PracticeAccounting FirmsFormer Andersen partner settles over Enron

Former Andersen partner settles over Enron

A former Arthur Andersen partner has settled allegations of breaching securities laws in Enron case

A former partner of the now defunct Arthur Andersen, responsible for the
Enron Corp account, has
settled allegations that he breached securities laws when he signed audit
reports that were ‘materially false and misleading’, USA’s Securities and
Exchange Commission (SEC) revealed yesterday.

SEC said that, from 1998 to 2000 accountant David Duncan was reckless in not
knowing that the unqualified audit reports he signed on behalf of Andersen were
materially false and misleading,
Reuters
reports.

Duncan failed to exercise the ‘due professional care and the necessary
skepticism’ required to ensure financial statements for Enron, which collapsed
under a string of accounting scandals.

Duncan, who did not admit to or deny the allegations, has agreed not to
appear before SEC as an accountant. He was not charged a fine. Duncan’s lawyer
said his client had made every effort to co-operate and take the appropriate
responsibility for his role as Arthur Andersen’s partner responsible for the
Enron audits.

Further reading:

Supreme Court limits investor actions

Andersen still making US political donations

Related Articles

BDO’s global revenues pass $8bn

Accounting Firms BDO’s global revenues pass $8bn

5d Alia Shoaib, Reporter
Top 40 International Networks, Associations and Alliances: Finding growth amid uncertainty

Accounting Firms Top 40 International Networks, Associations and Alliances: Finding growth amid uncertainty

1w Philip Smith, Reporter
Top 40 International Networks, Associations and Alliances 2017: Big Four tussle for top spot

Accounting Firms Top 40 International Networks, Associations and Alliances 2017: Big Four tussle for top spot

1w Emma Smith, Managing Editor
BDO reports revenue growth of 5.7%

Accounting Firms BDO reports revenue growth of 5.7%

2w Alia Shoaib, Reporter
Taylorcocks announces merger with Surrey firm

Accounting Firms Taylorcocks announces merger with Surrey firm

2w Emma Smith, Managing Editor
Kingston Smith reports 7% gender pay gap

Accounting Firms Kingston Smith reports 7% gender pay gap

2w Emma Smith, Managing Editor
RSM announces two partner promotions

Accounting Firms RSM announces two partner promotions

3w Emma Smith, Managing Editor
Backsourcing: The latest accountancy trend?

Accounting Firms Backsourcing: The latest accountancy trend?

1m Pillsbury Winthrop Shaw Pittman