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Investors urged to examine complete financial picture: when reading financial statements, look for footnotes. (Special Report: Finance).

Publication: San Diego Business Journal
Publication Date: 20-MAY-02 		Format: Online - approximately 759 words
Delivery: Immediate Online Access

Article Excerpt
The recent, very public and contentious death of Enron and Global Crossing focused media attention on audited financial statements and the role of independent certified public accountancy firms.

Many people believe that the problems and irregularities revealed with the "autopsy" of Enron ultimately were inevitable, given the increased emphasis by the Big Five accounting firms on profitability via the sale of products and non-accountancy services. Regardless, the Enron and Global Crossing debacles are good reminders that financial statements are limited tools; they provide some information, but not a complete picture of the financial health of an enterprise.

It is vital for the well-informed investor to recognize what financial statements show -- and do...

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