| Topic Name: |
PWC buying BearingPoint ??? |
| Message Name: |
PwC Are BE's Auditors....... |
| Date Posted: |
02/06/2006 |
| Message: |
After seeing this sick puppy from the inside, do you really think they would be buying it???????
Quotes from the 10K Audit Committee Investigation
The Audit Committee Investigation focused on five primary areas of inquiry. First, issues concerning financial controls that were raised through the non-executive employee??s communication, including circumventions of controls implemented in the Company??s North American financial reporting system (OneGlobe), which was rolled out on April 1, 2004, changes in the reporting chain of contract analysts, and alleged inadequate security with respect to the OneGlobe system. Second, the timing, appropriateness of judgments and disclosures relating to the impairment of goodwill in the Company??s Europe, Middle East and Africa (??EMEA??) region. Third, issues concerning the propriety of accounting practices and controls in certain countries in the Company??s Asia Pacific region. Fourth, issues concerning potential violations of law in connection with doing business with state-controlled entities in the People??s Republic of China. Finally, a survey of other global operations to determine the likelihood of additional internal control or other issues concerning business dealings with state-controlled entities.
The Audit Committee Investigation concluded that the overall compliance and internal control environment at BearingPoint, Inc. as of December 31, 2004, presented an unacceptable risk for the Company, and that financial pressures and management instability contributed to these control deficiencies.
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