The Guardian reports that Sullivan, in his second day of testimony in a Manhattan Court, said he had received the ‘green light’ from Ebbers to make improper accounting entries to boost revenues and obscure costs.
According to the report, Sullivan alleged that in the third quarter of 2000 he had told Ebbers that the only way to meet market expectations would be to manipulate financial statements. Sullivan claimed that Ebbers had said the company had to hit the targets, which Sullivan saw as the green right go ahead.
In his testimony Sullivan claimed that WorldCom had kept two sets of books – one reflecting the company’s actual financial position and the other for Wall Street.
Carter Backer Winter has acquired Edwards Financial Services, expanding its financial planning department
New growth opportunities in Aberdeen, North East Scotland, are being invested in by Grant Thornton
Colin responds to the call for 'Darwinism' in accountancy
A new partner, Dermot Callinan, has joined Saffery Champness from KPMG where he was recently the head of the UK private client advisory team