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To: Oeconomicus who wrote (10835)	6/25/2002 10:14:11 PM
From: hdl	Respond to of 11568

play it again sam

To: Oeconomicus who wrote (10835)	6/25/2002 10:20:26 PM
From: A.L. Reagan	Respond to of 11568

These guys apparently couldn't audit their way out of a paper bag. "Vouching" fixed asset additions is one of the very first tasks for a new junior auditor, and there are plenty of rules and customary practices governing the capitalization of internal costs. No excuse here. Of course, getting pissed at Andersen is like kicking a corpse.

To: Oeconomicus who wrote (10835)	6/25/2002 10:40:45 PM
From: BWAC	Read Replies (1) \| Respond to of 11568

COuld Management define this a little more? Like how the treatment differed from GAAP? "WorldCom said that after its internal audit indicated that some transfers from line cost expenses to capital accounts weren't made in accordance with GAAP, the company "promptly" notified its recently engaged external auditors, KPMG ..."

To: Oeconomicus who wrote (10835)	6/25/2002 11:06:04 PM
From: tejek	Read Replies (1) \| Respond to of 11568

"The WorldCom CFO did not tell Andersen about the line cost transfers nor did he consult with Andersen about the accounting treatment," Andersen said in a statement. "It is of great concern that important information about line costs was withheld from Andersen auditors by the chief financial officer of WorldCom." I don't understand this comment from Anderson.....how is it defensible. I am not an accountant but when the auditors came to the company where I worked, they demanded to see every supporting document for every major line item. Everything had to cross check. The logic behind every transaction had to make perfect sense before they would certify. If they thought anything was suspect, they would cause our CFO to climb the walls. I'm not an accountant but I don't see how this comment cuts it. With ENE, Andersen might be able to make that claim with ENE's off shore partnerships and the like but this sounds like a kid in school who was too busy playing his Gameboy to do his home work. ted