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We then called on Los Angeles financial analytics firm Audit Integrity for an overall score on each company for accounting and governance practices, financial condition and earnings quality.
Jack Zwingli, chief executive of the research firm Audit Integrity, looks at a whole range of accounting and corporate governance risk measures to come up with ratings on companies that try to predict company troubles.
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The firm audited financial statements for 2006, 2007 and 2008.
Andersen has been under increasing pressure to reshape itself since the bankruptcy filing of Enron, whose books the firm audited.
The case also highlights the risk of an audit firm auditing a client whose officials are former auditors at the same firm.
The firm audited WorldCom or its predecessor companies for 14 years, and Professor Grant said it was possible that its audits had grown routine.
Would the world's financial system really be safe with just the "Big Three" or "Big Two", or even a single giant firm auditing most large corporations?
Six days before the first person fell ill, the farm got a top score — 96 percent — from a firm auditing the plant's sanitation practices.
The firm audited two subsidiaries in the Netherlands Antilles, Zilpa and Curcastle, that investigators have said were devised so that invented assets could offset Parmalat liabilities.
And often the fourth firm audits the competition or does material consulting!
Others think the best solution is to help the second-tier accounting firms audit the big companies.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com