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May 28, 2023

When accounting goes unaccounted for

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CFOs

Why Yes, Cleaning Up an Enormous Accounting Fraud Is as Bad as You Might Imagine

by Caleb Newquist

Before she became CFO of AES (and now Gannett), Victoria Harker had the distinct pleasure of mopping the floor at WorldCom after the company imploded in 2002 and, yeah, it was pretty awful: 

What has been your worst day on the job?
The WorldCom meltdown was likely the worst day on the job. I knew only how little we knew then about the state of the company’s financials, and had a growing sense of the enormity of the task ahead to “right the ship”: a $71 billion restatement, and 15 million lines of accounting code to be re-written!

[via CFO] 

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