The Wall Street Journal reports that a Coopers & Lybrand missed "an audacious accounting fraud," as it failed to uncover that one of its clients, the chip maker California Micro Devices Corp., was writing off half of its accounts receivable. As a result, about one third of the company's revenue turned out to be spurious. Consequently, the Securities and Exchange Commission sought to bar the faulty auditors who overlooked the chip maker's books. The article examines the deep roots of the company's accounting problems, and the murky past of its chief financial officer.
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