Andersen stares at disaster after conviction for Enron cover-up
The future of the international accountants Arthur Andersen was in doubt last night after it was found guilty of obstructing justice as auditor for the failed energy firm Enron. A federal jury in Houston, Texas, decided that Andersen 'criminally intended' to keep Enron's books away from a Securities and Exchange Commission inquiry.
The jury had deliberated for more than nine days after a five-week trial which heard that the the auditor's staff went on shredding documents for more than a week after being ordered to stop.
The verdict means Andersen can no longer audit the books of public companies, and faces fines of up to twice whatever value the judge puts on the results of its actions.
The jury had deliberated for more than nine days after a five-week trial which heard that the the auditor's staff went on shredding documents for more than a week after being ordered to stop.
The verdict means Andersen can no longer audit the books of public companies, and faces fines of up to twice whatever value the judge puts on the results of its actions.
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