Congressional committees want Andersen's Enron records

By the OGJ Online Staff

HOUSTON, Dec. 13 -- Two congressional committees Thursday called on Enron auditors Andersen LLP to turn over audit records and permit their staffs to interview the partner in charge of the Houston energy company's account.

House Energy and Commerce Committee Chairman Billy Tauzin (R-La.) and Oversight and Investigations Subcommittee Chairman James Greenwood (R-Pa.) also want to interview former Enron CEO Jeff Skilling.

The committee staff asked to interview David Duncan, the Andersen partner-in-charge of the Enron account, and other Andersen employees who worked on Enron audits from 1997 to present. Tauzin and Greenwood also asked for work papers relating to proposed financial adjustments by Andersen that were not recorded in Enron�s financial statements since 1997.

The committee said it would look into Enron�s decision announced in November 2001 to restate its financial statements for the years 1997 to the present and asked for records relating to Andersen�s recommendation to Enron to restate its financial statements.

The committee also wants an accounting of Enron�s off-balance sheet debt from 1997 to 2001 and the role Andersen played in terms of consultations or opinions with respect to Enron's Special Purpose Entities (SPE), partnerships, subsidiaries, or affiliates.

It specifically requested information about LJM Cayman LP, LJM2 Co-Investment, LP, Joint Energy Development Investments LP, Chewco Investments LP, the Raptor entities, the Marlin Water Trust, Osprey Trust, Whitewing Associates LP, and Big Doe partnerships, and any transactions by these entities with Enron officers, employees, and directors.

The Securities and Exchange Commission is investigating related-party transactions between Enron employees and some of its off-balance sheet entities. The company reported a $1 billion write down in shareholder equity in the third quarter, resulting from losses associated with its off-balance sheet transactions.

Enron has said it did nothing wrong and is cooperating with the SEC investigation. The company filed for Chapter 11 bankruptcy protection Dec. 2, and laid off more than half its work force. The crippled energy giant's relation with its accountant has since come under intense scrutiny.

The committee also asked for copies of all Andersen presentations made to the audit committee since 1997 and management letters issued by Andersen to Enron since 1997. The staff requested Andersen's audit team�s final memorandum summarizing any sensitive accounting, disclosure, and/or auditing issues.

Sponsored by FLSmidth

Related Articles

Fuel Tech receives air pollution control contracts worth $3.6Mn

Fuel Tech Inc. has received multiple air pollution control (APC) contracts, worth approximately $3.6 million, from customers in China, Europe and the U.S.

Video: Duke Energy acquires Halifax Solar Project in North Carolina

Duke Energy Renewables (NYSE: DUK) has acquired a 20-MW solar project in Roanoke Rapids, North Carolina, from Geenex and ET Solar Energy Corp.

Follow Power Engineering on Twitter

Latest News

02-25 Henry Hub Average Natural Gas Spot Prices

02/25 Henry Hub Average Natural Gas Spot Prices

The Henry Hub is the pricing point for natural gas futures contracts traded on the New York M...
 GDF Suez wants Areva to deliver nuclear reactors, wind turbines

GDF Suez wants Areva to deliver nuclear reactors, wind turbines

GDF Suez says it received guarantees from Areva for planned nuclear reactors in Turkey and wi...
 CB&I: We’re not liable for $247mn nuclear power project penalties

CB&I: We’re not liable for $247mn nuclear power project penalties

Chicago Bridge & Iron (CB&I, NYSE: CBI) say they should not be liable for any of the ...
 Siemens upgrades I&C system of GE steam turbines for first time

Siemens upgrades I&C system of GE steam turbines for first time

Siemens (NYSE: SI) received an order to upgrade the instrumentation & controls (I&C) ...
 Weekly Coal Production

Weekly Coal Production

The Weekly Coal Production Report has been updated for the week ended February 21, 2015.

 North Dakota coal production increases 4 percent in 2014

North Dakota coal production increases 4 percent in 2014

North Dakota is known for its booming oil fields, but coal mining in the state also is a heal...
 Spanish company buying US utility serving northeast for $3B

Spanish company buying US utility serving northeast for $3B

Spain's leading electricity and natural gas utility, Iberdrola, says it will buy the northeas...
 Ohio utility regulators reject AEP plan for coal plants

Ohio utility regulators reject AEP plan for coal plants

Ohio utility regulators have rejected an American Electric Power proposal to guarantee profit...

Power Engineering Current Issue

03/01/2014
Volume 118, Issue 3
1403PE-cover

Products Showcase

Dynamic Fluoride Ion cleaning DFIC of industrial natural gas turbines Hi-Tech Furnace Systems

Dynamic Fluoride Ion Cleaning of IGT Parts

The Dynamic Fluoride Ion Cleaning (DFIC) Process from Hi-Tech Furnace Systems is able to clean deep, narrow cracks of oxides by cycling between negative, atmospheric, and positive pressure.

Archived Articles

2000 | 2001 | 2002 | 2003 | 2004 | 2005 | 2006 | 2007 | 2008 | 2009 | 2010 | 2011 | 2012 | 2013

Power Industry Wire News

Western Gas to Present at Upcoming Barclays Investment Grade Energy and Pipeline Conference

Western Gas to Present at Upcoming Barclays Investment Grade Energy and Pipeline Confer...

PetroQuest Energy, Integrated Environmental Technologies and Nighthawk Energy Discuss 2015 Strategy in Exclusive Video Interviews With EnerCom's Oil & Gas 360(R)

PetroQuest Energy, Integrated Environmental Technologies and Nighthawk Energy Discuss 2...

SEACOR Holdings Announces Results for Its Year and Fourth Quarter Ended December 31, 2014

SEACOR Holdings Announces Results for Its Year and Fourth Quarter Ended December 31, 2014

Western Gas Partners, LP and Western Gas Equity Partners, LP Annual Reports Available

Western Gas Partners, LP and Western Gas Equity Partners, LP Annual Reports Available

Vivakor Signs MOU to Acquire Oil Sands Designated Leased Property in Utah

Vivakor Signs MOU to Acquire Oil Sands Designated Leased Property in Utah

Power Engineering

Article Archives for Power Engineering Magazine

Continuing Education

Professional Development Hours

To access a course listing associated to a specific topic listed below, click on the topic of choice from the list below.

Latest Energy Jobs

View more Job Listings >>