Word: audits
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...whistle-blower" Sherron Wadkins didn't just tell Lay in August about her fears that their company would "implode in a wave of accounting scandals" - she told a top man at Andersen, who then told three Andersen partners, including the recently disavowed David Duncan, who was overseeing the Enron audit...
...Holocaust survivors profoundly. The survivors' tale is one of neglect, penny-pinching and shame. Finally, Israel is being forced to accept responsibility for its 300,000 Holocaust victims - not just for their mental health but also their overall wellbeing. A parliamentary commission last April ordered Israeli banks to audit dormant accounts that may belong to Holocaust victims. Ministry of Justice officials tell Time they're hiring a group of former police investigators to locate heirs to abandoned properties whose European owners died in the camps. And Health Minister Nissim Dahan announced last week that he had visited a hostel...
...Jewish National Fund, which was set up to purchase land for Jews in what was then Palestine, and Bank Leumi, one of Israel's biggest banks, failed to examine land records and abandoned accounts for Holocaust money. Last April, a Knesset committee finally pushed Israel's banks to audit these accounts...
...incident further tars the name of venerable Arthur Andersen, which in June settled allegations of fraud stemming from its audit of Houston-based Waste Management and paid a $7 million fine without admitting any wrongdoing. Last year, again without admitting wrongdoing, Andersen agreed to pay $110 million to settle a 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...
...With the SEC, the Justice Department and various congressional committees now scrutinizing Andersen's audit work on Enron, there is little doubt efforts will be made to rein in the industry. "The profession has always done just enough to get out of a hole," says industry analyst Arthur Bowman. The SEC and Congress are looking into Andersen's interpretation of 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...