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[quote user="CMStPnP"] Utility Accounting is recognized as pretty atrocious.....always has been. [/quote] Investor owned utility accounting complies with Generally Accepted Accounting Principles in all respects. Public owned utility accounting complies with Generally Accepted Government Accounting Principles. The same is generally true for co-ops. The financial statements generated by most utilities - electric, gas, telecommunication, etc. - are audited by independent auditors. In the case of the large investor owned electric utilities, because of the complexity of their accounting systems, the external auditors are usually drawn from one of the large accounting firms. In addition to complying with all of the requirements of GAAP or government accounting principles, electric utilities in the U.S. must comply with the requirements of the Federal Energy Regulatory Commission and, in most states, the Public Utility Commission. For those companies with a nuclear plant, they must comply with the stringent accounting and reporting requirements of the Nuclear Energy Regulatory Commission. Enron, which appears to be the extent of your involvement with the energy industry in Texas, although in what capacity we don't know, was not a regulated electric utility. It bought and sold gas and electricity contracts in California, where it engaged in fraudulent practices designed to distort the wholesale power market, as well as some other states, but it did not operate an electric utility in Texas. It was not regulated by the PUC.   Enron perpetrated an accounting fraud, which any corporation could do. Long story short it was discovered by the internal audit manager - not Anderson - that blew the whistle when the fraud was discovered. How does the Enron scandal make all utility accounting systems atrocious? The flaw in your logic, which is certainly not the first time that it has occurred, is to generalize a single incident to the population. It is akin to saying that since A is corrupt, it necessarily follows that B through Z are also corrupt, even though there is no evidence to support the claim.  It is a logical fallacy. What is the basis of your statement that utility accounting is atrocious?  By what standards?   Again, are you an accountant?  What are your certifications?  What is your educational background? What experience have you had with electric utility accounting?  What was your role at Enron?  When were you an Enron contractor?
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