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

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