Railtrack's Network Management Statement, published earlier this year, indicated where it wants to spend money, and both the regulator and the new Strategic Rail Authority will be keeping a close eye on the company to make sure it spends its new money wisely.

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Nearly a month before announcing its third-quarter earnings, for example, management issued a statement suggesting that results would likely come in lower than analysts' expectations.

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Our professional skepticism has to be that without strong audit standards and a strong duty of care and a strong sense of clarity about what auditors do we have to be skeptical that management and financial statement preparers will provide the information voluntarily or be willing to acknowledge the significance of the information.

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