I have been on vacation for the last half of this month, and that along with Christmas has resulted in much less activity on this blog than is normally seen.
Additionally, I have been immersed in a great book on the Enron scandal, titled “The Smartest Guys In the Room: The Amazing Rise and Scandalous Fall of Enron.”
The book was originally published in 2003, but was recently republished with an extra chapter. “Now includes the Enron trial and the death of Ken Lay,” the cover advertises.
I’m a little surprised I haven’t read a book on Enron until this point, given how fascinating the fraud is to me. I thoroughly enjoyed it.
The book is accessibly written. You don’t have to be an auditor to undeerstand what caused Enron to implod. That sort of disappointed me – the book didn’t go into enough detail for my liking. But they know their audience, which isn’t exclusively the audit profession.
I was hoping to see some debits and credits and maybe even a T-account or two, dissecting each transaction of each special-purpose entity (SPE) in painstaking detail, but I was out of luck.
I won’t go into too much more detail at this point, as I will pull out some of the more memorable passages in future posts and discuss them there.
Suffice it to say the book was awesome and I recommend it to everyone, not just auditors.