PracticeAccounting FirmsSEC ‘deeply troubled’ by Andersen conviction

SEC 'deeply troubled' by Andersen conviction

The US Securities and Exchange Commission has said it is 'deeply troubled' by Andersen's conviction for obstruction of justice and will continue to investigate the troubled firm's role in the collapse of Enron.

The statement came a day after Andersen was found guilty of obstructing justice in the investigation of collapsed energy company Enron.

The SEC said it was particularly troubled because the conviction was due to actions that went against SEC processes.

It said: ‘The commission is deeply troubled by the underlying events that resulted in Andersen’s conviction, especially insofar as the verdict reflects the jury’s conclusion that Andersen engaged in conduct designed to obstruct SEC processes.’

The Commission added that it would continue to monitor the firm’s processes in auditing its public company clients and would also continue its investigation into the Enron collapse and Andersen’s role in it.

The SEC added that Andersen clients would be able to continue filing their accounts to the SEC until August 31, when the former Big Five firm will cease to file audit reports before the securities watchdog.

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