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Pastimes : Rage Against the Machine

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To: Thomas M. who started this subject	6/15/2002 8:43:25 PM
From: James Calladine	Read Replies (1) of 1296

Andersen to Cease Auditing Public Companies by Aug. 31, SEC Says The Associated Press Published: Jun 15, 2002 ap.tbo.com WASHINGTON (AP) - A Securities and Exchange Commission rule bars any firm convicted of a felony from auditing publicly traded companies - likely putting crippled Arthur Andersen LLP out of business. Andersen was convicted Saturday of obstructing justice by shredding Enron Corp.-related documents. After the verdict in Houston, the SEC it was "deeply troubled by the underlying events that resulted in Andersen's conviction, especially insofar as the verdict reflects the jury's conclusion that Andersen engaged in conduct designed to obstruct SEC processes." The commission has been investigating the bankrupt energy trading company and Andersen's role as its longtime auditor. Andersen informed the SEC after the verdict that it will cease auditing public companies by Aug. 31, unless the SEC determines that another date is appropriate, the commission said in a statement. The market watchdog agency said it continues to monitor the companies whose financial statements are in the process of being audited by Andersen. ---

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