Dog Bites Man: Qwest Finds Problem With $1.1 Billion in Transactions

["Johannes Schneider" <Johannes.Schneider@xxxxxxx>]

>From today's New York Times:

Qwest Finds Problem With $1.1 Billion in Transactions
By SIMON ROMERO

Qwest Communications International, the dominant provider of local telephone
service in 14 Western states, said last night that it had incorrectly
accounted for more than $1.1 billion of transactions from 1999 to 2001 in
the latest revelation of accounting irregularities at a telecommunications
company.

Qwest also said that its accounting problems might extend to areas beyond
the sale of fiber optic capacity, where most scrutiny had been focused until
recently.

The company said in a statement last night that it might have improperly
accounted for services acquired from other telecommunications carriers and
for communications equipment that it sold. Qwest withdrew its financial
forecasts for 2002 as a result of weakness in its telecommunications
business. It said it still expected to report its financial results for the
second quarter and revised outlook for the year on Aug. 8.

Full:
http://www.nytimes.com/2002/07/29/business/29QWES.html



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