile reauditing the books they did
before, but
now working for a new firm while they're doing it.  Strange turn of events
there. By
the way, this is unusual since we typically just review the previous
auditors
workpapers for thoroughness.  It is perceived that the traditional process
will open
up too much liability.  For instance, we consider the Merck disclosure as a
big win
for us since we discovered the practice, suggested they issue the statement
and
change the method.  Typically, a new firm would not catch this kind of stuff
in its
quarterly review (not a full audit).

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