From the course: Accounting Foundations: Internal Controls
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Classic cases: Arthur Andersen
From the course: Accounting Foundations: Internal Controls
Classic cases: Arthur Andersen
- Enron's external auditor was the firm Arthur Andersen. - Arthur Andersen audited the financial statements of Enron and gave it an unqualified positive opinion for each year of Enron's existence, from 1985 through the year 2000. - Andersen's indictment on obstruction of justice charges in connection with the Enron audit, and the subsequent loss of credibility, caused a rapid exodus of Andersen's clients. This client flight blasted the prospects of a venerable accounting partnership that had previously had an aggregate value to the partners in excess of $10 billion. - Now in the wake of the Enron scandal, investors, regulators, and the public desired answers to three questions with respect to Arthur Andersen and Enron. - [Man With Glasses] Did Arthur Andersen's audit team know about Enron's controversial accounting issues, particularly the special purpose entities, the SPEs? - [Man] Did Arthur Andersen employees help Enron…
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