FINANCIAL JOURNALIST, n. Someone with deep and broad expertise in moving words around on a page or screen until they sound impressive regardless of whether they mean anything.
RESTRUCTURING, n. The process by which a company that, only a few years before, had eagerly diversified into other businesses un-diversifies even more eagerly right back out of them. ANALYSTs and investors, who had earlier hailed the expansion as essential for growth, will now applaud the contraction as essential for survival. The company’s management will earn big bonuses for adding to “SHAREHOLDER VALUE.” A few thousand employees will lose their jobs, but that strikes the other participants as a small price to pay for restoring the company to its former state of health.
AUDITOR, n. An accountant who all too often may approve a company’s financial statements exactly as the company’s management wishes them to be presented.
“It’s our job as auditors to do whatever we can ensure that a company’s financial statements conform with GAAP, but not to function as policemen or fraud detectors,” said Seymour Billings, a partner in the Chicago office of the accounting firm of Tinker Hyde Alter & Berry.
The word auditor, in Latin, means “one who hears.” In English, evidently, it means one who also obeys.