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Strategies & Market Trends : Zeev's Turnips - No Politics

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To: Steve Lee who started this subject	6/25/2002 8:34:14 PM
From: sylvester80	Read Replies (1) of 99280

Andersen audited Worldcom. Why am I not surprised? biz.yahoo.com WorldCom Uncovers Improper Accounting CLINTON, Miss. (Reuters) - Telecommunications company WorldCom Inc.(NasdaqNM:WCOM - News) said on Tuesday that it had fired Chief Financial Officer Scott Sullivan after an internal audit found improper accounting of more than $4 billion in expenses over five quarters. The company said it would restate results for the first quarter of 2002 and all of 2001 and said it plans to lay off 17,000 workers beginning on Friday. WorldCom said that accounting irregularities involving expenses and capital expenditures inflated its cash flow and that otherwise it would have reported a net loss for 2001 and the first quarter of 2002. The company said the accounting irregularities, which did not conform to Generally Accepted Accounting Principles, included transfers between internal accounts of $3.06 billion in 2001 and $797 million in the first quarter of 2002. Accounting firm Andersen had audited the company's 2001 financial statements for 2001 and reviewed WorldCom's books for the 2002 first quarter.

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