Stock Trading and Stock Investing

Company Online Stock Trading Why would the auditors destroy documents? That is the major question raised by the startling disclosure yesterday that auditors from Arthur Andersen began destroying Enron documents and purging computer files in September and continued doing so while Enron collapsed.

Online Trading Stock And It is not even clear, Andersen says, whether the destruction of documents stopped after the Securities and Exchange Commission issued Andersen a subpoena.

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Stock Investing Course Andersen's role at Enron was far greater than just an auditor. Many of Enron's financial officials, including Richard A. Causey, the chief accounting officer, had come to Enron after working on Enron audits for Andersen. Andersen has refused to say just how involved its accountants were in setting up the off-balance-sheet partnerships that let Enron hide losses, but the auditors knew of the partnerships and signed off on the accounting for them.

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Stock System Trading Then, as Enron unraveled, the auditors acted as if they had something to hide.

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Stock Investing Game Since Enron collapsed, Joseph F. Berardino, Andersen's chief executive, has tried to insulate Andersen from the storm. He said Enron officials had concealed information from his auditors that had the auditors only known would have kept Enron from hiding some losses.

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Market Stock Trading He also persuaded the heads of the four other major accounting firms to join him in asking the S.E.C. to order companies to make more disclosures about the areas that Enron seems to have abused. The message was clear: It was not our fault. We enforced the rules and were lied to. If you don't like the result, change the rules.

Online Stock Trading Canada Andersen will not say whether, as Mr. Berardino was telling Congress that story, he knew about the document destruction. Investigators say it started in September before the public knew anything was wrong at Enron and continued into November, after the S.E.C. began its investigation and everyone knew Enron was in trouble.

Stock Investing Basics It is the later actions that may get Andersen employees into trouble, especially if it can be proved they kept killing computer files after the subpoena arrived. But the early deletions may be the most interesting. They could indicate that Enron's accounting had become controversial within Andersen and had started an internal fight.

Day Online Stock Trading In any case, the destruction was not complete. Some files that were deleted have been recovered. Investigators will no doubt pay special attention to those files.

Online Stock Trading Game Just how much Andersen knew about what was going on at Enron is not clear. It is known that Andersen told Enron that it had wrongly booked millions of dollars in profits but signed off on the statements with the rationale that the amounts involved were not very significant. Now the disclosure of the document destruction raises the possibility that some Andersen auditors knew more than they wanted investigators to realize they knew.

Stock Investing Software Last year, in what was until now the most humiliating incident in Andersen's history, it settled an S.E.C. complaint saying that senior Andersen auditors had discovered, and then concealed, fraud at Waste Management.

Online Option Stock Trading "Unless the auditor stands up to management" as soon as it discovers incorrect accounting, the commission said then, "the auditor ultimately will find itself in an untenable position: it either must continue issuing unqualified audit reports on materially misstated financial statements and hope that its conduct will not be discovered, or it must force a restatement or qualify its report and thereby subject itself to the liability that likely will result from the exposure" of what it had already done.

India Online Stock Trading Is that what happened here? If it turns out that is the case, then Andersen, once the most respected accounting firm in the world, may not survive the Enron debacle.

Stock Investing For Dummy By Floyd Norris
New York Times - 1/11/2002

Topic: Enron

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