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Tuesday, July 30 | ||||
Improper Accounting: Qwest
(Qwest -- Weekly Chart)
Qwest management admitted that they made accounting "errors" causing them to recognize around $875 million in revenue in 2000 and 2001 that they shouldn't have. Apparently $1.16 billion in sales of optical capacity assets turned out to be an optical illusion. Who signed off on the erroneous accounting treatment for these sales? You guessed it: Arthur Andersen. It reminds me of that Britney tune, "Oops!... I did it again." |
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