close

Practice

Business

Tax

Technology

Regulation

Resources

Rankings

Advertise With US

    Information

    Worldcom auditors settle SEC charges

    Worldcom auditors settle SEC charges

    Former Arthur Andersen auditors agree not to practice as auditors

    Author Date published April 15, 2008 Categories

    The Securities and Exchange Commission has settled charges with two former
    Arthur Andersen auditors over their work on bankrupt telecoms giant Worldcom.

    The SEC had accused them of failing to exercise due professional care and
    skepticism in their 2001 audits of the group,
    WebCPA.com
    reported    .

    Kenneth M Avery and Melvin Dick have agrees to be barred from practicing as
    accountants. Avery can apply to be reinstated in three years and Dick, the lead
    audit partner, in four years.

    Worldcom removed around $3bn in line cost expenses from it s balance sheet in
    2001, characterizing the expenses as assets on its balance sheet.

    Further Reading:

    Read the
    WebCPA.com story

    Share

    Subscribe to get your daily business insights

    Get the latest analysis and reports delivered to your inbox daily

    Resources & Whitepapers

    Resources & Whitepapers

    The importance of UX in accounts payable: Often overlooked, always essential
    AP

    The importance of UX in accounts payable: Often overlooked, always essentia...

    1m Kloo

    The importance of UX in accounts payable: Often ov...

    Embracing user-friendly AP systems can turn the tide, streamlining workflows, enhancing compliance, and opening doors to early payment discounts. Read...

    View article
    The power of customisation in accounting systems
    Accounting Software

    The power of customisation in accounting systems

    2m Kloo

    The power of customisation in accounting systems

    Organisations can enhance their financial operations' efficiency, accuracy, and responsiveness by adopting platforms that offer them self-service cust...

    View article
    Turn Accounts Payable into a value-engine
    Accounting Firms

    Turn Accounts Payable into a value-engine

    3y

    Turn Accounts Payable into a value-engine

    In a world of instant results and automated workloads, the potential for AP to drive insights and transform results is enormous. But, if you’re still ...

    View resource
    8 Key metrics to measure to optimise accounts payable efficiency
    AP

    8 Key metrics to measure to optimise accounts payable efficiency

    2m Kloo

    8 Key metrics to measure to optimise accounts paya...

    Discover how AP dashboards can transform your business by enhancing efficiency and accuracy in tracking key metrics, as revealed by the latest insight...

    View article

    Related Articles

    The Bank of England appoints EY as its external auditor
    Audit

    The Bank of England appoints EY as its external auditor

    5d Rachael Kennedy

    The Bank of England appoints EY as its external au...

    The Bank of England has appointed Ernst and Young LLP (EY) as its external auditor from the financial year ending 28 February 2025. Read More...

    View article
    MHA takes over as auditor for Revolution Beauty
    Audit

    MHA takes over as auditor for Revolution Beauty

    2m Idris Nagri

    MHA takes over as auditor for Revolution Beauty

    This follows an investigation into undisclosed personal loans and issues with an acquisition. Despite challenges, the company aims to achieve £1bn in ...

    View article
    Slowing client demand stems promotions at PwC
    Audit

    Slowing client demand stems promotions at PwC

    2m Idris Nagri

    Slowing client demand stems promotions at PwC

    PwC's decision to delay promotions in its graduate scheme, affecting around 100 graduates, is a response to reduced client demand and the aftermath of...

    View article
    Can AI eliminate audit scheduling headaches?
    Audit

    Can AI eliminate audit scheduling headaches?

    2m Idris Nagri

    Can AI eliminate audit scheduling headaches?

    Traditionally, audit schedules have been prepared manually, consuming significant time and resources. However, with the advancements in Artificial Int...

    View article
    FRC seeks to break down barriers to competition in UK audit market
    Audit

    FRC seeks to break down barriers to competition in UK audit market

    2m Idris Nagri

    FRC seeks to break down barriers to competition in...

    The FRC is promoting initiatives to foster a more competitive market, following recent high-profile accounting scandals. Read More...

    View article
    EY's resignation as Asda's auditor highlights importance of personal compliance
    Audit

    EY's resignation as Asda's auditor highlights importance of personal compli...

    3m Idris Nagri

    EY's resignation as Asda's auditor highlights impo...

    On January 27, it was reported EY had quit as auditor to Asda amid one of its senior partners starting a romantic relationship with billionaire chief ...

    View article
    AI is an emerging risk for auditors, new research shows
    Audit

    AI is an emerging risk for auditors, new research shows

    3m Rachael Kennedy

    AI is an emerging risk for auditors, new research ...

    Despite the increased interest in AI and ML, only 12% of respondents indicate their organisations have adopted AI and ML within their audit functions....

    View article
    The role of auditors in the Post Office scandal: A need for greater accountability?
    Audit

    The role of auditors in the Post Office scandal: A need for greater account...

    3m Idris Nagri

    The role of auditors in the Post Office scandal: A...

    As the government's independent investigation progresses, it is hoped that a clearer picture will emerge, leading to meaningful reforms within the aud...

    View article