Board-Ansicht
Mix-Ansicht- Worldcom - Popeye, 26.06.2002, 07:24
- Wirtschaftsprüfer: Arthur Andersen owT - Hirscherl, 26.06.2002, 08:25
Wirtschaftsprüfer: Arthur Andersen owT
>WORLDCOM'S ACCOUNTING WOES
> WorldCom said that accounting irregularities involving expenses
> misrecorded as capital expenditures had inflated its cash flow and that
> otherwise it would have reported a net loss for 2001 and the first
> quarter of 2002.
> The accounting irregularities, which did not conform to Generally
> Accepted Accounting Principles, included transfers between internal
> accounts of $3.06 billion in 2001 and $797 million in the first quarter of
> 2002.
> Those expenses should have been recorded on its income statement but
> were instead booked as capital expenditures, artificially boosting cash
> flow, the company said.
>"Our senior management team is shocked by these discoveries," said
> John Sidgmore, WorldCom's CEO for less than two months. He previous
> served as the company's vice chairman.
> WorldCom said it had notified the SEC and asked its new accounting
> firm, KPMG, to review of its financial statements for 2001 and 2002. The
> audit committee of WorldCom's board retained William R. McLucas, of
> the law firm of Wilmer, Cutler & Pickering, former Chief of the
> Enforcement Division of the SEC, to conduct an independent
> investigation of the matter.
>"The CFO didn't do this alone. Bernie didn't do this alone. But when
> something like this is uncovered, you go for the throat," Dzubeck said.
> In addition to firing Sullivan, WorldCom also accepted the resignation of
> David Myers as senior vice president and controller.
>"They are going to take a hit on this one, but it won't be fatal," said Jeff
> Kagan, an independent telecommunications analyst, noting that the
> company has"real revenues and customers and networks and assets."
> Restating the results was not expected to hurt WorldCom's cash
> position, the company said. WorldCom has $30 billion in total debt, but
> no debt payments due in the next two quarters.
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