Goldman Sachs spends almost 50% of the fees paid to PwC on services not required by the basic financial statement audit.

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While these activities should be performed in the ordinary course of our preparing our financial statements, we instead needed to undertake significant efforts to complete reconciliations and investigate items identified in those reconciliations during the course of our financial statement audit.

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In addition, financial statement disclosure and audit standards for corporate borrowers in the prc may not be comparable to those in more developed countries.

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The statement added that the audit committee is now reviewing WorldCom's financial records for 1999 and 2000.

ECONOMIST: From bad to worse | The