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.

Related Articles

BOEM publishes second final SEIS for 2008 Chukchi Sea lease sale

02/13/2015 The US Bureau of Ocean Energy Management published a fresh supplemental environmental impact statement for a Chukchi Sea federal oil and gas sale o...

Horn Petroleum to reduce Puntland exploration program

02/13/2015 Horn Petroleum Corp., Vancouver, BC, will reduce its presence in Bosaso, Puntland (Somalia), and will “refrain from any operational activity and as...

Alaska LNG project partners file resource reports with FERC

02/12/2015 A series of draft environmental and socioeconomic reports for the Alaska LNG project have been submitted to the US Federal Energy Regulatory Commis...

US House vote sends Keystone XL approval bill to Obama’s desk

02/12/2015 The US House of Representatives voted by 270 to 152 to pass S. 1, which would deem the proposed Keystone XL crude oil pipeline approved more than 6...

Groups object to White River National Forest draft leasing decision

02/12/2015 The Western Energy Alliance, West Slope Colorado Oil & Gas Association, and Public Lands Advocacy jointly filed a formal objection to the US Fo...

TransCanada challenges EPA’s comments on Keystone XL SEIS

02/11/2015 TransCanada Corp. responded to the Feb. 2 comment letter from the US Environmental Protection Agency on the US Department of State’s final suppleme...

PACE survey finds 69% support for crude exports to trading partners

02/11/2015 More than two thirds of registered voters responding in a nationwide telephone survey commissioned by Producers for American Crude Exports (PACE) s...

Operators cutting methane emissions

02/10/2015 Cuts in methane emissions from oil and gas production ought to be combined with aggressive efforts to curb excessive carbon dioxide releases, produ...

Emissions from liquid unloadings vary by region

02/10/2015 A recent study by the University of Texas at Austin and the environmental testing firm URS indicated that a small percentage of wells account for t...
White Papers

Pipeline Integrity: Best Practices to Prevent, Detect, and Mitigate Commodity Releases

Commodity releases can have catastrophic consequences, so ensuring pipeline integrity is crucial for p...
Sponsored by

AVEVA’s Digital Asset Approach - Defining a new era of collaboration in capital projects and asset operations

There is constant, intensive change in the capital projects and asset life cycle management. New chall...
Sponsored by

Transforming the Oil and Gas Industry with EPPM

With budgets in the billions, timelines spanning years, and life cycles extending over decades, oil an...
Sponsored by

Asset Decommissioning in Oil & Gas: Transforming Business

Asset intensive organizations like Oil and Gas have their own industry specific challenges when it com...
Sponsored by

Squeezing the Green: How to Cut Petroleum Downstream Costs and Optimize Processing Efficiencies with Enterprise Project Portfolio Management Solutions

As the downstream petroleum industry grapples with change in every sector and at every level, includin...
Sponsored by

7 Steps to Improve Oil & Gas Asset Decommissioning

Global competition and volatile markets are creating a challenging business climate for project based ...
Sponsored by

The impact of aging infrastructure in process manufacturing industries

Process manufacturing companies in the oil and gas, utilities, chemicals and natural resource industri...
Sponsored by

What is System Level Thermo-Fluid Analysis?

This paper will explain some of the fundamentals of System Level Thermo-Fluid Analysis and demonstrate...
Available Webcasts


Prevention, Detection and Mitigation of pipeline leaks in the modern world

When Thu, Apr 30, 2015

Preventing, detecting and mitigating leaks or commodity releases from pipelines are a top priority for all pipeline companies. This presentation will look at various aspects related to preventing, detecting and mitigating pipeline commodity releases from a generic and conceptual point of view, while at the same time look at the variety of offerings available from Schneider Electric to meet some of the requirements associated with pipeline integrity management. 

register:WEBCAST



On Demand

Global LNG: Adjusting to New Realities

Fri, Mar 20, 2015

Oil & Gas Journal’s March 20, 2015, webcast will look at how global LNG trade will be affected over the next 12-24 months by falling crude oil prices and changing patterns and pressures of demand. Will US LNG production play a role in balancing markets? Or will it add to a growing global oversupply of LNG for markets remote from easier natural gas supply? Will new buyers with marginal credit, smaller requirements, or great need for flexibility begin to look attractive to suppliers? How will high-cost, mega-projects in Australia respond to new construction cost trends?

register:WEBCAST


US Midstream at a Crossroads

Fri, Mar 6, 2015

Oil & Gas Journal’s Mar. 6, 2015, webcast will focus on US midstream companies at an inflection point in their development in response to more than 6 years shale oil and gas production growth. Major infrastructure—gas plants, gathering systems, and takeaway pipelines—have been built. Major fractionation hubs have expanded. Given the radically changed pricing environment since mid-2014, where do processors go from here? What is the fate of large projects caught in mid-development? How to producers and processors cooperate to ensure a sustainable and profitable future? This event will serve to set the discussion table for the annual GPA Convention in San Antonio, Apr. 13-16, 2015.

This event is sponsored by Leidos Engineering.

register:WEBCAST


The Future of US Refining

Fri, Feb 6, 2015

Oil & Gas Journal’s Feb. 6, 2015, webcast will focus on the future of US refining as various forces this year conspire to pull the industry in different directions. Lower oil prices generally reduce feedstock costs, but they have also lowered refiners’ returns, as 2015 begins with refined products priced at lows not seen in years. If lower per-barrel crude prices dampen production of lighter crudes among shale plays, what will happen to refiners’ plans to export more barrels of lighter crudes? And as always, refiners will be affected by government regulations, particularly those that suppress demand, increase costs, or limit access to markets or supply.

register:WEBCAST


Emerson Micro Motion Videos

Careers at TOTAL

Careers at TOTAL - Videos

More than 600 job openings are now online, watch videos and learn more!

 

Click Here to Watch

Other Oil & Gas Industry Jobs

Search More Job Listings >>
Stay Connected