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’.
Investment in people, tech and businesses impacts on EY's profit per partner figure
If businesses do not take cyber security seriously in their business planning regulators may do it for them, the ICAEW has warned
Dr Richard Willis provides a several thousand-year history lesson of the profession, from origin to modern-day
The Financial Reporting Council has issued guidance regarding the annual reporting of 1,200 large and smaller listed companies. The letter highlighted the key issues and improvements that can be made in the 2016 reporting season