Can we go postal over bookkeeping?

Wednesday, November 6, 2002

Let's say, just for conversation, that you run a large company with an equally large debt. So one day you look at the books and decide to conduct an outside audit just to confirm your financial information. So in comes the accountants. And let's say, again just for conversation, that the accountants examine a retirement fund account that your company funds regularly. And they find that instead of owing $32 billion to the retirement fund you only owe $5 billion. In most companies, the management would be fired on the spot for a $27 billion error. But not the United States Postal Service which uncovered the massive early Christmas present this week following an audit by the Office of Management and Budget.

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