‘Enron accounts never misstated’
Accounting experts testify in Lay/Skilling defense
Accounting experts testify in Lay/Skilling defense
The legal team defending former Enron CEOs Jeff Skilling and Ken Lay has used
accounting experts to argue that the collapsed energy company never falsified
its books.
Prosecutors claim that Enron overvalued its assets and used improper cash
reserves to smooth out earnings
Testifying in Houston, Walter Rush, who formerly worked for the US Securities
and Exchange Commission as well as top accounting firms, said he believed the
company never improperly set extra cash reserves.
Jerry Arnold, a University of Southern California professor, who acknowledged
his firm had been paid $1m (£540,000) to examine the books by Lay’s defence
team, also countered allegations that Enron overvalued the value of its books.
Lay ended his testimony yesterday claiming he did nothing wrong and said
he left the company believing it was in a healthy financial state.
Lay, 64, and Skilling, 52, are charged with lying to investors to cover up
the deteriorating finances of the company and face multiple fraud charges.
Both deny the charges.
In the past decade, the professional services industry has transformed significantly. Digital disruptions, increased competition, and changing market ...
View resourceIn recent months, professional services firms are facing more pressure than ever to deliver value to clients. Often, clients look at the firms own inf...
View resourceIn 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 resourceThe first phase of Making Tax Digital (MTD) saw the requirement for the digital submission of the VAT Return using compliant software. That’s now behi...
View resourceThe ICAEW confirms new vice president, with senior heads appointed at KPMG and EY. Within the mid market, a flurry of end of year partner appointments...
View articleThis follows an investigation into undisclosed personal loans and issues with an acquisition. Despite challenges, the company aims to achieve £1bn in ...
View articleThe ICAEW confirms new vice president, with senior heads appointed at KPMG and EY. Within the mid market, a flurry of end of year partner appointments...
View articleThere is optimism that the IPO market will rebound in the second half of 2024, driven by pent-up demand and potential improvements in economic conditi...
View articleThe ICAEW confirms new vice president, with senior heads appointed at KPMG and EY. Within the mid market, a flurry of end of year partner appointments...
View articleKPMG confirms reappointment of it's UK chair, while EY announces Janet Truncale as the next EY global chair and CEO Read More...
View articleThe ICAEW has announced the appointment of its forthcoming chief executive Read More...
View articleThe FRC has announced Richard Moriarty as its new chief executive, replacing Sir Jon Thompson Read More...
View article