[CANSLIM] Accounting stuff (off topic, sorta)

From: "Patrick Wahl" <pjwahl@attbi.com>
Subject: [CANSLIM] Accounting stuff (off topic, sorta)
Date: Fri, 12 Jul 2002 16:35:48 -0600

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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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