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,
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
HMRC breaches client confidentiality; and partner profits fall at EY. These stories and more discussed in Friday Afternoon Live
Does Darwin's theory apply to taxation? Colin ponders...
Two new audit partners have been appointed at the firm BDO in its audit practice following continued growth and investment
Changes to the tax system is urged to support the growth of entrepreneurs, found a report from the Grant Thornton UK, the Institute of Directors, and the Prelude Group