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Monday, December 3 | ||||
Audit Risk
Enron's financials were audited by Andersen. The public thinks that auditors "guarantee" financial statements, when in fact they don't. But it looks like the auditors failed to press management very hard on the issue of related party transactions. This is unusual because related party transactions are something that auditors should always be especially worried about. (See Practice Alert No. 95-3.) Holiday Challenge Update: 103,223 meters rowed, 96,777 meters to go. |
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