[Liz]

I was asked to sign a Management Representation Letter, which says in part that no member of executive management knows of or is involved in fraud related to the financial statements under review. This is a standard in todays accounting practices. Yes, it's CYA, but it's a damning statment against Worldcom and all other companies that have committed fraud. It's the inside people not the outside accountants. Anything can be hidden for a certain amount of time.

Enron hid stuff offshore thru the machinations of its shady CFO Fastow. But in any case, SOP is for CEO's to sign off on the financial details. Apparently, these characters did so whether the details were true or not.

[BamaBlue]

Agree - My point is, and only is, that management has the responsibility for the financial statements, not the outside accountants. I do believe Andersen has some blame but not to the degree that management has. Again, anyone can hide the truth for a period of time. Eventually it will be found out.