Who discovered aol backdating contracts

We also did additional analyses on the cases that were excluded from the immediate and intermediate impact analyses due to missing data to determine the immediate and intermediate impact on market capitalization. To obtain information about the recent enforcement actions SEC has taken to address accounting and auditing irregularities, we collected information on SECs enforcement process, reviewed available SEC information, and analyzed SECs enforcement activity involving accounting irregularities from January 1, 2001, to February 28, 2002. Standard and Poors affirmed Enrons medium grade rating, which indicated that Enron had adequate capacity to meet its financial commitments.We also reviewed survey and other empirical data and obtained the views of industry experts on investor confidence and participation in U. Finally, we reviewed the current and proposed approaches to corporate governance oversight and disclosure in order to determine gaps in oversight and needed reforms. However, its rating also indicated that adverse economic conditions or changing circumstances were more likely to lead to a weakened capacity to meet financial commitments.Some of these officials added that increased focus and guidance by the Securities and Exchange Commission (SEC or Commission) on accounting issues in the late 1990s may have prompted more companies to restate previously reported financial statements. Enrons October 16, 2001, press release characterized numerous charges against income for the third quarter as nonrecurring, even though Arthur Andersen believed the company did not have a basis for concluding that the charges would in fact be nonrecurring. The Department of Justice alleged that Arthur Andersen was put on direct notice of the allegations of Sherron Watkins, an Enron employee and former Arthur Andersen employee, regarding possible fraud and other improprieties at Enron.You asked us to (1) determine the number of, reasons for, and other trends in financial statement restatements since 1997; (2) analyze the impact of restatement announcements on the restating companies stock market capitalization; (3) research available data to determine the impact of financial statement restatements on investors confidence in the existing U. system of financial reporting and capital markets; (4) analyze SEC enforcement actions involving accounting and auditing irregularities; and (5) describe the major limitations of the existing oversight structure and steps that have been and are being taken to ensure the integrity of corporate financial disclosures and ongoing challenges. In particular, she noted the possibility of fraud in Enrons use of off-balance-sheet SPEs that enabled the company to camouflage the true financial condition of the company. Watkins had reported her concerns to a partner at Arthur Andersen, who thereafter allegedly disseminated them within Arthur Andersen, including to the team working on the Enron audit. Wiley Online Library requires cookies for authentication and use of other site features; therefore, cookies must be enabled to browse the site.Detailed information on how Wiley uses cookies can be found in our Privacy Policy.uses cookies to personalize content, tailor ads and improve the user experience.

This is the accessible text file for GAO report number GAO-03-138 entitled 'Financial Statement Restatements: Trends, Market Impacts, Regulatory Responses, and Remaining Challenges' which was released on October 23, 2002. Every attempt has been made to maintain the structural and data integrity of the original printed product. These changes to net income were the result of the retroactive consolidation of JEDI and Chewco (November 1997), the consolidation of the LJM1 subsidiary for 19 and prior year proposed audit adjustments.

Sarbanes Chairman, Committee on Banking, Housing, and Urban Affairs United States Senate: Dear Mr. Debt, as reported; Fiscal year 1997: 6,254; Fiscal year 1998: 7,357; Fiscal year 1999: 8,152; Fiscal year: 10,229; First quarter: 11,922; Second quarter 2001: 12,812; Third quarter 2001: N/A.

Chairman: A number of well-publicized announcements about financial statement restatements[Footnote 1] by large, well-known public companies such as Xerox, Enron, and World Com have erased billions of dollars of previously reported earnings and raised questions about the credibility of accounting practices and the quality of corporate financial disclosure and oversight in the United States. Debt, anticipated restatement; Fiscal year 1997: 6,965; Fiscal year 1998: 7,918; Fiscal year 1999: 8,837; Fiscal year: 10,857; First quarter: 11,922; Second quarter 2001: 12,812; Third quarter 2001: 12,978. [End of table] Accounting/Audit Firm: Arthur Andersen LLP (Arthur Andersen) was Enrons independent auditor from 1985 to 2001.

To determine the immediate impact on stock prices, we analyzed 689 of the 919 restatements that were announced from January 1, 1997, to March 26, 2002, to determine why restatements occurred and collected information on other characteristics of the restatement trends. As of September 13, 2002, the stock price closed at [[

This is the accessible text file for GAO report number GAO-03-138 entitled 'Financial Statement Restatements: Trends, Market Impacts, Regulatory Responses, and Remaining Challenges' which was released on October 23, 2002. Every attempt has been made to maintain the structural and data integrity of the original printed product. These changes to net income were the result of the retroactive consolidation of JEDI and Chewco (November 1997), the consolidation of the LJM1 subsidiary for 19 and prior year proposed audit adjustments.

Sarbanes Chairman, Committee on Banking, Housing, and Urban Affairs United States Senate: Dear Mr. Debt, as reported; Fiscal year 1997: 6,254; Fiscal year 1998: 7,357; Fiscal year 1999: 8,152; Fiscal year: 10,229; First quarter: 11,922; Second quarter 2001: 12,812; Third quarter 2001: N/A.

Chairman: A number of well-publicized announcements about financial statement restatements[Footnote 1] by large, well-known public companies such as Xerox, Enron, and World Com have erased billions of dollars of previously reported earnings and raised questions about the credibility of accounting practices and the quality of corporate financial disclosure and oversight in the United States. Debt, anticipated restatement; Fiscal year 1997: 6,965; Fiscal year 1998: 7,918; Fiscal year 1999: 8,837; Fiscal year: 10,857; First quarter: 11,922; Second quarter 2001: 12,812; Third quarter 2001: 12,978. [End of table] Accounting/Audit Firm: Arthur Andersen LLP (Arthur Andersen) was Enrons independent auditor from 1985 to 2001.

To determine the immediate impact on stock prices, we analyzed 689 of the 919 restatements that were announced from January 1, 1997, to March 26, 2002, to determine why restatements occurred and collected information on other characteristics of the restatement trends. As of September 13, 2002, the stock price closed at $0.16.

We excluded 230 cases because (1) they involved stocks not listed on the New York Stock Exchange (NYSE), the National Association of Securities Dealers Automated Quotation (Nasdaq), or the American Stock Exchange (Amex); (2) they involved announcements made after March 26, 2002;[Footnote 4] or (3) they were missing data for the relevant time period due to trading suspensions, bankruptcies, and mergers, among other things. Figure 15: Daily Stock Prices for Enron, May 1, 2001-June 28, 2002: [See PDF for image] Source: GAOs analysis of NYSE Trade and Quote and Nasdaq data.

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This is the accessible text file for GAO report number GAO-03-138 entitled 'Financial Statement Restatements: Trends, Market Impacts, Regulatory Responses, and Remaining Challenges' which was released on October 23, 2002. Every attempt has been made to maintain the structural and data integrity of the original printed product. These changes to net income were the result of the retroactive consolidation of JEDI and Chewco (November 1997), the consolidation of the LJM1 subsidiary for 19 and prior year proposed audit adjustments.Sarbanes Chairman, Committee on Banking, Housing, and Urban Affairs United States Senate: Dear Mr. Debt, as reported; Fiscal year 1997: 6,254; Fiscal year 1998: 7,357; Fiscal year 1999: 8,152; Fiscal year: 10,229; First quarter: 11,922; Second quarter 2001: 12,812; Third quarter 2001: N/A.Chairman: A number of well-publicized announcements about financial statement restatements[Footnote 1] by large, well-known public companies such as Xerox, Enron, and World Com have erased billions of dollars of previously reported earnings and raised questions about the credibility of accounting practices and the quality of corporate financial disclosure and oversight in the United States. Debt, anticipated restatement; Fiscal year 1997: 6,965; Fiscal year 1998: 7,918; Fiscal year 1999: 8,837; Fiscal year: 10,857; First quarter: 11,922; Second quarter 2001: 12,812; Third quarter 2001: 12,978. [End of table] Accounting/Audit Firm: Arthur Andersen LLP (Arthur Andersen) was Enrons independent auditor from 1985 to 2001.To determine the immediate impact on stock prices, we analyzed 689 of the 919 restatements that were announced from January 1, 1997, to March 26, 2002, to determine why restatements occurred and collected information on other characteristics of the restatement trends. As of September 13, 2002, the stock price closed at $0.16.We excluded 230 cases because (1) they involved stocks not listed on the New York Stock Exchange (NYSE), the National Association of Securities Dealers Automated Quotation (Nasdaq), or the American Stock Exchange (Amex); (2) they involved announcements made after March 26, 2002;[Footnote 4] or (3) they were missing data for the relevant time period due to trading suspensions, bankruptcies, and mergers, among other things. Figure 15: Daily Stock Prices for Enron, May 1, 2001-June 28, 2002: [See PDF for image] Source: GAOs analysis of NYSE Trade and Quote and Nasdaq data.

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We excluded 230 cases because (1) they involved stocks not listed on the New York Stock Exchange (NYSE), the National Association of Securities Dealers Automated Quotation (Nasdaq), or the American Stock Exchange (Amex); (2) they involved announcements made after March 26, 2002;[Footnote 4] or (3) they were missing data for the relevant time period due to trading suspensions, bankruptcies, and mergers, among other things. Figure 15: Daily Stock Prices for Enron, May 1, 2001-June 28, 2002: [See PDF for image] Source: GAOs analysis of NYSE Trade and Quote and Nasdaq data.

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