Statement from Arthur Andersen LLP
Read below the statement in full from Andersen regarding its audit client WorldCom
Andersen says:
Our work for Worldcom complied with SEC and professional standards at all times. It is of great concern that important information about line costs was withheld from Andersen auditors by the chief financial officer of Worldcom.
The Worldcom CFO did not tell Andersen about the line cost transfers nor did he consult with Andersen about the accounting treatment. Upon recently learning of the transfers, Andersen conferred with the Worldcom audit commitee and new management, and advised the company that Worldcom’s financial statements for 2001 should not be relied upon.