Andersen in second Enron probe
Andersen has admitted to a second congressional committee it made 'honest errors' in its audit of Enron, the collapsed energy giant.
Andersen has admitted to a second congressional committee it made 'honest errors' in its audit of Enron, the collapsed energy giant.
Appearing before congressmen for the second time in a week, the embattled Big Five firm said it had made a professional judgement about appropriate accounting treatment for an off-balance sheet partnership ‘that turned out to be wrong’.
This time it was CE Andrews, Andersen’s head of global auditing, who was in the firing line in front of the Senate Commerce Committee. Last week Andersen boss Joe Berardino was quizzed by the House Financial Services Committee, admitting his firm had got it wrong at Enron.
But both Berardino and Andrews claimed the firm had been denied crucial information about another off-balance sheet entity, saying that Enron’s audit committee had been notified of ‘possible illegal acts’.
Links
Cracks open in Big Five Enron alliance
The numbers you crunch tell a story. Your expertis...
22yEmbracing user-friendly AP systems can turn the tide, streamlining workflows, enhancing compliance, and opening doors to early payment discounts. Read...
View articleOrganisations can enhance their financial operations' efficiency, accuracy, and responsiveness by adopting platforms that offer them self-service cust...
View articleIn a world of instant results and automated workloads, the potential for AP to drive insights and transform results is enormous. But, if you’re still ...
View resourceDiscover how AP dashboards can transform your business by enhancing efficiency and accuracy in tracking key metrics, as revealed by the latest insight...
View articleThe Bank of England has appointed Ernst and Young LLP (EY) as its external auditor from the financial year ending 28 February 2025. Read More...
View articleThis follows an investigation into undisclosed personal loans and issues with an acquisition. Despite challenges, the company aims to achieve £1bn in ...
View articlePwC's decision to delay promotions in its graduate scheme, affecting around 100 graduates, is a response to reduced client demand and the aftermath of...
View articleTraditionally, audit schedules have been prepared manually, consuming significant time and resources. However, with the advancements in Artificial Int...
View articleThe FRC is promoting initiatives to foster a more competitive market, following recent high-profile accounting scandals. Read More...
View articleOn January 27, it was reported EY had quit as auditor to Asda amid one of its senior partners starting a romantic relationship with billionaire chief ...
View articleDespite the increased interest in AI and ML, only 12% of respondents indicate their organisations have adopted AI and ML within their audit functions....
View articleAs the government's independent investigation progresses, it is hoped that a clearer picture will emerge, leading to meaningful reforms within the aud...
View article