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New CCH Book Examines Enron Issues From Many Angles: Auditing/accounting, Corporate Governance, Disclosure, Business Culture
(RIVERWOODS, ILL., October 31, 2002) – CCH INCORPORATED (CCH), a
leading provider of tax and business information and software has
published Enron and Beyond–Technical Analysis of Accounting,
Corporate Governance, and Securities Issues. This new title
examines the substantive financial, accounting, management, legal and
ethical issues surrounding the Enron collapse. ($75, 444 pages. For
more information or to order, call 800 248 3248 or visit the CCH
Online Store at onlinestore.cch.com.)
Co-editors Julia K. Brazelton and Janice L. Ammons, of Quinnipiac
University, have assembled an insightful panel of co-authors to
examine the multitude of issues raised by the Enron debacle. They
dissect topics ranging from business culture to auditor independence,
from corporate governance to retirement plans, from the role of market
watchdogs to the role of internal auditors and from the use of
derivatives to the deregulation of the utility industry.
The book provides analysis and insights that will be helpful to
accounting and business professionals, lawmakers and the general
public as they seek to plug loopholes, impose new controls and prevent
Enron and Beyond is
presented in 12 chapters, each exploring a different topic and written
by an expert author. All but the introductory chapter conclude with a
set of stimulating "Questions to Consider," making the book
very suitable for use in business courses.
The Enron Saga: Key Players, Dates and Events, by Janice L.
Ammons and Julia K. Brazelton, introduces the major players, diagrams
the special entities and transactions involved and establishes a
timeline of key events for Enron. It includes the complete text of
Sherron Watkins’ warning to Kenneth Lay as an appendix.
Accounting for Derivatives, by Arlette C. Wilson, Taylor
Professor of Accounting at Auburn University, presents a concise
explanation of how derivatives are typically used, how Enron relied on
derivatives to accomplish its profit objectives and the historical and
current rules on accounting for derivatives.
Financial Engineering with Special Purpose Entities,
by Bala Dharan, J. Howard Creekmore Professor of Management at the
Jones Graduate School of Management, Rice University, reviews the
origins of special-purpose entities (SPEs) as genuine financial
instruments and discusses how SPEs were used by Enron and others as
financial engineering tools to achieve dubious accounting objectives.
Generally Accepted Auditing Standards and the Enron Audit, by
Robert Semenza, of Quinnipiac University, presents some of the major
accounting issues involved in the Enron matter as they relate to
generally accepted auditing standards, including working papers and
working paper retention, identification of related-party transactions,
auditor communications with the audit committee of the client’s
board of directors, the concept of professional skepticism,
materiality and independence.
Independence of Accountants Performing the Attest Function, by
Janice L. Ammons and Julia K. Brazelton, questions the impact on
independence risk in the Enron-Arthur Andersen engagement and
addresses how factors like corporate audit committees, audit firm
policies and audit firm culture may have failed to sufficiently
mitigate independence risk.
Impact of Enron on the Internal Auditing Profession, by
Douglas E. Ziegenfuss, Professor and Chair of the Accounting
Department at Old Dominion University, describes events in Enron’s
internal auditing department, developments in the internal auditing
profession prior to Enron and predictions regarding the impact that
Enron will have on the internal auditing profession into the future.
Utility Industry Restructuring: Did Enron Make It Happen?,
by Kathleen E. Magruder, Vice President of Government Affairs for
The New Power Company, examines the impact Enron has had on the
restructuring of the utility industry.
Redefining the Roles of the Watchdogs, by Margaret Rosenfeld,
of the law firm Smith, Anderson, Blount, Dorsett, Mitchell &
Jernigan, L.L.P., focuses on the roles of the securities market
"watchdogs" and examines the most prominent proposed
regulatory and legislative reforms.
Enron and Wall Street, by Mark Cheffers, CEO and founder
reviews the issues arising for groups that both form and influence
Wall Street activities: financial press, distinguished commentators,
investment banks and financial institutions, analysts and brokerage
houses, the SEC and other regulators. The chapter also describes how
the accounting and auditing professions were instrumental in providing
the "cover" needed to permit misrepresentations.
Corporate Self-Governance and the Corporate Checks and Balances
System, by Patrice Luoma, Associate Professor of Management
at Quinnipiac University, focuses on corporate governance issues as
they pertain to the Enron situation and on the perspectives of various
parties that have voiced recommendations. It provides an overview of
the legal requirements for a board of directors and the roles of
managers and shareholders, and discusses the state of governance today
and factors that can affect governance effectiveness.
Employee Compensation and Retirement Plan Issues at Enron,
by Stephen G. Driggers, executive compensation and employee benefits
attorney with Smith, Anderson, Blount, Dorsett, Mitchell &
Jernigan, L.L.P., deals with executive compensation and employee
retirement plans. The chapter identifies Enron’s compensation
philosophy, including its plans for annual incentives and long-term
financial inducements and presents some proposed changes in rules
pertaining to compensation and benefits.
Enron’s Corporate Culture and Ethics, by John Dobson,
author of two books and numerous articles on ethics and finance in
academic journals, discusses the corporate culture and ethics
associated with Enron’s fall. The chapter addresses the challenges
faced by any corporate culture and explains why Enron’s corporate
culture exacerbated these challenges. It examines American corporate
culture and argues that Enron’s problems were a dramatic
manifestation of a problem that exists throughout contemporary
Availability and Pricing
For more information or to order a copy of the 444-page Enron
and Beyond: Technical Analysis of Accounting, Corporate Governance,
and Securities Issues, call 800-248-3248 or visit the CCH Online
Store at onlinestore.cch.com.
Single copies are $75, plus applicable shipping, handling and tax.
Quantity discounts and school adoption prices are available.
About CCH INCORPORATED
CCH INCORPORATED, headquartered in Riverwoods, Ill., was founded in
1913 and has served four generations of business professionals and
their clients. The company annually produces more than 700 electronic
and print products for the tax, legal, securities, human resources,
health care and small business markets. CCH is a wholly owned
subsidiary of Wolters Kluwer North America. The CCH web site can be
accessed at cch.com.
The CCH Federal and State Group Tax site can be accessed at tax.cchgroup.com.
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EDITOR’S NOTE: For members of the press, a complimentary copy of Enron
and Beyond–Technical Analysis of Accounting, Corporate Governance,
and Securities Issues is available by contacting Neil Allen at
847-267-2179 or firstname.lastname@example.org.