Word: auditor
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...withdraw millions of dollars from "deferred-compensation accounts" even as retirees and former execs also owed money were refused the same right until it was too late. Other documents emerged that show how aggressively Enron used its financial clout to protect its interests. A memo from Enron's auditor Arthur Andersen discusses the "influence" and "access" Enron hoped to get in exchange for a contemplated $500,000 donation to the International Accounting Standards Board, which harmonizes accounting standards among nations--something Enron was presumably very interested in. Sources tell TIME that since 1989, Enron gave $46,000 to that body...
Gregory E. Murray, a senior managing auditor at RMAS, says the group has only conducted one student group audit—but refused to identify which student organization was audited...
Some telecom companies are getting a second look, partly because more than a few use Arthur Andersen, Enron's auditor, but also because many achieved their once spectacular growth partly by immediately recognizing revenue from long-term contracts, analysts say. Qwest has received the most attention because its merger with US West opened the door to other accounting issues. Qwest has denied that it did anything wrong. "Think about a bottle of wine," former SEC chairman Arthur Levitt said in a speech two years ago. "You wouldn't pop the cork on that wine before it was ready. But some...
...marked a dramatic turnaround. For years, Congress has aided the accounting industry's efforts to avoid new auditing rules. Torricelli is one of many lawmakers (including Connecticut Senator Joe Lieberman) who have pressured the SEC several times over the past decade to back off on tougher regulations for auditors. Clinton-appointed SEC chairman Arthur Levitt tried to enact rules that would have kept firms from auditing and consulting for the same clients and forced companies to publicly disclose more liabilities, such as executive stock options. Each time Congress quashed Levitt's efforts. But that opposition was gone at last week...
...fact that Enron was able to hide its losses immediately raises the question of why Andersen, Enron’s auditor, did not blow the whistle. Much of the blame appears to fall on the codependent relationship of Enron and Anderson, but this situation is only indicative of a larger problem. The “Big Five” accounting firms often make more money from consulting fees from their audit clients than from audit fees themselves. They have the incentive to turn a blind eye to potentially illicit practices to make sure those consulting fees keep rolling...