PracticeAuditWorldcom auditors settle SEC charges

Worldcom auditors settle SEC charges

Former Arthur Andersen auditors agree not to practice as auditors

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

Related Articles

PwC replaces EY as Domino's auditor

Audit PwC replaces EY as Domino's auditor

2d Alia Shoaib, Reporter
The ‘uncomfortable truth’ behind FRC’s Big Four fines recommendations

Audit The ‘uncomfortable truth’ behind FRC’s Big Four fines recommendations

1w Carl Johnson, Stephensons
BDO holds off Big Four to retain top position as AIM auditor

Audit BDO holds off Big Four to retain top position as AIM auditor

1w Alia Shoaib, Reporter
FRC urged to fine Big Four firms penalties over £10m

Audit FRC urged to fine Big Four firms penalties over £10m

3w Alia Shoaib, Reporter
EY to audit Standard Chartered bank

Audit EY to audit Standard Chartered bank

1m Alia Shoaib, Reporter
KPMG replaces PwC as Croda auditor

Accounting Firms KPMG replaces PwC as Croda auditor

2m Emma Smith, Managing Editor
EY fined £1.8m over Tech Data audit

Accounting Standards EY fined £1.8m over Tech Data audit

2m Emma Smith, Managing Editor
Top 50+50: Firms post significant growth in new tax and audit rankings

Audit Top 50+50: Firms post significant growth in new tax and audit rankings

2m Emma Smith, Managing Editor