Catou the experts never said that most cash flow statements were cooked and overstated.

In fact the whole basis of this column is:

"With that in mind we should remember that earnings can be faked and valuation is a matter of opinion but the old truth still holds: cash flows never lie.

We’ve long known that earnings, as reported by companies on a generally accepted accounting principles (GAAP) basis, can be deceiving. Not only are these numbers susceptible to the occasional spectacular fraud – think Enron – but the wide degree of latitude around exceptional items and different methods of presentation can make securities analysis more of an art than a science."

What the authors are suggesting is that their method of calculating cash flow is more accurate.  It has nothing to do with saying that cash flow is an inferior way to measure or are useless.    After all if that was their point surely their study would have been to demonstrate how earnings is more accurate and important.