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1、NorthChinaInstituteofAerospaceEngineering(119.250.140.211)-2013/10/14Download1222P.K.CHANEYANDK.L.PHILIPICHthefinancialstatementsreflectthefirm'sbusinessrealityandahigherprob-abilitythatitsearningsandbookvalueshavebeenoverstatedwithoutbeingflaggedbyitsauditor.Consequently,weexamineArthurAndersen'sc
2、lients'stockmarketimpactsurroundingdatesonwhichAndersen'sauditproce-duresandindependencewereunderseverescrutinyaswellasAndersen'sclients'auditorswitchdates.Inthissection,weprovideabriefhistoryofeventsthataffectedbothEnronandAndersen.Insubsequentsectionswereviewtheliteratureonauditorreputation,devel
3、opourhypotheses,anddescribeourdata,analysis,andresults.Finally,weprovideaconclusion.LIENRONEVENTSAtonetime,EnronwastheseventhlargestfirminrevenuesintheUnitedStatesandwashighlytoutedasbeinganinnovativemarketerinnaturalgasandelectricity.OnOctober16,2001,Enronannouncedthatthird-quarterearningswouldinc
4、ludeanonrecurringchargeof$1.01billionaftertaxbe-causeoferrorsinaccounting.'Thenextday,theSecuritiesandExchangeCommission(SEC)begananinformalinquiryintoEnron'saccounting.ThepressimmediatelybeganquestioningEnron'saccounting,placingempha-sisonrelated-partytransactions.OnOctober22,EnronacknowledgedtheS
5、ECinquiryconcerningpossibleconflictsofinterestinvariouspartnerships.Enron'sstockpricedropped20%.Enronnotedthatitsinternalauditorsandexternalauditorshadreviewedtherelated-partyarrangements.OnOctober31,Enron'sboardofdirectorsformedaspecialcommittee,headedbyWilliamPowers,toexaminetherelated-partytrans
6、actionsandtorecom-mendactionsneededtocorrectproblemsfound.Inaddition,onthisdate,EnronacknowledgedthattheSECchangeditsinitialinquiryintoaformalinvestigation.OnNovember8,Enronannouncedthatthecompanyanditsauditorhaddeterminedthatcertainoff-balancesheetentities(primarilyaspecialpur-poseentitynamedChewc
7、o)shouldhavebeenconsolidatedinaccordancewithgenerallyacceptedaccountingprinciples(GAAP).Asaresult,Enronstatedthatallearningsfrom1997through2000shouldnotbereliedonandwouldbereducedbyamountsrangingfromalowof$
