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| 2001 News and Press Releases |
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HEADLINE ARCHIVED:
Auditors Targeted For Blame As Disclosure System Fails; Wall Street's Safety Net - Who Can You Trust?
By: Michael, Stremfel
Los Angeles Business Journal. December 17, 2001
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Excerpt: AUDITORS -- those people responsible for verifying the accuracy of public company financial statements -- have become among the primary scapegoats for what's wrong with the U.S. financial disclosure system. The auditors' response: Duck for cover until the system can be fixed. Multiple calls to the L.A.-area offices of all Big Five accounting firms, which handle most public company audits, were not returned last week. One exception was a brief comment from Natalie Webb, spokeswoman for Deloitte & Touche. "I spoke with my boss and, unfortunately, at this time we are not speaking on that topic," she said. Soon after the Enron Corp. implosion, a rare joint statement was issued by the chief executives of all Big Five firms. "Working together, our five firms are committing our attention and resources to evaluate and chart a course to address issues important to investors," the Dec. 4 statement reads. "We are developing specific recommendations to the SEC for improved disclosure guidance... and will work with the profession to submit these recommendations by the end of the year."
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