Reputational risk -- Andersen and Enron
The reputation -- and possibly the survival -- of Andersen, the smallest of the ‘big five’ accounting firms, is at stake following the firm’s admission that its staff shredded and deleted documents relating to Enron Corp, the failed energy trading group audited by Andersen. The action raised the inevitable question: what was Andersen trying to hide?
Enron filed for bankruptcy in December last year, the largest such filing in US history and the subject of numerous congressional and regulatory
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