Enron, Andersen Testify Before Congress
Congress has scheduled its first hearing into the Enron situation and expects to hear testimony from Big Five firm Andersen, the Securities and Exchange Commission, and Enron.
Andersen was the auditor for the energy company and has been criticized for its handling of the audit. Joe Berardino, Andersen chief executive, will testify before the House Financial Services Committee in the Enron matter on Wednesday.
SEC Chairman Harvey Pitt has indicated he will not appear before the committee at this time, but SEC Chief Accountant Robert Herdman will testify. Although no subpoenas have been issued by the committee, it is anticipated that Enron CEO Kenneth Lay may testify as well.
Meanwhile, the House Energy and Commerce Committee is continuing its investigation into the Enron affair and has requested that the SEC turn over certain Enron files dating back to 1997.
Voice of the Editor
Which isn’t completely true. I mean, occasionally I drop by when I manage to sneak out of the nonstop frat party over at Going Concern, but I’m mostly a wallflower over there. I’m happy to say that I’ve been given express permission (or explicit orders, if you like) to wander over here to AccountingWEB more often.
Why is that, you might ask? My job is to replace the irreplaceable Gail Perry as Editor-in-Chief. What does that mean? I don’t really know! I think it’ll be fun getting a feel for things, throwing in my own thoughts here and there, and listening to the discussions you’re having about the accounting profession.