Independent auditor to investigate Global Crossing

More woe for telco...

More woe for telco...

Bankrupt telecoms company Global Crossing is to enlist the help of independent auditors to review the state of its finances.

The Securities and Exchange Commission is investigating the company's activities with other carriers and their arrangements to lease bandwidth to each other.

The company went into a tail spin after its VP of finance Roy Olofson, wrote to the company last August expressing his concerns over the company's accounting practices.

Olofson's major gripe is that the company was accounting for revenues up-front for long-term leases.

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