New York--Companies doing an internal probe of accounting issues need to make them as thorough as possible, a lawyer advised at an insurance conference here.
Michael Young, a partner in the New York law firm of Willkie Farr & Gallagher, also warned that even as the current regulatory environment increases the need for companies to investigate whether their accounting is proper there are many perils in undertaking such an examination.
Speaking at the S&P 2005 Insurance Seminar in New York, Mr. Young advised that it's critical to keep in mind that once self-investigations get underway, inadequate probes will actually make things worse, angering regulators and making difficult the development of new audited financial statements.
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