Political Quotes

On the recordMarch 13, 1996
Good idea, let's audit the books. I bet you had that done, Mr. Goodling, when you were on the school board. You had your books audited. But this a Fortune 500 company. So I called my stockbroker today, and I was going through a scenario with him, and I said, ``If you know of a Fortune 500 company traded on the New York Stock Exchange that had the auditors come in for their yearly audit,'' and, we are benchmarking against business excellence. Actually it is the business minimum. ``And the auditors came back and were going to announce publicly that the books and the financial systems were in such disarray that the auditors could not audit the books, what would happen?'' My stockbroker is trying to figure out what company this is. He says, ``Well, No. 1 is trading of that stock would be suspended immediately. When trading opened on it, the price of the stock would plummet, because shareholders, the brokers, the employees would have no idea of what the financial stability of that company would be. The CFO would be fired immediately.…
Said by
Pete Hoekstra
Michigan

Editor's note · Context

Discussing the implications of financial audits for Fortune 500 companies.

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