Enron tried to dodge accounting rules at a subsidiary company, an accountant
from the company’s former auditor Arthur Andersen has testified.
Taking the stand at the trial of former Enron CEOs Ken Lay and Jeff Skilling,
John Sult, who oversaw the books on Enron’s Azurix water business, said the
energy company avoided a writedown of hundreds of millions of dollars by instead
promoting, a $1bn growth strategy for the unit.
‘By merely standing up and making the assertion that the strategy exists
somehow makes the problem go away,’ he testified in Houston, Associated Press
Both Lay and Skilling deny any wrongdoing in the collapse of Enron.
The EC has been instructed to draft a European Union (EU) directive authorising an EU financial transaction tax, which would apply to ten of the EU’s 28 member states
Accountancy watchdog the FRC has dropped its investigation into the former chief financial officer of Tesco, nearly two years after the supermarket was engulfed in an accounting scandal
Colin imagines how Apple's logo might change in the wake of the EC's ruling over its Irish tax arrangements
Charles Tilley's departure from CIMA leaves the accounting world quieter, but his institute with an exciting foundation