An independent audit of banking assets may uncover further problems, forcing the government to raise more money to help banks.
U.S. Taxpayers may be subject to jeopardy assessments (i.e., IRS pre-audit seizure of assets).
Subsequent accounting checks found that more money was missing, said officials familiar with an audit and a recovery of assets report done by Kroll Associates, a forensic accounting firm.
Among the largest corporations, those with more than $250 million of assets, the audit rate was 34.5percentt last year, down from 54.6percentt in 1992.
Among the largest corporations, the 11,200 with more than $250 million of assets, the audit rate in fiscal 2003 was 29percentt, compared with 33.7percentthehe year before and more than 50percentt before 1996.
Less than 40% of companies with more than $100 million of assets are audited annually, down from 80% in 1980.
Historians of accounting have noted biblical references to common auditing practices, such as dual custody of assets and segregation of duties, among others.
In a letter to the US attorney's office, Fifa's lawyers requested an "immediate" audit of Webb's funds and assets, expressing concern that he may not have fully disclosed them to the court.
The complaint says that in January 2001, after repeated denials, Ernst & Young acknowledged that it had made errors in its audit of Superior and that its assets had to be reduced by $270 million.
The federal government would need new rules for the reporting and valuation of assets, as well as new auditing processes.
The I.R.S. did not release data on audits of the largest corporations, with more than $250 million of assets, which pay more than 80percentt of corporate income taxes.
