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Author Topic:   Andersen found Guilty

Chris Stallings posted 06-17-2002 12:03 PM CT (US)

Over the weekend the Jury in the Andersen trial found the giant accounting firm "guilty" of obstructing justice in the SEC investigation of Enron.
So now we will see the "Big 5" become the "Big 4". What other changes will come with this ruling? Will the current questionable financial practices by many companies be halted?

billsw posted 06-26-2002 10:54 AM CT (US)

Based on the the accumulating number of companies with "cooked books" audited by this accounting firm I would say that they deserve this judgement. The "liitle guy" will suffer from these bad practices in the end - especially as the stock market continues to decline into further loss of everthing we made in the 90s.
Russ Finney posted 06-27-2002 02:40 PM CT (US)

Here is another example of a company which is in deep trouble due to their accounting practices (quotes from REUTERS):

Peregrine, reeling from an accounting scandal, a management reshuffle and weak demand for its products, said it is out of compliance with Nasdaq rules since its accountants at Andersen informed the company that its financial statements for 2000, 2001 and 2002 should not be relied on.
Investors began to bolt in April when Peregrine said it would delay its quarterly earnings report after replacing Andersen with KPMG as its auditor.
That was followed by an announcement on May 6 that it might have to restate nearly three years of financial results to correct accounting errors of up to $100 million, and that its top two executives had resigned.
The Nasdaq stock market plans to delist software maker Peregrine Systems Inc. at the opening of business on July 5, Peregrine said on Thursday. The company said it would appeal the decision.

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Author	Topic: Andersen found Guilty
Chris Stallings	posted 06-17-2002 12:03 PM CT (US) Over the weekend the Jury in the Andersen trial found the giant accounting firm "guilty" of obstructing justice in the SEC investigation of Enron. So now we will see the "Big 5" become the "Big 4". What other changes will come with this ruling? Will the current questionable financial practices by many companies be halted?
billsw	posted 06-26-2002 10:54 AM CT (US) Based on the the accumulating number of companies with "cooked books" audited by this accounting firm I would say that they deserve this judgement. The "liitle guy" will suffer from these bad practices in the end - especially as the stock market continues to decline into further loss of everthing we made in the 90s.
Russ Finney	posted 06-27-2002 02:40 PM CT (US) Here is another example of a company which is in deep trouble due to their accounting practices (quotes from REUTERS): Peregrine, reeling from an accounting scandal, a management reshuffle and weak demand for its products, said it is out of compliance with Nasdaq rules since its accountants at Andersen informed the company that its financial statements for 2000, 2001 and 2002 should not be relied on. Investors began to bolt in April when Peregrine said it would delay its quarterly earnings report after replacing Andersen with KPMG as its auditor. That was followed by an announcement on May 6 that it might have to restate nearly three years of financial results to correct accounting errors of up to $100 million, and that its top two executives had resigned. The Nasdaq stock market plans to delist software maker Peregrine Systems Inc. at the opening of business on July 5, Peregrine said on Thursday. The company said it would appeal the decision.