Sound Bites From Around The Profession - Accounting Scandals
AccountingWEB presents our favorite funny, quirky quotes of the year to give you a good feeling for the debates and discussions that have gone on around the accounting profession in 2003 related to Accounting Scandals.
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- "It’s a feeding frenzy," Todd Zywicki, a bankruptcy law professor at George Mason University in Virginia, on the windfall for legal and accounting professionals involved in cleaning up the mess of record-breaking accounting failures and bankruptcies. FULL STORY
- "Just part of a bag of tricks to fool shareholders," Sen. Charles Grassley on announcing the Senate's intention to end the practice of providing tax refunds to companies who intentionally inflate earnings. FULL STORY
- "A poster child for conspicuous conflicts of interest," as described by a colleague of Jack B. Grubman, a telecommunication analyst for Solomon Smith Barney, who was part of a $1.4 billion settlement with Wall Street firms over conflict of interest claims. FULL STORY
- "Things I believe I did not say, and things that I possibly could have said, but don't believe I said," Andersen auditor David Duncan, who was in charge of the Enron audit, in characterizing types of misstatements he believes the FBI has made about his testimony. FULL STORY
- Employees were "androids . . . encouraged to bill our brains out." Barbara Ley Toffler, former Andersen partner-in-charge of Andersen's Ethics & Responsible Business Practices consulting services in her new book, Final Accounting: Ambition, Greed, and the Fall of Arthur Andersen. FULL STORY
- "Instead of drilling for oil and gas, Enron was drilling the tax code, looking for ways to find more and more tax shelters," Senator John B. Breaux after reviewing the highlights of the U.S. Senate's Joint Committee on Taxation three-volume, 2,700 page report on Enron misdoings. FULL STORY