Word: auditore
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...supposed to be, a CEO gets a little nervous when he hires an Arthur Andersen to go over his company's books. After all, an outside auditor's seal of approval - this company's balance sheet is what the company says it is - means he keeps the confidence of investors, and on Wall Street confidence is everything. But if he gets a bad report - like the dreaded "accounting irregularities" - he's sunk. Investigators come running; investors just...
Winokur is chair of Enron’s finance committee as well as a company shareholder. Those receiving subpoenas included all of Enron’s board members, and Enron’s auditor, the accounting firm Arthur Andersen...
...class action brought on behalf of shareholders of another client, Sunbeam, which had misstated its financial results during the 1990s. These days, an Andersen competitor observes sardonically, settling a fraud case appears to be good for attracting business from other firms that want a soft touch for an auditor...
...accounting rules that allowed Enron to exclude losses at several partnerships from its balance sheets. But the larger issue will be the objectivity of the entire industry. Enron paid Andersen $25 million for its audit last year and $27 million for "consulting" and other services. "How can any auditor be independent when his client is paying this kind of money?" Bowman asks...
Drugan believes that once the auditor is satisfied with the recount, there will be no more steps in the election process...