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Chapter 5. Caffeine Badly Needed: Sleepy... > Red Flag 13: Audit Committees That D...

Red Flag 13: Audit Committees That Don’t Take Responsibility for Policing Auditors

One glance at the audit committee report in WorldCom’s proxy statement issued in March 2002, more than four months before the disclosure of massive fraud at the telecom company, should have been enough to scare its shareholders out of their skins. Here is one lengthy paragraph in full:


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