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Pastimes : KPMG LLP Client list -- Ignore unavailable to you. Want to Upgrade?

To: Patricia who wrote (11)	7/11/2002 1:29:23 PM
From: Patricia	Respond to of 12

KPMG had worst track record/Weiss ratings Getting back to the credibility of our financial system, a new report given to Congress today by Weiss ratings showed that nine out of ten public companies found to have had accounting irregularities received a clean bill of health from their auditors. The failure to spot these accounting problems cost shareholders $1.3 trillion in wealth. The Weiss Report titled “ The Worsening Crisis of Confidence on Wall Street: The role of Auditing Firms” points out that only PricewaterhouseCoopers issued any warning. The other firms Arthur Andersen, Deloitte & Touché, Ernst & Young, KPMG and Tullis Taylor made no warnings at all. The Weiss Report also looked at 228 companies that filed for Chapter 11 bankruptcy between 1/1/01 and 6/30/02. The “Big Five” auditing firms performed audits on 194 of the 228 companies studied. Weiss says that 42 percent of the companies that went under were given a clean bill of health. Weiss says that KPMG had the worst track record. Weiss urged Congress to pass the” Public Accounting Reform and Investor Protection Act of 2002” without weakening amendments. Post 600 on A to Z Junior Mining Research Site thread Message 17719123