Accounting, it’s the systematic recording and interpretation of financial accounts. There’s nothing in the definition about the systematic shredding of paperwork, or the systematic deletion of e-mails… but the latest details of a scrambling Arthur Andersen trying to cover its cozy relationship with the bankrupt Enron is threatening the reputation of an entire profession, and it may mean the end of Andersen itself. In a business where reputation is the most valuable asset, Andersen now faces the very public accusation that it was either sloppy or stupid or crooked. Re-establishing public and market confidence the U-S audit system as a guarantee of business integrity is an even bigger issue. Credible or criminal, the badly counted beans of Arthur Anderson
Guests:
Lynn Turner, former Chief Accountant for the US Securities and Exchange Commission
Barbara Toffler, Adjunct Professor at Columbia Business School, formerly head of the Ethics and Responsible Business Practices Consulting Service at Arthur Andersen
and Floyd Norris, Chief Financial Correspondent for the New York Times.