Posted on 08/19/2003 4:56:52 AM PDT by AntiGuv
NEW YORK (Reuters) - MCI said on Tuesday its auditor found weaknesses in the company's internal controls that could lead to additional restatements of financial results as the No. 2 U.S. long-distance telephone carrier tries to emerge from bankruptcy.
In a filing with the U.S. Securities & Exchange Commission , MCI, whose legal name is WorldCom Inc., also said it was withdrawing all of its previous financial forecasts.
"KPMG has identified a substantial number of material weaknesses in the company's internal controls," MCI said in the filing. "Although the company has begun work to address these deficiencies, a significant amount of work remains to be done."
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.