Word: arthur
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...supposed to be, a CEO gets a little nervous when he hires an Arthur Andersen to go over his company's books. After all, an outside auditor's seal of approval - this company's balance sheet is what the company says it is - means he keeps the confidence of investors, and on Wall Street confidence is everything. But if he gets a bad report - like the dreaded "accounting irregularities" - he's sunk. Investigators come running; investors just...
Winokur is chair of Enron’s finance committee as well as a company shareholder. Those receiving subpoenas included all of Enron’s board members, and Enron’s auditor, the accounting firm Arthur Andersen...
...Mark Cheffers, CEO of accounting Malpractice.com, says of Arthur Andersen: "Even if they're innocent, it looks like a massive cover-up." Andersen reported its destruction of Enron documents to the SEC and Justice Department early last week-just before four congressional investigators arrived at the company's Houston office on Wednesday. Committee officials immediately demanded the personal records of the partner and five top executives working on the Enron account...
...incident further tars the name of venerable Arthur Andersen, which in June settled allegations of fraud stemming from its audit of Houston-based Waste Management and paid a $7 million fine without admitting any wrongdoing. Last year, again without admitting wrongdoing, Andersen agreed to pay $110 million to settle a class action brought on behalf of shareholders of another client, Sunbeam, which had misstated its financial results during the 1990s. These days, an Andersen competitor observes sardonically, settling a fraud case appears to be good for attracting business from other firms that want a soft touch for an auditor...
...With the SEC, the Justice Department and various congressional committees now scrutinizing Andersen's audit work on Enron, there is little doubt efforts will be made to rein in the industry. "The profession has always done just enough to get out of a hole," says industry analyst Arthur Bowman. The SEC and Congress are looking into Andersen's interpretation of accounting rules that allowed Enron to exclude losses at several partnerships from its balance sheets. But the larger issue will be the objectivity of the entire industry. Enron paid Andersen $25 million for its audit last year and $27 million...