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Technology Stocks : Cisco Systems, Inc. (CSCO) -- Ignore unavailable to you. Want to Upgrade?

To: Victor Lazlo who wrote (56960)	1/31/2002 11:45:02 PM
From: i-node	Read Replies (1) \| Respond to of 77397

As far as AA is concerned, "they were not invented here." This is neither here nor there. AA should not have issued an unqualified opinion, period. The CPA has a responsibility to not merely follow the official pronouncements (FASBs), but in fact, to render an opinion as to whether the financial statments fairly present the financial position and results of operations of the company. Without regard for whether official FASBs were followed, the overriding issue is whether it was a fair presentation -- and clearly it wasn't, since there were substantial unreported contingent liabilities, or at a minimum, an issue as to whether Enron could continue as a "going concern". Total incompetence on the part of AA. 3rd year accounting students will be studying this case as "what not to do" for years to come.