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Pastimes : Investment Chat Board Lawsuits -- Ignore unavailable to you. Want to Upgrade?

To: Mighty_Mezz who wrote (5587)	1/16/2004 2:56:00 PM
From: scion	Respond to of 12465

"Greenspan never visited any of ZZZ Best's 15 purported job sites, the agency alleged when it permanently barred him from auditing public companies in 1991." "I wasn't hired to detect fraud", Greenspan said in an interview. "I was hired to do an audit." Greenspan added that he was investigated by AICPA and was "exonerated completely". The Guardian March 13, 2002 Enron: Capitalism in a nutshell (Part 4) Auditors: watchdogs or partners in crime? by Anna Pha How can a company's shares be worth over US$60 billion (almost A$120 billion) and a year later have lost 99 per cent of their value and — according to some analysts — be still overvalued? Where were the auditors? Where were the regulators? Enron Corp — once touted as on the way to being the biggest corporation in the world, is now the largest bankruptcy case in US history. "Why did all these people look the other way for so long?", asks Allan Sloan writing in Newsweek. "Money talks or, with Enron, shouts. The company put lots of money in the pockets of the people and institutions that were supposed to police it", says Allan Sloan, answering his own question. The thousands of Enron employees and other shareholders including pension funds had no inkling of what was going on. Wall Street loved Enron, Fortune magazine heaped accolades on the company and, perhaps most importantly of all, one of the most reputable and experienced accounting firms in the world was said to be keeping a watchful eye on Enron's books. Enron paid its auditor, Arthur Andersen, US$52 million a year for auditing and other services. Surely the shareholders had every right to believe Arthur Andersen's report that "the financial statements referred to ... present fairly, in all material respects, the financial position of Enron Corp. and subsidiaries United States"? This statement was a flagrant lie. According to Allan Sloan's calculations, Enron's debt was soaring by the late 1990s. "Enron lost about $2 billion on telecom capacity, $2 billion in water investments, $2 billion in a Brazilian utility and $1 billion on a controversial electricity plant in India", said Mr Sloan. "Worse, what a few people knew was that Enron had engaged in billions of dollars of off-balance-sheet deals that would come back to haunt the company if its stock price fell." Enron used partnerships and subsidiaries that were "off the books" and unknown to shareholders. Sloan estimates that the JEDI and Chewco partnerships inflated Enron's 1997 profits by 75 per cent, and over the next three years, by a total of US$396 million. When Deloitte & Touche were called in late last year to examine the books they quickly drew the conclusion that Enron's profits had been grossly overstated and its debts understated for five years. (See previous three issues of The Guardian.) Accounting is big business In recent years the big accounting firms have undergone a considerable transformation, with mergers and rapid growth. They now provide a much wider range of services to the big corporations. Apart from standard accounting, auditing and taxation advice, these global businesses advise on mergers, risk management, outsourcing of financial management, corporate restructuring (subsidiaries, offshore activities, partnerships, etc), and new business models. Arthur Andersen is the smallest of the Big Five accounting firms, with operations in 84 countries. It reported net revenues of US$9.3 billion in the year to August 2001. It was the auditor for the failed Australian insurance company HIH and is presently before the courts over its association with the Bond Corporation. Independent Arthur Andersen signed off Enron's books as "Independent Public Accountants", but Enron paid Arthur Andersen US$25 million for its "independent auditing" and US$27 million for other consulting services! When Arthur Andersen signed the books, saying Enron's practices were "in conformity with accounting principles generally accepted in the United States", they really were in conformity with practices generally accepted in the US. On average, corporations pay the same auditor similar amounts for non- auditing work as they do for their auditing. A survey of 67 firms by the Australian Securities and Investments Commission (ASIC) found a similar pattern in Australia. David S Hilzenrath, staff writer for the Washington Post, said: "fees for non-audit services often eclipse those for audits". He cited KPMG which billed electronics manufacturer Motorola US$3.9 million for auditing and US$62.3 million for other services. Ernst & Young charged phone company Sprint Corp US$2.5 million for auditing and US$63.8 million for other services, and the list continues. Regardless of the individual integrity of those involved, this situation raises a serious conflict of interest. Where an auditor is providing other services to a company it is auditing, it can hardly be said to be independent and it is less likely to be critical or do anything that might embarrass management. Companies may hire or fire an auditor. Consequently, with future career prospects and income hanging in the balance, there is little incentive for an auditor to publicly expose improper behaviour or "creative" bookkeeping being used by the company they are auditing. The accounting firms even speak in terms of auditing as an "entree" to companies to acquire more profitable business with them. Enron, HIH and a number of the other collapsed companies have brought into prominence the practice of corporations employing people who had previously audited their books. This is similar to government officials and ministers taking jobs in the corporations affected by the policies they administered. Former Defence Minister, Peter Reith's employment as a consultant to firms supplying equipment to the navy is an immediate example. To paraphrase a well known proverb: "Whose books I audit, their numbers I sing. Leaving it to ethics The question of whether auditors should provide other advisory or consultancy services for the companies they are auditing is pretty straight forward to most people, especially shareholders and workers. But apparently not in the accounting industry. The Financial Review (17-1-02) quotes the chief executive of the Institute of Chartered Accountants (Australia), Stephen Harrison, as saying there was no reason to ban auditors selling consulting services to their audit clients. "Clients are addressed through professional ethical requirements and by ... company audit committees", said Harrison. The leading US group representing accountants, the American Institute of Certified Public Accountants (AICPA) suggests that the auditor should think of himself as a "business adviser" and promote his accounting firm's consulting services because "intense competition has reduced the audit to a mere commodity that is distinguishable to the consumer only according to price." At present the Australian Government is considering a report (the Ramsey Report) on these very questions. Enron has added a little bite to the debate which the collapse of HIH had already fuelled. Cosy relationship Arthur Andersen presents itself as "creating value" for its customers. "Our mission is to build relationships and develop innovative solutions which help dynamic people and organizations create and realize value." In response to a question about developing her relationship with the CEO of a client, Arthur Andersen's Peggy Smyth said, "A good client relationship is like a marriage-in order to thrive you must have trust and mutual respect for one another." In other words, trust the statements and practices of the company you are auditing? The Washington Post staff writer David Hilzenrath tells the story of a Samuel Greenspan who was retained by carpet cleaning ZZZ Best Corp to audit its financial statements. Greenspan relied on a report by a prior auditor named Richard Evans which ZZZ Best's management gave him. "Had Greenspan checked, he would have discovered that Evans didn't exist, the Securities Exchange Commission said. Had he bothered to inspect the eight-story building described in the company's second-largest contract, he would have learned that it didn't exist either. "Greenspan never visited any of ZZZ Best's 15 purported job sites, the agency alleged when it permanently barred him from auditing public companies in 1991." "I wasn't hired to detect fraud", Greenspan said in an interview. "I was hired to do an audit." Greenspan added that he was investigated by AICPA and was "exonerated completely". The chairman of the US SEC Arthur Levitt Jnr, appointed by the Clinton administration, raised the alarm over outside auditors joining corporate executives "in a game of winks and nods", and made accounting manipulations a prime target of SEC enforcement. Levitt tried to prohibit accounting firms being consultants to the companies they audit. Three of the Big Five and AICPA strongly opposed his moves. In the end he settled for a requirement that corporations disclose how much they pay accounting firms for auditing and other services. On the ABC's Background Briefing in May 2000, Mr Levitt said that the whole process of auditing financial information in modern companies has been corrupted by getting too big and diverse. "Can the audit engagement partner truly be perceived as discharging his public duties while trying to sell his audit clients legal advice or consulting services", exclaimed Mr Levitt. But President Bush came to the rescue of the corporations and the accounting industry by replacing Levitt with Harvey Pitt, a securities lawyer who has represented each of the Big Five and AICPA, including in battles against the Securities Exchange Commission. Pitt promised the industry "a new era of respect and cooperation". Internal auditors It is common practice in big corporations for the board to appoint an internal audit committee. Again there are questions of independence. The Investment and Financial Services Association, representing the largest institutional investors in Australia, has a Blue Book of guidelines which are generally accepted as industry standards. It recommends that company audit committees should be composed of a majority of independent directors (i.e. not paid executives of the company) — a recommendation that is often ignored. In the case of the collapsed Harris Scarfe, the three-man committee was made up of the Executive chairman of the company, its Secretary and Chief Financial Officer and a former partner of Price Waterhouse Coopers. "An audit committee has a responsibility to ensure the independence of the auditors, and to have ex-partners sitting on the audit committee and being in a position of a cosy relationship with their old friends seems to me to be a very unusual and not a recommended practice at all", said Henry Bosch, head of corporate regulation in the 1980s, when interviewed by Four Corners (13-5-2001). There are no laws against such practices-only voluntary industry standards and guidelines. Nor is it illegal to donate bags full of money to the regulators, politicians and, even to judicial candidates in the US. Excuses are trotted out: "Everybody does it", "It wasn't illegal", "We used standard accounting practices" and so on. These statements are mere cover- ups for the incestuous, immoral and corrupt behaviour, the fraud and other criminal activities that have to some extent been brought out into the open by the Enron and other bankruptcies. Worrying about the system, Levitt recently said that the greatest threat to capitalism isn't the anti-globalisation protestors but the loss of faith in the system created by the Big Five audit firms and the way they do the books for American companies. Restoring confidence Such fears have prompted calls for measures to restore confidence in the auditing industry. For a system already in serious economic crisis, the last thing they want is a stockmarket collapse, which could well be on the cards if too many investors, particularly pension and superannuation funds turn elsewhere. Since the Enron bankruptcy filing, Deloitte & Touche, Ernst & Young, KPMG, Price Waterhouse Coopers, and Arthur Andersen (the Big Five) have been frantically trying to restore public confidence in their firms. But their calls are for a mere cosmetic tinkering to give investors the illusion that there are changes. They steadfastly refuse to accept re- regulation or public accountability of their activities. None of the changes proposed so far will end the corruption, the fraud, the loss of jobs, workers' entitlements and savings and the catastrophe that has overtaken many small shareholders. Nor will they change the characteristics of the capitalist system. Enron was touted as the showcase of capitalism and there are many more like it on the brink of exposure and collapse. How far they are forced to make changes will depend on the success of campaigns mounted by shareholder organisations, superannuation and other retirement funds, trade unions and the smaller businesses that are also put at risk. Globalisation and the growth of monopolies such as the Big Five accounting firms that share global domination, mean that when the crashes do occur the losses are far more serious and far-reaching in their impact. Many will get burnt. * * * Next week: How workers were ripped off. cpa.org.au

To: Mighty_Mezz who wrote (5587)	1/16/2004 2:59:12 PM
From: scion	Respond to of 12465

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To: Mighty_Mezz who wrote (5587)	1/16/2004 3:02:42 PM
From: scion	Read Replies (1) \| Respond to of 12465

Barry Minkow, an infamously successful teenage entrepreneur in the 1980s who served seven and a half years in prison for major stock market fraud, will discuss the psychology of fraud Nov. 13 at an event sponsored by the Robinson College of Business. Convicted entrepreneur to discuss psychology of fraud November 6, 2002 (ATLANTA) - cba.gsu.edu Barry Minkow, an infamously successful teenage entrepreneur in the 1980s who served seven and a half years in prison for major stock market fraud, will discuss the psychology of fraud Nov. 13 at an event sponsored by the Robinson College of Business. Minkow's free presentation, "Tales of White Collar Crime…and Doing Time," is planned for noon-1:30 p.m. at the Rialto Center at the corner of Broad and Luckie Streets in downtown Atlanta. Martin Leinweber, managing director of the Robinson College's Center for Enterprise Risk Management and Assurance Services, said Minkow's lecture is timely in light of recent revelations of fraud at companies like Enron and Worldcom. "Minkow is the poster child for this kind of activity," he said. Minkow founded ZZZZ Best Carpet Cleaning Company in Los Angeles at age 16 and grew it into a business worth $240 million - on paper, anyway. The media and Wall Street touted him as a "whiz kid," and Los Angeles Mayor Tom Bradley even proclaimed a "Barry Minkow Day" for the city. Actually, Minkow had become involved with organized crime, defrauding investors out of millions of dollars. At age 23, he was sentenced to 25 years in federal prison. Now senior pastor of Community Bible Church in Mira Mesa, Calif., Minkow regularly speaks about fraudulent financial activities. He is author of Clean Sweep: The Inside Story of the ZZZZ Best Scam and Making It In America: Eighteen Years Old and a Million Dollars. For more information, contact Martin Leinweber 404/651-2738 or visit the CERMAS website: cermas.gsu.edu