The New York Times reports that former CFO Scott Sullivan, who was sacked in the light of the $4bn blackhole, tried to persuade the internal auditor, Cynthia Cooper, to postpone her capital accounts review in May.
Cooper had already began looking at the accounts before Sullivan intervened. He then tried to get her to delay looking at the accounts until later in the year, by which time he was hoping to “write down” the expenses in the second quarter.
Meanwhile, the Securities and Exchange Commission investigating the WorldCom accounting scandal have appointed former SEC head Richard Breeden to review payments to leading company executives and ensure that WorldCom does not shred important documents relevant to the inquiry.
Does Darwin's theory apply to taxation? Colin ponders...
The EC has been instructed to draft a European Union (EU) directive authorising an EU financial transaction tax, which would apply to ten of the EU’s 28 member states
Accountancy watchdog the FRC has dropped its investigation into the former chief financial officer of Tesco, nearly two years after the supermarket was engulfed in an accounting scandal
Colin imagines how Apple's logo might change in the wake of the EC's ruling over its Irish tax arrangements