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July 10, 2002 at 08:00 PM
NU Online News Service, July 10, 12:17 p.m. – Weiss Ratings Inc., Palm Beach Gardens, Fla., a firm noted for its tough approach to rating the stability of life insurers and other financial services companies, says it found that auditing firms gave a clean bill of health to 94% of 33 public companies that were later accused of having accounting problems.
Only one auditing firm, PricewaterhouseCoopers L.L.P., New York, issued a “going concern” warning on any of the 33 companies, Weiss says.
PricewaterhouseCoopers audited seven of the companies and issued going-concern warnings for two, Weiss says.
Weiss also found that auditors gave clean audits to 42% of the 228 public companies that filed for bankruptcy between Jan. 1, 2001, and June 30, 2002.
