Rodent Regatta

outside the normally scheduled annual audit. We’ll also see a call for ”second opinions” in audits. The accounting attrocities are likely to be deep enough that some of the ”high flyers” of the ’90’s restate earnings to a degree that removes them from high flyer status. It will go something like, ”those weren’t profits; those were accounting errors.”

Audit Lapse at WorldCom Puzzles Some Professionals. How Worldcom hid $3.8 billion in operating costs in order to exaggerate its earnings is as big a puzzle for accountants and auditing experts as it is for lay observers. By Jonathan D. Glaterwith Kurt Eichenwald. [New York Times: Business]