Pump's daily trading recs, emphasis on short selling Message Board

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Strategies & Market Trends : Pump's daily trading recs, emphasis on short selling

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To: q39 who wrote (6275)	1/12/2002 1:07:23 AM
From: q39	Read Replies (1) of 6873

GSPT was at $22.80 when I posted Monday, closed Friday at $18.47. Hope you too are short. I've been thinking about the Enron fallout from an accounting standpoint. The way my brother the CPA tells it, when you work at a big accounting firm doing audits, you do it "analytically", meaning you look at the books a little and let them explain to you how they arrived at numbers without really attempting to trace them from documentation. Basically, you just believe the management of the firm you're auditing or you don't. You're likely to believe them, because the CFO you are auditing may have worked at the firm you are at now, and perhaps was your boss just two years ago. In addition, you are also auditing results of your own company's consulting sections recommendations. Bottom line, this is a conflict of interest and outright laziness resulting from the difficulty and expense of actually digging into paperwork and computer files to make sure the books are correct. My brother says only small accounting firms actually go in and get their hands dirty anymore. I think this changes now. Accounting and tracking is going to get more expensive and overhead will go up. No matter what, we are slaves to the credibility of management. We should see huge corrections and writedowns this quarter of anything questionable. Did anyone else see the newsbyte on CNBC where the Harvard forensic accountant had questioned whether Cisco had ever made profits? He said he really couldn't figure it out from reviewing their reports.

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