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Arthur Andersen Didn't Audit College Bound


Readers Report

ARTHUR ANDERSEN DIDN'T AUDIT COLLEGE BOUND

Your article "College Bound: An "F" for conduct?" (Top of The News, May 11) made no reference to the company's longtime independent accountant whom Arthur Andersen replaced last March, prior to our resignation in April. This omission confuses the reader about which accountant actually audited College Bound Inc.

To clarify the record, Arthur Anderson became the compnay's independent accountant on Mar. 6 and resigned on Apr. 23. During that six-week period, our firm did not review any internal fincancial or accounting records of the company, nor id we examine or report on the company's statements for any period. Subsequently, we have been engaged to represent the court-appointed receiver for the company.

William D. Pruit

Managing Partner

Arthur Andersen & Co.

Chicago

Editor's Note: College Bound's recent audits were conducted by Gordon K. Goldman, certified public accountant, Hollis Hills, N.Y.


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