Editorial: Attention to accounting

The oil and gas industry should prepare for, even welcome, public attention likely to focus soon on its accounting methods. After Enron Corp.'s collapse and federal indictment of its auditor, Arthur Andersen LLP, interest is high in accounting in general and energy accounting in particular. Eventually, scrutiny will come anew to the tricky subject of oil and natural gas reserves.Enron's fatal deceptions and Andersen's carelessness with a document shredder have aroused scandal-seekers in and around the US Congress. They'll think they've found something sinister when they stumble onto financial accounting for oil and gas reserves. First they'll learn that audited fin...

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