From: paul.swain 
Sent: Wednesday, June 26, 2002 4:11 PM 
Subject: FRAMEWORK FOR ENHANCING THE QUALITY OF FINANCIAL 
INFORMATION THROUGH IMPROVEMENT OF OVERSIGHT OF THE AUDITING 
PROCESS  
 
Where CEO's and CFO's are only requested to "believe" that the 
figures are correct they can always say "I believed they were 
correct because my auditor told me so"..or whatever. They are 
auditors he/she is a CEO how can someone without the knowledge be 
expected to KNOW if they're right or wrong. 
  
A Person who runs a bus company has to "believe" his trucks are 
roadworthy because his chief mechanic tells him, but he is not a 
mechanic and cannot get under every wagon to check? So who is at 
fault? 
  
The problem is the rules are too lax and open to subjective 
translation rather than being "cat in iron" as such this will 
always go on as CEO's & CFO's try to appease shareholders so that 
they can get their share options. 
  
Further more it is obvious that not only the large global 
companies but also small companies are abusing the rules. More 
will follow - you'll see. 
  
A Disgusted and fed up UK investor.