SAFEGUARDS DIDN'T STOP ENRON'S FALL TO EARTH ; REGULATORY SYSTEM FAILED INVESTORS, EXPERTS SAY METRO Edition

At the back of Enron's last annual report were two statements from Arthur Andersen. One attested to Arthur Andersen's opinion that Enron's internal accounting system "was adequate to provide reasonable assurance as to the reliability of financial statements." The other state...

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Bibliographic Details
Published inThe Orlando sentinel
Main Author Richard W. Stevenson and Jeff Gerth, New York Times
Format Newspaper Article
LanguageEnglish
Published Orlando, Fla Tribune Publishing Company, LLC 20.01.2002
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Summary:At the back of Enron's last annual report were two statements from Arthur Andersen. One attested to Arthur Andersen's opinion that Enron's internal accounting system "was adequate to provide reasonable assurance as to the reliability of financial statements." The other stated its opinion that Enron's financial reports "present fairly, in all material respects, the financial condition" of the company and its subsidiaries. The statements -- a version of which appears in the annual reports of all healthy publicly traded companies -- amounted to a Good Housekeeping Seal of Approval for Enron's books.