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Scoala Na|ional de Studii Politice si Administrative

Facultatea de Comunicare si Rela|ii Publice "David Ogilvy"


Masterat n Managementul proiectelor
Evaluarea yi auditul proiectelor
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Scoala Na|ional de Studii Politice si Administrative
Facultatea de Comunicare si Rela|ii Publice "David Ogilvy"
Masterat n Managementul proiectelor
Evaluarea yi auditul proiectelor
D DE EO ON NT TO OL LO OG G E E8 8A AU UP PR RO OF F T T? ?
S St tu ud di iu u d de e c ca az z
R Ra ad du u F Fl lo or re ea a, , 2 20 00 05 5- -2 20 00 08 8
Scoala Na|ional de Studii Politice si Administrative
Facultatea de Comunicare si Rela|ii Publice "David Ogilvy"
Masterat n Managementul proiectelor
Evaluarea yi auditul proiectelor
D DE EO ON NT TO OL LO OG G E E8 8A AU UP PR RO OF F T T? ?
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R Ra ad du u F Fl lo or re ea a, , 2 20 00 05 5- -2 20 00 08 8
DEONTOLOGE8AUPROFT?
"Enron" yi "Arthur Andersen" (studiu de caz)
Enron - scurt biografie a corporaiei
Compania Enron s-a dezvoltat n Houston, statul Texas. naintea Ialimentului su (spre sIrsitul
anului 2001), Enron avea n jur de 21.000 de angaja|i si era una din cele mai importante
companii din domeniul energetic (electricitate, gaze naturale) si al telecomunica|iilor. Compania
a avut venituri totale de 101 miliarde USD n anul 2000 si comercializa curent electric si gaze
naturale, Iurniza bunuri si servicii de management Iinanciar si al riscului pe tot mapamondul. De
asemenea, a dezvoltat o re|ea "inteligent" si inovatoare de achizi|ii online. Revista Fortune a
acordat corpora|iei Enron titlul de "cea mai inovatoare companie american" timp de 6 ani
consecutiv. Adresa de internet a corpora|iei era www.enron.com iar la burs se regsea sub
indicativul ENE.
Datorit unor practici de contabilitate si management ndoielnice, compania Enron a Iost listat
pe locul 7 ca mrime n Statele Unite ale Americii si analistii Iinanciari se asteptau s domine
pia|a energetic si cea de telecomunica|ii din SUA. Dimpotriv, Enron a devenit cel mai mare
Ialiment (la vremea sa, ulterior egalat si chiar depsit doar de cel al WorldCom) din istorie si a
devenit emblematic pentru Irauda institu|ionalizat si planiIicat n detaliu.
Opera|iunile europene ale corpora|iei Enron au ncetat activitatea si si-au declarat Ialimentul pe
30 noiembrie 2001, iar cele din Statele Unite n 2 decembrie 2001.
"Arthur Andersen" - scurt biografie a companiei
Compania de audit Iinanciar si de management "Arthur Andersen" a luat Iiin| n anul 1913
Iondatorii si Iiind Arthur Andersen si Clarence DeLany. Primul client auditat de "Arthur
Andersen" a Iost compania productoare de bere "Schlitz" din statul Milwaukee.
Fondatorul companiei, Arthur Andersen, a condus-o cu o mn Iorte pn la moartea sa, n 1947.
O Iire ncp|nat si onest, Andersen a subliniat ntotdeauna c responsabilitatea auditorilor
era Ia| de investitori (ac|ionari), si nu Ia| de echipele executive (percepute ca si "clien|i").
Mul|i ani de atunci ncolo, motto-ul companiei a Iost "Gndeste cinstit, vorbeste cinstit".
n anii '80, standardele nalte din domeniul auditrii Iinanciare si de management s-au prbusit,
ncetul cu ncetul, iar companiile de audit se orientau tot mai mult ctre "mul|umirea" clien|ilor si
evitarea situa|iilor n care acestora li se prezentau aspectele negative ale activit|ii lor. "Arthur
Andersen" nu a Icut excep|ie. Au Iost specula|ii cu privire la implicarea companiei n auditarea
Irauduloas a Iirmelor "Sunbeam Waste Management", "Asia Pulp & Paper", "Funda|ia Baptist
din Arizona" s.a.m.d.
n 1989, dndu-si seama de evolu|ia rapid si proIitabil a pie|ei de consultan| Iinanciar si
management, compania "Arthur Andersen" s-a divizat, astIel aprnd divizia de consultan|.
Zece ani mai trziu, cele dou companii s-au separat total din cauza nen|elegerilor aprute ntre
auditori si consultan|i cu privire la veniturile realizate din activit|i. Rezultatul a Iost c
"Andersen Consulting" si-a schimbat denumirea n "Accenture, Inc." si a Iost nevoit s
returneze 1,2 miliarde USD Iirmei-mam. n continuare, "Arthur Andersen" a prosperat pe
msur ce anii au trecut, printre succesele sale numrndu-se preluarea diviziei de consultan|
"Hitachi Consulting" si a Iirmei "KPMG Consulting" (parte a grupului KPMG).
n data de 15 iunie 2002, "Arthur Andersen" a Iost inculpat oIicial de obstruc|ionarea justi|iei si
distrugerea de documente privitoare la auditul eIectuat la corpora|ia Enron. ConIorm legisla|iei
americane n domeniu, compania "Arthur Andersen" a Iost nevoit s-si suspende licen|a si
Scoala Na|ional de Studii Politice si Administrative - Facultatea de Comunicare si Rela|ii Publice "David Ogilvy"
Masterat n Managementul proiectelor - cursul "Evaluarea yi auditul proiectelor"
Toate drepturile asupra acestei lucrri apar|in Scolii Na|ionale de Studii Politice si Administrative,
Facultatea de Comunicare si Rela|ii Publice "David Ogilvy"
2
dreptul de a practica audituri pn pe 31 august 2002. Verdictul, pronun|at n acelasi an, a dus la
pierderea deIinitiv a capacit|ii de a eIectua expertize contabile si de management n cazul
Iirmelor americane.
Aceast sentin| a condus la desIiin|area de facto a companiei "Arthur Andersen" (cu toate c,
legal, ea nc mai exist) si la dispari|ia uneia dintre cele mai mari si respectate Iirme de audit
din lume.
Dou companii, un singur destin
Faliment pe ascuns
La insisten|ele senatorului democrat Joseph Liebermann - Iost candidat la postul de
vicepresedinte al SUA, alturi de Al Gore Jr. - Casa Alb a pus la dispozi|ia Congresului
documente care demonstreaz contactele strnse dintre liderii Enron si cei ai SUA. AstIel,
potrivit documentelor, n timp ce Enron aluneca ncet, dar sigur, spre Ialiment, nal|ii oIiciali
economici si politici ai Casei Albe s-au mobilizat pentru a ncerca s minimalizeze impactul pe
care l-ar Ii avut pe pie|ele Iinanciare prbusirea gigantului din Texas.
Cu cteva zile nainte de pronun|area Ialimentului Enron, Karen Hughes - consilierul de pres al
presedintelui Bush - a discutat cu secretarii de pres ai Casei Albe despre limitarea impactului
Ialimentului Enron n pres. Cu cteva sptmni naintea acestei sedin|e, Joshua Bolten,
adjunctul seIului de cabinet al presedintelui Bush, a analizat, cu un oIicial al Departamentului
Trezoreriei, consecin|ele pe care le-ar Ii avut Ialimentul Enron asupra pie|elor Iinanciare si
energetice. De Iapt, ochii Administra|iei Bush au Iost a|inti|i asupra situa|iei delicate de la Enron
nc de la investirea presedintelui, n ianuarie 2001.
Impactul falimentului
Falimentul Enron a lsat pe drumuri mii de angaja|i care Iuseser ncuraja|i s investeasc n
ac|iunile companiei. Rmasi Ir locuri de munc si Ir bani, Iostii angaja|i Enron mai n
Iloarea vrstei s-au apucat s pozeze care n "Playboy", care n "Playgirl".
Printre pgubi|i s-a aIlat si banca "J.P. Morgan Chase", care a anun|at pierderi de 456 milioane
de dolari n ianuarie 2002. Si alte bnci au mai pierdut milioane de dolari.
Ac|iunile Enron reprezentau aproape jumtate din valoarea Iirmei si au nregistrat o scdere
brusc de la 34 de dolari la zero, n doar cteva luni. Enron a Iost eliminat de la Bursa din New
York si miliarde de dolari s-au pierdut n vnt.
Principalii actori
Cel mai bun prieten al actualului presedinte Bush era Iostul presedinte al Enron, Kenneth Lay.
Acesta a "cotizat" cu milioane de dolari la campania preziden|ial a lui Bush din 2000, dar le-a
dat bani si democra|ilor. Prin aceste dona|ii, Lay si-a asigurat "usi deschise" n Congres, la Casa
Alb si la agen|ii guvernamentale de care depindea evolu|ia companiei. Lay, care n primul an de
mandat al lui Bush l-a sunat de cteva ori pe presedinte pentru a-i cere anumite Iavoruri, a
demisionat pe 23 ianuarie a.c. El a primit numai n anii 1999-2000 salariu, prime si alte
recompense n valoare de 14,7 milioane de dolari.
Presedintele George W. Bush a Iost principalul beneIiciar al contribu|iilor Iinanciare oIerite cu
generozitate n stnga si n dreapta de ctre conducerea gigantului energetic din Texas, Enron,
companie al crei Ialiment a Iost cel mai mare din istoria SUA.
Scoala Na|ional de Studii Politice si Administrative - Facultatea de Comunicare si Rela|ii Publice "David Ogilvy"
Masterat n Managementul proiectelor - cursul "Evaluarea yi auditul proiectelor"
Toate drepturile asupra acestei lucrri apar|in Scolii Na|ionale de Studii Politice si Administrative,
Facultatea de Comunicare si Rela|ii Publice "David Ogilvy"
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Casa Alb a admis cu greu c au existat anumite contacte - a se citi cereri de acordare a unor
privilegii - ntre liderii Enron si oIicialii Administra|iei Bush. Dezvluirea nu a Iost suIicient
pentru liderii Partidului Democrat - ei nsisi beneIiciari ai mrinimiei Enron J, care au insistat ca
Administra|ia Bush s spun tot adevrul. Atacul democra|ilor este explicat de apropierea
alegerilor pentru Congres, din noiembrie acest an. Liderul minorit|ii democrate din Camera
Reprezentan|ilor, Richard A. Gephardt, a declarat c "este evident c oIicialii Administra|iei
Bush suIer de mahmureal" de pe urm Enron.
Greg Whalley, Iost director al Enron, a apelat si el de sase-sapte ori la "prietenii" de la
Departamentul Trezoreriei. Andrew Fastow, Iost director Iinanciar al Enron (demis n octombrie
2001), a creat dou companii paralele prin care a splat milioane de dolari. JeIIrey Skilling, Iost
director executiv al Enron pn n august 2001, a Iost anchetat si el din cauza conIlictelor de
interese rezultate din crearea a dou Iirme. Skilling a cstigat 10,3 milioane de dolari n anii
1999-2000.
"Arthur Andersen"
Firma de audit "Arthur Andersen", care s-a ocupat de expertiza contabil a corpora|iei Enron, a
ob|inut, ini|ial, o strlucitoare victorie n Justi|ie prin excluderea termenului "cunostin|e
colective" din actul de acuzare. Andersen trebuia s rspund acuza|iilor de obstruc|ionare a
Justi|iei si a admis c a distrus documente n care era men|ionat compania Ialimentar Enron.
Avoca|ii de la "Arthur Andersen" au reusit s-i conving pe judectori ca doar cei ce au distrus
documentele stiau de nereguli, Iaptele neIiind cunoscute de ntreaga conducere a Iirmei. David
Duncan, Iostul auditor al Enron, a pledat vinovat n luna aprilie unei acuza|ii de obstruc|ionare a
Justi|iei si a acceptat s compar la proces ca martor al Guvernului. n continuare, "Arthur
Andersen" va ncerca s-si apere reputa|ia - siIonat de neregulile de la Enron - n instan|.
Andersen va aprea n Ia|a judectorilor ca o Iirm care a ncercat s mearg pe calea dreapt
prin h|isul aIacerii Enron. OIicialii Iirmei de audit nu vor nega c unele documente au Iost
distruse, dar avoca|ii vor preciz c aceste opera|iuni au avut loc pentru a nlocui Iisiere vechi,
nu pentru a obstruc|iona Justi|ia.
Viitorul Iirmei de contabilitate este nesigur, ns, aceasta Iiind acuzat c a ascuns adevrul
despre situa|ia Iinanciar a corpora|iei Enron.
AstIel, tribunalul Iederal din Houston, statul Texas, a decis c Andersen a dorit inten|ionat, prin
nclcarea legii, s distrug dosarele Enron, pentru a nu intra pe mna inspectorilor Comisiei de
Schimburi si Asigurri (SEC).
La ncheierea acestui nou proces, care a durat cinci sptmni, juriul a avut nevoie de nou zile
de deliberri pentru a concluziona c Andersen a continuat s distrug documente, la o
sptmn dup ce i s-a cerut s nceteze aceast practic. n urma acestui verdict, Iirma "Arthur
Andersen" (veche de 89 de ani si care era, naintea nceperii scandalului Enron, printre primele
cinci din lume) nu va mai avea voie s eIectueze expertize contabile ale Iirmelor publice si risca
s primeasc o amend Ioarte mare.
Andersen deja pierduse Ioarte mul|i clien|i si aproximativ doua-treimi din cei 28.000 de angaja|i
din Statele Unite. Colapsul companiei Enron, a Iost par|ial pus pe seama Iaptului c datorii de
milioane de dolari nu au Iost trecute n documentele contabile.
"Aceast Iirm nu a comis nici o inIrac|iune", a declarat Rusty Hardin, avocatul care reprezint
Arthur Andersen.
Scoala Na|ional de Studii Politice si Administrative - Facultatea de Comunicare si Rela|ii Publice "David Ogilvy"
Masterat n Managementul proiectelor - cursul "Evaluarea yi auditul proiectelor"
Toate drepturile asupra acestei lucrri apar|in Scolii Na|ionale de Studii Politice si Administrative,
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ntr-un comunicat dat publicit|ii
imediat dup aIlarea verdictului,
Iirma Arthur Andersen a contestat
decizia jura|ilor. "Jura|ilor nu le-a
Iost ngduit s cunoasc ntreg
adevrul despre ceea ce s-a ntmplat
toamna trecuta, din cauza unei
hotrri a Departamentului Justi|iei.
"Arthur Andersen" inten|ioneaz s
Iac apel la decizia luat de jura|i",
se art n comunicat. Andersen
critica "teoria nvinuirii, lansat de
Guvern", prin care orice Iirm poate
Ii condamnat dac urmeaz
prevederile legale. "Este clar c
Guvernul a esuat s-si respecte
responsabilitatea moral Ia| de opinia public, acuznd o Iirm cu 28.000 de oameni nevinova|i,
Iirm care a cooperat cu autorit|ile n vederea gsirii unei solu|ii prin care s Iie evitat un
proces", se mai precizeaz n documentul emis de Arthur Andersen".
Avoca|ii Iirmei au sus|inut c distrugerea unor documente considerate nvechite este o
opera|iune de rutin n |inerea eviden|elor contabile. n timpul procesului, jura|ii au vizionat si o
nregistrare video, n care un director de la Arthur Andersen aIirma c "ar Ii bine c documentele
s Iie distruse naintea sosirii inspectorilor SEC". "Vedeta" acuzrii n proces a Iost David
Duncan, un Iost asociat al Arthur Andersen, care se ocupa de expertiza contabil a Enron. La
cteva ore de la pronun|area sentin|ei, SEC a anun|at c Arthur Andersen si-a pierdut capacitatea
de a eIectua expertize contabile n cazul Iirmelor americane.
Ciudat este Iaptul c judectorul procesului Andersen a hotrt ca jura|ii s se exprime pentru
Iirm, nu pentru Iiecare acuzat n parte. De aceea, jura|ii au putut ajunge la un consens, desi cnd
i-au judecat separat pe cei implica|i n proces, ei au avut preri mpr|ite. Analistii politici sunt
de prere c verdictul pronun|at n cazul Andersen este si ecoul unor ndemnuri ale administra|iei
Bush, care dorea s-si pstreze credibilitatea n poIida implicrii indirecte n scandalul Enron.
Mesajul procurorilor americani este clar: anchetatorii vor juca Ioarte dur n ncercarea de a
descoperi noi Irdelegi n Ialimentul companiei Enron. "Noi vom avea o atitudine Ioarte
agresiv n timpul acestei investiga|ii", a declarat Leslie R. Caldwell, conductorul "diviziei
Enron" din cadrul Departamentului Justi|iei.
Decizia luat n cazul Andersen a Iost considerat de analistii politici drept primul rspuns
radical dat corup|iei, verdict care Iace parte dintr-un amplu experiment n "laboratorul"
Administra|iei Bush.
Potrivit ziarului "Washington Post", Enron a Iost "btlia de la Waterloo" a companiei Arthur
Andersen, btlie dramatic, soldat cu pierderi de milioane de dolari. Pierderi care sunt
suportate de investitori. Mul|i clien|i valorosi ai Arthur Andersen au renun|at la colaborarea cu
aceast Iirm chiar naintea pronun|rii verdictului la Houston. "Mi se rupe inima", spune un Iost
angajat al Arthur Andersen. "Eram printre cei mai buni din lume si eram Ioarte mndri", spune
trist contabilul veteran.
Urmnd sirul evenimentelor, oIicialii de la Arthur Andersen au Iost chema|i pentru prima oar n
instan| pe data de 8 noiembrie 2001, pentru a da explica|ii despre activit|ile din cadrul Enron.
Atunci procurorii au acuzat compania pentru o posibil ncurajare la distrugerea de documente
Scoala Na|ional de Studii Politice si Administrative - Facultatea de Comunicare si Rela|ii Publice "David Ogilvy"
Masterat n Managementul proiectelor - cursul "Evaluarea yi auditul proiectelor"
Toate drepturile asupra acestei lucrri apar|in Scolii Na|ionale de Studii Politice si Administrative,
Facultatea de Comunicare si Rela|ii Publice "David Ogilvy"
5
incriminatorii, aducnd ca prob un e-mail din luna octombrie 2001. Drept urmare, Andersen a
Iost amendat cu 500.000 de dolari si supus la cinci ani de supraveghere a activit|ii. Amenda si
perioada de "stat pe tus" reprezint cuantumul maxim de pedeaps pentru astIel de delicte.
Compania, care Icea parte din grupul celor mai mari cinci Iirme de contabilitate la nivel
mondial, s-a destrmat, iar 28.000 de angaja|i americani au Iost concedia|i. Cazul Andersen a
Iost primul dintr-un lung sir determinat de Ialimentul Enron. Ar Ii de amintit ca Enron era cotat
ca a saptea mare companie american, n Iunc|ie de venituri, nainte s Iie declarat Ialimentar
n decembrie 2001. Exemplul Andersen este nc viu n mintea autorit|ilor americane, care
caut acum metode ct mai eIiciente de pedepsire a altor mari corpora|ii care trec grani|a
inIrac|ionalit|ii.
Epilog pentru "Arthur Andersen"
n mai 2005, Curtea Suprem de Justi|ie din Statele Unite ale Americii a schimbat la nceputul
sptmnii hotrrea conIorm creia grupul contabil Arthur Andersen, a Iost gsit vinovat pentru
distrugerea unor documente incriminatoare ale grupului energetic american Enron. Instan|a
suprem a hotrt c nu exist suIiciente probe pentru a condamna grupul Andersen de
distrugere de documente, desi, anterior, justi|ia stabilise c grupul contabil i-a convins pe
angaja|ii companiei s distrug, n perioada octombrie - noiembrie 2001, o serie de acte pentru a
nu Ii gsite de autorit|ile Iederale.
Ca urmare a evenimentelor neIericite prin care a trecut, Andersen mai are n prezent numai 200
de angaja|i, pe posturi n principal administrative si legale.
ntrebri recapitulative:
1. n sectorul de aIaceri, Iunc|ionarea unei companii rezid n acumularea de proIit. n cazul
evalurii activit|ii unui client corporatist (Iie c este vorba de o Iirm, un proiect sau de
un departament), unde se regseste limita dintre satisIac|ia clientului si realit|ile
prezentate de un raport de audit (opera|ional)?
2. Citi|i anexa 1. Care ar Ii cele mai importante elemente ce ar putea propulsa din nou
sectorul de auditare si consultan|?
3. Citi|i anexa 2. Descrie|i asemnrile si diIeren|ele ntre "cazul Enron" si "cazul Fondului
Na|ional de Investi|ii".
4. Citi|i si anexa 3 (numai pentru cunosctorii limbii engle:e). Cine este vinovat pentru
Ialimentul celor dou companii - "Arthur Andersen" sau Enron? Detalia|i.
5. Pornind de la situa|ia prezentat n studiul de caz (dar |innd cont si de alte materiale
postate si de propriile Dvs. cutri pe internet sau n alt parte), elabora|i un eseu (nu mai
mult de 1500 de cuvinte) cu tema "Deontologia profesional n evaluarea extern a
proiectelor".
Bibliografie:
Emil Neacsu, articol n ziarul Gardianul, 27 mai 2002
Emil Neacsu, articol n ziarul Gardianul, 17 iunie 2002
***, articol n ziarul Curierul Na|ional, 2 iunie 2005
Site-ul BaniiNostri.ro
caricaturi: site-ul TheCartoonResource.com, 2003-2005
Studiul de caz a fost elaborat de Ec. Radu Florea, noiembrie 25
Scoala Na|ional de Studii Politice si Administrative - Facultatea de Comunicare si Rela|ii Publice "David Ogilvy"
Masterat n Managementul proiectelor - cursul "Evaluarea yi auditul proiectelor"
Toate drepturile asupra acestei lucrri apar|in Scolii Na|ionale de Studii Politice si Administrative,
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ANEXA1
"Auditul iese din moarte clinic"
n urm cu doi ani, cele cinci mari companii de consultan| "Big Five" erau n corzi. "Arthur
Andersen" ncepea s se dezintegreze n urma scandalului Enron, iar celelalte patru companii
pierdeau tot mai mul|i clien|i. Momentele de conIuzie general mpreun cu teama companiilor
de a-si mai altura numele de cel al consultan|ilor Iinanciari au Icut ca lumea auditorilor de
"marc" s cunoasc "nceputul sIrsitului".
Acum se pare c apele s-au limpezit, iar auditorii au revenit pe drumul cel bun. De Iapt, cei patru
cstigatori - PriceWaterhouseCoopers, Deloitte&Touche, Ernst&Young si KPMG spun c ei nu
au Icut dect s plteasc pcatele celui de-al cincilea juctor si anume Andersen. Firma
"btrnului Arthur" a iesit deja pe poarta din dos a istoriei americane. Rmne ca doar studen|ii
de la Harvard s mai caute cauzele care au condus "la cel mai penibil Ialiment din istoria
modern", asa cum spun analistii de pe Wall Street. Supravie|uitorii si-au pstrat aproape toate
diviziile non-Iinanciare cum sunt: consultan| Iiscal, managementul resurselor umane si partea
de consultan| n domeniul Iuziunilor si achizi|iilor.
Ce s-a ntmplat, de Iapt, ntr-o
industrie a auditului de peste 30 de
miliarde de dolari? Andersen - acum
nc n proces cu statul american
pentru distrugerea documentelor de
la Enron - si-a asumat esecul
proIesional. Colapsul su a condus la
apari|ia unui imens portoIoliu de
clien|i pe care supravie|uitorii s-au
grbit s-l acapareze. Rezultatul pare
a Ii unul extraordinar pentru PwC si
compania: proIiturile de anul acesta
vor Ii sensibil mai mari dect cele
ob|inute n ultimii patru ani. n mod
cu totul ironic, mare parte din
aceast crestere a proIitului va veni tot din partea diviziilor tradi|ionale ale Iirmelor de
consultan| si anume auditul si serviciile de taxe si nu din partea consultan|ei. KPMG si-a vndut
de altIel toate diviziile de consultan| din Statele Unite.
Auditorii au recunoscut, de altIel, c o dat cu declinul industriei high-tech si diviziile lor de
consultan| si-au cam pierdut obiectul activit|ii. Acesta este si motivul pentru care
Ernst&Young si KPMG si-au vndut deja diviziile de consultan| din SUA, iar Andersen si
Deloitte sunt n cutare de cumprtori.
PwC, numrul unu n domeniu, a recunoscut c a nregistrat anul trecut venituri sensibil mai mici
pe partea de consultan| a resurselor umane, dar oIicialii companiei spun c sunt mai mult dect
mul|umi|i de cele peste 14 miliarde de dolari, ct au ncasat toate Iilialele grupului de pe urma
auditului, a taxelor si a altor servicii Iinanciare.
Scoala Na|ional de Studii Politice si Administrative - Facultatea de Comunicare si Rela|ii Publice "David Ogilvy"
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"Se pare c Big Four vor rmne
companii n care merit s-|i investesti
banii. Partea de audit a aIacerii lor este
de departe cea mai proIitabil si va
genera n continuare venituri
considerabile", spun analistii de la Yale
School oI Management.
Pentru companiile de consultan| exist
ns si o parte bun a scandalului
Andersen-Enron. Consiliile de
Administra|ie ale marilor companii
dependente de auditori au Iixat mult
mai multe ntlniri cu consultan|ii lor
Iinanciari. Asta nseamn ore mai
multe trecute pe Iacturile lunare si
implicit venituri mai mari pentru auditori.
Centrul Europei, Rusia si America Latin sunt zonele unde auditorii cred c vor nregistra cele
mai mari cresteri ale veniturilor. Asa ar putea Ii explicat si interesul celor patru pentru preluarea
Iilialelor Andersen din aceste zone.
surs: Revista "Capital", iulie 2004
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ANEXA2
Scrisoare ctre Arthur Andersen - Romnia
din partea Asociaiei Naionale pentru Protecia Investitorilor
Stima|i domni,
Am aIlat din pres c AVAB v-a comandat eIectuarea unui audit la FNI, nc din vara anului
2001. Ulterior, s-a anun|at, tot n pres, c societatea Dvs. a deIinitivat acest audit si l-a depus la
sediul AVAB nc nainte de sIrsitul anului 2001.
Dup cum v este cunoscut, AVAB a primit atribu|ia de a organiza adunarea general a
investitorilor FNI, prin prevederile Legii 333/2001. Aceste prevederi vin n contradic|ie cu cele
ale OG 24/93, nc n vigoare, prin care aceste atribu|ii revin doar investitorilor FNI, evident,
prin asocia|iile n care sunt organiza|i. IndiIerent de contradic|iile celor dou legi, am Ii Iost
mul|umi|i mcar s Iim invita|i s colaborm la organizarea acestei adunri generale, dar nici
pn n prezent, cu cteva zile naintea declansrii consultrii ( 04.03.2002 ), AVAB nu ne-a
contactat.
Mai mult, AJAB nu a fcut public rezultatul auditului efectuat de firma Dvs., nici pn n
prezent, nclcnd astIel prevederile art. 55, al titlului I, capitolul II, din Regulamentul CNVM
9/96. n lipsa datelor acestui audit, investitorii FNI vor Ii pusi n situa|ia s voteze n
necunostin| de cauz, ceea ce este inadmisibil si dovedeste, totodat, reaua credin| a
institu|iilor statului romn, care nu doresc dect s nsele din nou investitorii FNI.
Fa| de aceast situa|ie de neacceptat v solicitm s ne pune|i la dispozi|ie un exemplar al
acestui audit pentru a putea inIorma investitorii FNI asupra realit|ii Iondului. Desi a Iost pltit
de ctre AVAB, n calitate de "client", auditul a fost fcut pentru a proteja interesele
investitorilor FAI yi nu pentru a li se ascunde realitatea. Suntem convinsi c Arthur Andersen
nu doreste "o nou aIacere ENRON" si n Romnia. V reamintim c adevrajii beneficiari ai
acestui audit sunt investitorii FAI care au dreptul de a afla o opinie independent, onest yi
transparent despre starea financiar a fondului, nainte de luarea oricrei decizii.
V rugm s ave|i n vedere si Iaptul c investitorii FNI sunt n mare majoritate persoane Ir
cunostin|e Iinanciare, n vrst si cu un discernmnt redus si tinuirea unor inIorma|ii sau
punerea la dispozi|ia investitorilor n mod selectiv de ctre AVAB, doar n momentul consultrii,
poate contribui la distorsionarea adevrului si la inIluen|area rezultatelor consultrii.
Cu speran|a c ve|i da curs solicitrii noastre,
Cu sinceritate,
Mihai Nicolaevici
Presedinte
Asocia|ia Na|ional pentru Protec|ia Investitorilor
(februarie 2002)
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ANEXA3
Povestea prescurtat a corporaiei Enron
(text in limba engle: - facultativ)
Enron's Growth
Enron was Iounded in 1930 as Northern Natural Gas
Company, a consortium oI Northern American Power
and Light Company, Lone Star Gas Company, and
United Lights and Railways Corporation. The
consortium ownership was gradually dissolved between
1941 and 1947 through a public stock oIIering. In 1979,
Northern Natural Gas was restructured under the
ownership oI a new holding company, InterNorth Inc.,
which replaced Northern Natural Gas on the New York
Stock Exchange.
In 1985, InterNorth acquired competitor Houston
Natural Gas Company in a transaction engineered by
HNG CEO Kenneth Lay. Although InterNorth was the purchaser, Lay emerged as CEO and
promptly renamed InterNorth as Enron Corporation, with headquarters in Houston rather than
InterNorth/Northern Natural Gas's base in Omaha. Initially, the company was to be named
Enteron, chosen Ior the positive connotations oI "enter" and "on," but when it was pointed out
that the term meant "intestine" which had other connotations Ior a natural gas company it
was quickly shortened.
Enron was originally involved in the transmission and distribution oI electricity and gas
throughout the United States and the development, construction, and operation oI power plants,
pipelines, and other inIrastructure worldwide. In 1998 it moved into the water sector, creating the
Azurix Corporation, which it part-Iloated on the NYSE in June 1999. Azurix Iailed to break into
the water utility market, with its only major concession, in Buenos Aires Province, a large-scale
money loser. In April 2001 Enron announced its intention to break up Azurix and sell its assets.
Enron grew wealthy through its pioneering marketing and promotion oI power and
communications bandwidth commodities and related derivatives as tradable Iinancial
instruments, including exotic items such as weather derivatives. As a result, Enron was named
"America's Most Innovative Company" by Fortune magazine Ior six consecutive years, Irom
1996 to 2001. It was on the Fortunes "100 Best Companies to Work Ior in America" list in
2000, and was legendary even among the elite workers oI the Iinancial world Ior the opulence oI
its oIIices.
EnronOnline
In November 1999 Enron launched EnronOnline. EnronOnline was the Iirst web-based
transaction system that allowed buyers and sellers to buy, sell, and trade commodity products
globally. EnronOnline allowed users to do business only with Enron, which was seen as a
particular weakness. Due to the giant cash needs oI Enron Online and the company wasting
money in other areas such as broadband, Azurix, Enron Energy Services, and shutting down the
original pipeline service which generated cash Ilow, Enron virtually drained itselI oI cash. The
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Enron Global Finance department had to keep working up more and more creative Iinancing
moves to keep the company up and running.
Decline
Enron's global reputation was undermined, however, by persistent rumours oI bribery and
political pressure to secure contracts in Central and South America, in AIrica, and in the
Philippines. Especially controversial was its $3 billion contract with the Maharashtra State
Electricity Board in India, where it is alleged that Enron oIIicials used political connections
within the Clinton and Bush administrations to exert pressure on the board. On January 9, 2002,
the United States Department oI Justice announced it was going to pursue a criminal
investigation oI Enron and Congressional hearings began on January 24.
AIter a series oI scandals involving irregular accounting procedures bordering on Iraud involving
Enron and its accounting Iirm Arthur Andersen, it stood at the verge oI undergoing the largest
bankruptcy in history by mid-November 2001. A white knight rescue attempt by a similar,
smaller energy company, Dynegy, was not viable.
During 2001 , Enron shares Iell Irom over US $90.00 to US$0.30. As Enron was considered a
blue chip stock, this was an unprecedented and disastrous event in the Iinancial world. Enron's
plunge occurred aIter it was revealed that much oI its proIits and revenue were the result oI deals
with special purpose entities (limited partnerships which it controlled). The result oI this was that
many oI the losses that Enron suIIered were not reported in its Iinancial statements.
Insider Trading
1he Beginning
Insider trading, trading of a securitv based on material non-public information about a
companv, at Enron Corporation is not fust a thing of the late 1990s or earlv 2000s.
Enron has had trouble with insider trading dating back even to the 1980s. The first
documented example of insider trading at Enron occurred in 1987. Two auditors, David
Wovtek and John Beard, discovered bank records showing that millions of dollars had
been moved from Enron into the personal accounts of Louis Borget and Thomas
Mastroeni.
Both Borget and Mastroeni were rumored to consort with rulers of Saudi Arabia and
Kuwait, gaining inside information on the workings of OPEC. This insider information
had led to more profitable trading of oil commodities, until the cash flows from Enron
into personal accounts were discovered bv Wovtek and Beard. Both auditors were told bv
Chief Executive Officer Kenneth Lav to continue their investigation and make sure everv
pennv was returned to the rightful account, however, no immediate action was taken
against Borget and Mastroeni.
Wovtek and Beard would eventuallv gather enough information to prove that Borget and
Mastroeni were participating in insider trading and stealing from the companv. This
information included bank statements that showed cash flows that were not recorded in
the companvs records along with copies of altered statements that Borget had filed with
the companv. However, despite all of the evidence that the two auditors had collected,
thev were told to drop the investigation bv Enrons president, Mick Seidl, and the Chief
Financial Officer, Keith Kern. Unfortunatelv for Wovtek and Beard, Borget had brought
in tens of millions of dollars to the companv. Enron had given both Wovtek and Beard the
impression that the annual profits that Borget brought in to the corporation were more
important than maintaining legal practices.
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1he Recent Insider 1rading
If the Enron traders were indeed participating in insider trading during the 1980s, thev
apparentlv would not learn their lesson from nearlv being caught bv David Wovtek and
John Beard. To the auditors, it seemed that Enron would become caught up in the race
for higher profits and would pursue them even if it meant using illegal practices.
Enron had created offshore entities, a unit which mav be used for planning and
avoidance of taxes, raising the profitabilitv of a business. This provided ownership and
management with full freedom of currencv movement, and full anonvmitv, that would
hide losses that the companv was taking. These entities made Enron look more profitable
than it actuallv was. This practice drove up the stock price to new levels at which point
the executives began to work on insider information and trade millions of dollars worth
of Enron stock. The Executives and insiders at Enron knew about the offshore accounts
that were hiding losses for the companv, however, the investors knew nothing of this.
In August of 2000, Enrons stock price hit its highest value of $90. It was at this point in
time that Enrons executives, who possessed the inside information of the hidden losses,
began to sell their stock. At the same time, the general public and Enrons investors were
told to buv the stock, as the skv was the limit. Enrons executives told the investors that
the stock would continue to climb until it reached possiblv into the $130 to $140 range,
while secretlv unloading their shares as thev knew the opposite to be true.
As executives were selling off their shares of stock, the price continued to drop. As the
price dropped, investors were told to continue buving stock or hold steadv if thev alreadv
owned Enron because the stock price would rebound in the near future. Kenneth Lavs
strategv for responding to Enrons continuing problems was in his appearance. As he did
manv times, Lav would issue a statement or make an appearance to calm investors and
assure them that Enron was headed in the right direction.
Bv August 15, 2001, Enrons stock price had fallen to $42 compared to its high of $90
fust a vear prior. Manv of the investors trusted what Lav was telling them and still
believed that Enron would rule the market. The investors continued to buv or hold onto
their stock and lost more monev everv dav. As October closed, the stock had fallen to $15
per share and manv investors saw this as a great opportunitv to buv Enron stock because
of what Kenneth Lav had been telling them in the media. Just under a month later, on
November 28, the stock price would slip below one dollar as the public was finallv made
aware of the millions of dollars in losses that Enron had been hiding.
Enron CEO Kenneth Lav has been accused of selling over $70 million worth of stock at
this time, which he used to repav cash advances on line of credit. He sold another $20
million worth of stock in the open market. Also, Lavs wife, Linda, has been accused of
selling 500,000 shares of Enron stock totaling $1.2 million on November 28, 2001. The
monev earned off of this sale did not go to the familv but rather to charitable
organi:ations, which had alreadv received pledges of contributions from the foundation.
Records show that Mrs. Lav placed the sale order sometime between 10.00 and 10.20
AM, while the news of Enrons problems went public about 10.30 that morning.
Former Enron executive Paula Rieker has been charged with criminal insider trading.
Rieker obtained the 18,380 Enron shares for $15.51 a share. She sold that stock for
$49.77 a share in Julv 2001, a week before the public was told what she alreadv knew
about the $102 million loss.
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1he Aftermath
Thousands of Enron emplovees lost their life savings after Enron collapsed. A lawsuit on
the behalf of a group of Enrons shareholders has been filed against Enron executives
and directors. This lawsuit accuses twentv-nine of these executives and directors of
insider trading and misleading the public. Thousands of Enron emplovees and investors
lost their life savings, kids college funds, and pensions when Enron collapsed.
Kenneth Lav and Jeffrev Skilling, both former Enron chief executive officers, will go on
trial for their part in the Enron scandal in Januarv of 2006. Former chief accounting
officer Richard Causev will be on trial along with Lav and Skilling. The 53-count, 65-
page indictment covers a broad range of financial crimes, including bank fraud, making
false statements to banks and auditors, securities fraud, wire fraud, monev laundering,
monev laundering conspiracv and insider trading. U.S. District Judge Sim Lake has
previouslv denied motions bv the defendants to hold separate trials and to move the case
out of Houston, where the defendants argued the negative publicitv surrounding Enrons
demise would make it impossible to get a fair trial.
Mr. Lav pleaded not guiltv to the eleven criminal charges. Lav has stated that he is
innocent and that he was mislead bv those around him. The U.S. Securities and Exchange
Commission (SEC) is seeking more than $90 million from Lav in addition to civil fines.
The SEC would like to see that Mr. Lav is barred from ever serving as a director or an
officer for a publiclv held companv.
The case surrounding Mrs. Linda Lav is a difficult one. Mrs. Lav sold roughlv 500,000
shares of Enron thirtv minutes to ten minutes before the information that Enron was
collapsing went public on November 28, 2001. This was information that Enron
executives had known for over a vear. This timeline of events presents a verv good case
for the prosecution.
However, there are two specific points that make the case against Mrs. Lav a difficult
one. The largest hurdle for the prosecution is that the Lavs did not profit from the sale of
this stock. It instead went to their familv foundation and in the months following, the
proceeds were given awav to charitv. The second hurdle is that even if Mr. Lav had come
home and told his wife about Enrons troubles, this communication is a marital
confidence and its disclosure cannot be forced. This would mean the government would
have to find a third partv witness to testifv that Mrs. Lav did have insider knowledge at
the time of the sale.
Former managing director of investor relations for Enron Paula Rieker plead guiltv in
federal court to a criminal insider trading charge. The one felonv charge against Rieker
carries a maximum penaltv of ten vears in prison and a $1 million fine. Rieker agreed to
never again serve as an officer or director of a public companv. If a federal court
approves the settlement, Rieker will pav the SEC $499,333, the profit from the sale of
18,380 share of Enron stock. Rieker has been a valuable witness for the government as
she prepared earnings releases and conference calls with Enron analvsts.
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Fallout
The long-term implications oI Enron's collapse
are somewhat unclear, but there is considerable
political Iallout both in the US and in the UK
relating to the money Enron gave to political
Iigures (around US$6 million since 1990). The
Iallout Irom the scandal quickly extended beyond
Enron and all those Iormerly associated with it.
The trial oI Arthur Andersen on charges oI
obstruction oI justice related to Enron also
helped to expose its accounting Iraud at
WorldCom. The subsequent bankruptcy oI that
telecommunications Iirm quickly set oII a wave
oI other accounting scandals. This wave engulIed
many companies, exposing high-level corruption,
accounting errors, and insider trading. Though at
the time oI its collapse Enron was the largest
bankruptcy in history, since then it has been
eclipsed by the collapse oI WorldCom.
Former Enron CFO, Andrew Fastow, the
mastermind behind Enron's complex network oI
oIIshore partnerships and questionable
accounting practices, was indicted on November
1, 2002, by a Iederal grand jury in Houston on 78
counts including Iraud, money laundering, and
conspiracy. He and his wiIe Lea Fastow, Iormer
assistant treasurer, accepted a plea agreement on January 14, 2004. Andrew Fastow will serve a
ten-year prison sentence and IorIeit US $23.8 million, while Lea Fastow will serve a Iive-month
prison sentence and a year oI supervised release, including Iive months oI house arrest; in return,
both will provide testimony against other Enron corporate oIIicers.
Ben Glisan Jr., a Iormer Enron treasurer was the Iirst man to be sent to prison in the Enron
scandal. He pleaded guilty to one count oI conspiracy to commit security and wire Iraud .
John Forney, a Iormer energy trader who invented various strategies such as the "Death Star,"
was indicted in December 2002 on 11 counts oI conspiracy and wire Iraud. His trial was
scheduled Ior October 12, 2004. His supervisors, Timothy Belden and JeIIrey Richter, both have
pleaded guilty to conspiring to commit wire Iraud and currently are aiding prosecutors in
investigating this scandal.
JeIIrey Skilling was arrested on February 11, 2004, by the FBI. Kenneth Lay was indicted by a
Iederal grand jury on July 7, 2004 Ior his involvement in the scandal. He pled not guilty in court
on July 9. Both men are scheduled Ior trial in January 2006, along with ChieI Accounting
OIIicer Richard Causey.
Enron's collapse also led to the creation oI the Sarbanes-Oxley Act, signed into law on July 30,
2002. It is considered the most signiIicant change to Iederal securities laws since FDR's New
Deal in the 1930s.
The status oI the pension plans that were promised to Enron's employees has been in question
since the collapse oI Enron. The Pension BeneIit Guaranty Corporation is attempting to cover
some and possibly all oI the promised beneIits.
Bilet lsat soiei de unul dintre foytii angajai
ai Enron nainte de a se sinucide
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Restructuring
Following the 2001 bankruptcy Iiling, Enron has been
attempting to restructure in order to compensate as
many creditors as possible. Enron's innovative core
energy trading business was sold early in the
bankruptcy proceedings to Merrill Lynch and
Company. A last-ditch survival attempt was made in
2002 through a planned merger with arch-rival Dynegy
Corporation. Dynegy backed out during merger talks,
acquiring control oI Enron's original, predecessor
company - Northern Natural Gas - in the process.
Enron is currently pursuing legal action against Dynegy
over the takeover oI Northern Natural Gas, which has
since been sold by Dynegy to MidAmerican Energy
Holdings Company.
Enron's Iinal bankruptcy plan provides Ior the creation
oI three new businesses to be spun oII Irom Enron as independent, debt-Iree companies. The
reorganization process commenced in 2003, with the Iormation oI two new Enron subsidiaries,
CrossCountry Energy L.L.C., and Prisma Energy International Inc.
CrossCountry Energy, Iormed Irom Enron's domestic gas pipeline assets, was immediately
placed on the market Ior creditor compensation. On September 1, 2004, Enron announced an
agreement to sell CrossCountry Energy to CCE Holdings L.L.C. (a joint venture between
Southern Union Company and a unit oI General Electric) Ior $2.45 billion. The money will be
used Ior debt repayment, and represents a substantial increase over the previous oIIer made by
NuCoastal L.L.C. earlier in 2004.
Prisma Energy International, Iormed out oI Enron's remaining overseas assets, will emerge Irom
bankruptcy as a main-line descendant oI Enron through a stock oIIering to Enron creditors.
Currently, many oI Prisma's assets remain under direct Enron ownership with Prisma operating
in a management capacity.
The third company, Portland General Electric (PGE), was Iounded in 1889, and ranks as
Oregon's largest utility. PGE was acquired by Enron during the 1990's, and will emerge Irom
bankruptcy as an independent company through a private stock oIIering to Enron creditors.
All remaining assets not related to CrossCountry, Prisma, or Portland General will be liquidated.
As oI 2005, CrossCountry is now under CCE Holdings ownership, while the Portland General
and Prisma deals remain to be consummated.
(surs: Wikipedia, 2005)