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

Four solar PV plants connected to N.C. power grid

SunEdison (NYSE: SUNE) and TerraForm Power Inc. (Nasdaq: TERP) interconnected four solar photovoltaic power plants in North Carolina with a total generating capacity of 26 MW.

Southern Power buys Oklahoma wind power project

Southern Power, a subsidiary of Southern Co. (NYSE: SO), will acquire a wind power project in Oklahoma.

Follow Power Engineering on Twitter
Latest News

Four solar PV plants connected to N.C. power grid

SunEdison (NYSE: SUNE) and TerraForm Power Inc. (Nasdaq: TERP) interconnected four solar phot...

Southern Power buys Oklahoma wind power project

Southern Power, a subsidiary of Southern Co. (NYSE: SO), will acquire a wind power project in...

FERC approves $2.8B deal for Dynegy to acquire Duke Energy's non-regulated Midwest generation business

Federal Energy Regulatory Commission (FERC) has approved the sale of Duke Energy’s (NYSE: DUK...

China restarts construction of nuclear power unit

Construction on the fifth unit at China’s Hongyanhe nuclear power plant was restarted 15 mont...

NV Energy seeks RFPs for additional planning capacity in Nevada

NV Energy (NYSE: NVE) is seeking proposals for an additional 54-MW of company-owned planning ...

BOND begins work at New Salem Harbor Station

BOND, a civil and utility construction firm, has begun preliminary site work at New Salem Har...

US to pledge up to 28 percent emission cut in global treaty

The United States pledged Tuesday to cut its greenhouse gas emissions up to 28 percent as par...

Hermann sues power commissions over coal plant costs

The city of Hermann is suing state utility groups over the costs of electricity from a southe...
Power Engineering Current Issue
03/01/2015
Volume 119, Issue 3
1503pe-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 | 2014 | 2015

Power Industry Wire News

Vega Biofuels Sets Date for Shareholder Conference Call

Vega Biofuels Sets Date for Shareholder Conference Call

Blue Earth Announces Sumter CHP Plant Energized on March 30, 2015

Blue Earth Announces Sumter CHP Plant Energized on March 30, 2015

Vista Gross Profit Jumps 106%, Company Swings to Operating Profit in 2014

Vista Gross Profit Jumps 106%, Company Swings to Operating Profit in 2014

Apprion Announces Strategic Partnership Agreement With TPC Group

Apprion Announces Strategic Partnership Agreement With TPC Group

mCig, Inc. Extraction Division Update

mCig, Inc. Extraction Division Update

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 >>