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To: Tealby Abbey who wrote (1457)	7/29/1998 11:40:00 AM
From: Sawtooth	Respond to of 2346

<<Ernst and Young are saying they were duped, but (speaking again as a layman) I'd have to hear another Big Six firm say: "Why Yes, that's quite Plausible, Happens to Us All the Time" before I'd believe it.>> Tealby: Without getting into the nitty gritty of the situation under discussion, let me separate your hypothetical auditor's response into two sections: yes, it's certainly possible and it does happen but no, it certainly doesn't happen all the time. It's like anything else that makes the news; it's newsworthy because it is unusual. The issue as it relates to the auditors is were they negligent in the performance of their work? Did they follow Generally Accepted Auditing Standards in the performance of their audit? The auditors will be asked to evidence that they did.