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Non-Tech : The Enron Scandal - Unmoderated
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To: James Calladine who wrote (2638)3/26/2003 7:57:44 PM
From: Glenn Petersen   of 3602
 
My guess is that there was not any direct collusion between the auditors and management. From what I have read, this appears to have been a carefully orchestrated fraud with an eye to misleading the auditors. I would suspect that the HRT accounting department was filled with former Ernst & Young people. They would be familiar with E&Y's audit procedures and materiality guidelines. Owens was a former Ernst & Whinney guy. Check out his bio from their last proxy statement:

William T. Owens, C.P.A., joined HEALTHSOUTH in March 1986 as Controller
and was appointed Vice President and Controller in December 1986. He was
appointed Group Vice President -- Finance and Controller in June 1992, Senior
Vice President -- Finance and Controller in February 1994 and Group Senior Vice
President -- Finance and Controller in March 1998. In February 2000, he was
named Executive Vice President and Chief Financial Officer, and in March 2001 he
was named a Director. In August 2001, he was named President and Chief Operating
Officer of HEALTHSOUTH. Prior to joining HEALTHSOUTH, Mr. Owens served as a
certified public accountant on the audit staff of the Birmingham, Alabama office
of Ernst & Whinney (now Ernst & Young LLP) from 1981 to 1986.
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