case ENRON

Satisfactory Essays

Open Document

Open Document

View Writing Issues

222 Words

Grammar

Grammar

Plagiarism

Plagiarism

Writing

Writing

Score

Score

case ENRON

AUD610
SUMMARY OF CASE “ENRON”

Prepared for:
DR NOOR MARINI

Prepared by:
AFNANIN BT ABD AZIZ
2012212966
NOR IDAYU BT ISA
2012485132
SITI NORFAZILAH BT HAMIRUDDIN
2012670652
NOOR PARIHA AMIN NUDIN
2012660688
NURFARAHANIM BT MOHD SABRI
2009449842

ACKNOWLEDGEMENT

Without the assistance, cooperation and guidance of several parties, this assignment would not be achievable. We would like to take this opportunity to thank everyone who have helped and guided us in completing this group project.
Firstly, we would like to express our heartfelt gratitude and appreciation to our lecturer, Madam Dr. Noor Marini who had guided us throughout the duration of this study. We appreciate the valuable time, guidance and advices she has given us for the completion of this assignment.
Furthermore, we would also like to thank the lecturers and tutors of UiTM Kota Bharu Kelantan who have guided us directly and indirectly with new insights and ideas on the path of completing this study. Besides, we deeply appreciate the moral support, understanding and endless love in which our family have given unconditionally throughout the process.
Lastly, the cooperation and support received from all the members who contributed to this project was vital for the success of this assignment. The ideas, suggestions, and perspective given greatly enhanced this group project. Once again, we are in grateful and in appreciation of all the assistance contributed for our study.

Continue Reading

You May Also Find These Documents Helpful

Good Essays
Enron Case
- 701 Words
- 3 Pages
Enron Case

Athens has long prided itself and itself as a hub for stimulating intellectual conversations, spurring philosophy, mathematics, and the arts. The reason that new and exciting ideas come from Athens, the democrats argue, is that merchants and sailors are permitted to travel to far off countries and expose themselves to new ideas, and bring them home; foreigners are likewise permitted to enter the city and have conversations with the Athenians as equals. Having these different ideas challenging one another spurred ever more ideas, and old ideas became better developed. The democratic environment, it seems, is the catalyst for new and exciting innovations, and innovation is what keeps Athens strong and adaptable.…
- 701 Words
- 3 Pages
Good Essays

Read More
Satisfactory Essays
CASE A 1: ENRON
- 800 Words
- 4 Pages
CASE A 1: ENRON

1). Inventory: - Under U.S. GAAP, Bessrawl Corporation is allowed to report inventory on its balance sheet at lower of cost or market. Market in this case is defined as replacement cost ($180,000) with net…
- 800 Words
- 4 Pages
Satisfactory Essays

Read More
Good Essays
Enron Case
- 650 Words
- 3 Pages
Enron Case

1. The Enron debacle created what one public official reported was a “crisis of confidence” on the part of the public in the accounting profession. List the parties who you believe are most responsible for that crisis. Briefly justify each of your choices.…
- 650 Words
- 3 Pages
Good Essays

Read More
Good Essays
Case 1.1 Enron Corporation
- 494 Words
- 2 Pages
Case 1.1 Enron Corporation

1. The “crisis of confidence” on the public accounting profession was not something that happened overnight and it is not the fault of one group of people or individuals. The accounting profession is partly to blame for this crisis, as the necessary rules, regulations and guidelines were not in place to hold companies and accounting firms responsible for their actions. The lack of regulations also allowed companies to partake in misleading transactions. These transactions were perfectly legal at the time, just not necessarily ethical. Companies did not have to be 100% honest when sharing earning results and company structure with shareholders. Arthur Anderson & Co. was also to blame as they were the accountants for Enron. They were the ones with the expertise who should have known better and looked to fully explain and disclose what they knew. Anderson’s commitment is to the shareholders, not to their client and they needed to act in a way and present the statements fairly so that a user could make an informed decision and that the statements presented fairly. Enron is also to blame. They were focused on profits – which is not necessarily a bad thing, except for the fact that they were not forthright in how they were getting there.…
- 494 Words
- 2 Pages
Good Essays

Read More
Good Essays
Enron case
- 8735 Words
- 35 Pages
Enron case

was a very model of conglomerate(jujie). In the eyes of the outside, it was a successful company. But it's not true. It’s far from other companies in its complex structure. Adsteam group comprised numerous less-than-majority-owned companies. It acquired major share-holdings in numerous companies throughout the 1980's. The acquisition strategy resulted in an extremely complicated cross-shareholding-based structure. It was noting that the maximum amount of shareholdings of any company in other group entities was all kept below 50 per cent. For example, more than 90% of Tooth & Co Ltd was owned by the group, but the big shareholding were split into three parts each of which is under 50%. In this way, Tooth was consolidated by none of them. It could be said that Splavins, the head of the company, was intentionally to do that in that he could utilize the Accounting Standards, according to which, only parent holding more than 50 per cent of its subsidiaries should make both consolidated and separated financial statement. In fact, although the percentage owed by Adsteam was under 50%, Spalvins was totally in charge of its associated companies by controlling their management human resources. At the same time, Adsteam tried to mask its financial structure and made them more like financially independent companies. A trend was that these group companies penetrated each other further. Why did they do that? The reason was that this kind of complicated structure could give great influences on themselves in several ways.…
- 8735 Words
- 35 Pages
Good Essays

Read More
Good Essays
Enron, Worldcom, Madoff Case
- 1126 Words
- 5 Pages
Enron, Worldcom, Madoff Case

Enron is an energy company that successfully grew from nowhere to be America's seventh largest company, which has 21,000 staff in more than 40 countries in 15 years. It was one of the world's leading electricity, natural gas, communications, and pulp and paper companies, with claimed revenues of nearly $101 billion in 2000.…
- 1126 Words
- 5 Pages
Good Essays

Read More
Good Essays
Enron Case
- 7190 Words
- 29 Pages
Enron Case

Executive Summary……………………………………………………………..3 (I) Introduction to the Enron case and the organizations involved……. 5 Background information & industry…………………………………………….. 5 Organizations and officers involved……………………………………………..6 Accounting firm and partners involved………………………………………….8 Enron’s industry………………………………………………………………….. 9 Enron’s injured parties…………………………………………………………… 10 (II) Enron’s accounting fraud and misrepresentation……………………. 11 Explanation of the fraud…………………………………………………………. 11 Damages incurred…………………………………………………………………12 Final outcome of the Case………………………………………………………. 13 How the fraud was discovered………………………………………………….. 13 (III) Enron’s Influences and Ethical Concerns…………………………….. 14 (IV) Enron’s poor decisions and the better alternatives………………….18 (V) The lesson to be learned from Enron……………………………………22 References…………………………………………………………………………25 Group Activity Log ………………………………………………………………..27…
- 7190 Words
- 29 Pages
Good Essays

Read More
Powerful Essays
Enron Case
- 2763 Words
- 12 Pages
Enron Case

It was a profound story happened between two giant companies, both of which once marked as one of the greatest companies for decades in the American History.…
- 2763 Words
- 12 Pages
Powerful Essays

Read More
Best Essays
Enron Case
- 2928 Words
- 12 Pages
Enron Case

The United States that have been considered as a super power country and also the direction of science disciplines including accounting must felt bitterness. Business scandals that happened seemed eliminate confidence by the business world about the practice of good corporate governance in the United States.…
- 2928 Words
- 12 Pages
Best Essays

Read More
Good Essays
Enron Case
- 661 Words
- 3 Pages
Enron Case

This was the motto of Arthur Edward Andersen. He was the founder of the Arthur & Company, which was established to provide accounting, auditing and related services. Throughout his professional, Arthur E. Andersen career, relied on a simple, four-word motto to serve as a guiding principle in making important personal and professional decisions: “Think straight, Talk straight.” Andersen would prefer fewer clients, than having more as long as his integrity is intact. If anybody did anything otherwise, he would fire them or quit. And if clients wanted to do something he didn’t agree with, he would either try to change them and quit. Arthur Andersen died in 1947 leaving his firm in the management of Leonard Spacek and other partners.…
- 661 Words
- 3 Pages
Good Essays

Read More
Powerful Essays
Enron
- 1536 Words
- 7 Pages
Enron

Since Enron Corporation has been bankrupt there were 20,000 employees lost their jobs, medical insurance and average severance pay was only $4500. However, the top executives were paid bonuses totaling $55 million. In 2001, employees lost $1.2 billion in retirement funds and retirees lost $2 billion in pension funds. Yet, Enron’s top executives cashed in $116 million in stock. In Titanic, the captain went down with the ship but in Enron the captain first gave himself and his friends some bonus and live boats and higher up and told employee and stockholders everything is fine. (Gibney, 2005) How is it that ethic for the executives in Enron earn that much of profits while the stakeholders have to suffer from their unethical decisions?…
- 1536 Words
- 7 Pages
Powerful Essays

Read More
Good Essays
Case 1.1 Enron
- 738 Words
- 3 Pages
Case 1.1 Enron

1. The Enron executive team including Kenneth Lay, Jeffrey Skilling, Andrew Fastow and other executives, were the key players in the crisis. The business practices they used when creating hundreds of SPE’s and diverting large amounts of liabilities to those off-balance sheet entities. Enron was aware of the minimal accounting guidelines for SPE’s and used them to their advantage. To create such a complex “paper” structure, the executives had to have coordinate their plans with the accountants to ensure the transaction were done to benefit the company’s financial statements. Skilling had a goal to transform Enron into “the world’s greatest company”. His determination to achieve this goal was the ultimate demise of Enron.…
- 738 Words
- 3 Pages
Good Essays

Read More
Better Essays
Keropok Leko Case Study
- 1612 Words
- 7 Pages
Keropok Leko Case Study

We take this opportunity to express our gratitude and deep regard to our lecturer, Miss Jamilah Binti Laidin for her encouragement, guidance and support from start to finish that enabled us to develop and understanding of the subject. The blessing, help and guidance given by her from time to time shall carry us a long way in the journey of life on which we are about to embark.…
- 1612 Words
- 7 Pages
Better Essays

Read More
Powerful Essays
Outcame Based Budgeting
- 4686 Words
- 19 Pages
Outcame Based Budgeting

| Introduction of content Main finding and discussion i. Definition of Outcome Based Budgeting ii. Objectives of Outcome Based Budgeting iii. The weakness of previous budgeting system iv. Implementation of Outcome Based Budgeting in Public Sector v. Outcome Based Budgeting Strategic Cycle vi. Element of Outcome Based Budgeting vii. Benefit of Outcome Based Budgeting viii. Challenges in Implemented the Outcome Based Budgeting towards improving public sector performance ix. Lesson Learned by the Implemented of Outcome Based BudgetingConclusion / RecommendationReferencesAppendices…
- 4686 Words
- 19 Pages
Powerful Essays

Read More
Best Essays
Aspect of Software Engineering
- 2168 Words
- 9 Pages
Aspect of Software Engineering

In this moment we would like to thank Mrs. Hemalatha A/P Ramalingam as our lecturer, for all her time, guidance and invaluable advice. Her patience, understanding and insight were a great source of inspiration to us. Her interactive, interesting and novel methods of teaching were helpful and encouraged us to think differently and creatively. We would also like to thank our parents for their guidance, motivation and assistance given throughout this assignment.…
- 2168 Words
- 9 Pages
Best Essays

Read More

Related Topics