The Enron Accounting Scandal Presented By: Jennifer Buondonno Nirmala David Robert Pufky Matt Rollings ENRON Page 1 of 27 Table of Contents 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……………………………………………………………
Premium Balance sheet Generally Accepted Accounting Principles Financial statements
Enron and Ethics Failure is the best teacher not only for those who fail‚ but also for those who observe the failure. Thus‚ for many businesses the Enron scandal proved to be the greatest teacher. Since the fall of Enron‚ there have been several theories and examinations about why it failed as it was a corporation that no one imagined would ever crash. Based on research to date there are multiple reasons for Enron’s failure; however‚ one that stands out immensely is corporate disregard for ethics
Premium Business ethics Enron Ethics
In the book Mistakes Were Made (But Not By Me) by Carol Tavris and Elliot Aronson analyses‚ explains‚ and elaborates the two essential and necessary aspects of making any decision. "The need to reduce dissonance is a universal mental mechanism‚ but that doesn’t mean we are doomed to be controlled by it. Human beings may not be eager to change‚ but we have the ability to change‚ and the fact that many of our self-protective delusions and blind spots are built into the way the brain works is no justification
Premium Cognition Cognitive dissonance Decision making
Executive Summary In this investigative report‚ it will show how Enron was involved in improper accounting practices that led to over $70 billion of losses and also Enron’s method that was used to able them in covering their losses. Enron’s fall and bankruptcy had affected not only the employees‚ but also the shareholders‚ U.S Citizens and also the impact that it had on other countries that Enron was affiliated with. The focus of this paper is on the creation of Enron’s business model that
Premium Enron Enron scandal
ASSIGNMENT 026 Understand How to Safeguard the Well-being of Children and Young People Task B : Roles and Responsibilities of Organisations • Social Services Social Workers have a responsibility to provide support and care for vulnerable children and their families. They may have been alerted to a particular situation for example; if parents are struggling to care for their children or there are other challenging situations such as drug abuse‚ domestic violence and reports of abuse
Premium Child abuse Domestic violence
Unit 333 Understand the main legislation‚ guidelines‚ policies and procedures for safeguarding children and young people. Outcome 1 “Safeguarding is not just about protecting children from abuse. It protecting children from maltreatment‚ preventing the impairment of children’s health or development‚ ensuring that children’s health or development‚ ensuring that children are growing up in circumstances that provide safe and effective car and helping children to have the best life chances so that
Premium Children Act 2004 Local government Childhood
The Enron Scandal One of the most popular business bankruptcies and collapses known to date is that of the Enron Corporation. Enron‚ once known as "America ’s Most Innovative Company" by Fortune Magazine six straight years from 1996 to 2001. Enron seemed to be doing very well until the summer of 2001 generating a lot of cash and new businesses‚ but in October of 2001 Enron was forced to disclose that their accounting practices had been very creative‚ and failed to follow generally accepted accounting
Premium Enron scandal Enron Arthur Andersen
refer to moral principles and values. Random House Webster’s College Dictionary notes that ethics are “the rules of conduct recognized in respect to a particular class of human actions or governing a particular group‚ culture‚ etc.” An individual ’s ethics generally define what that individual believes to be right and wrong. Professional ethics are typically expressed by a code of conduct adopted by an organization that represents a profession. Professions adopt such codes to encourage moral conduct
Premium Audit Financial audit Auditing
Enron scandal Enron shocked the world from being “America’s most innovative company” to America’s biggest corporate bankruptcy at its time. At its peak‚ Enron was America’s seventh largest corporation.From the 1990’s until the fall of 2001‚ Enron was famous throughout the business world and was known as an innovator‚ technology powerhouse‚ and a corporation with no fear. The sudden fall of Enron in the end of 2001 shattered not just the business world but also the lives of their employees. Enron
Premium Enron
ITC Model Contract for the International Supply of Services © International Trade Centre‚ August 2010 iii Model Contracts for Small Firms: International Commercial Sale of Goods International Commercial Sale of Goods Introduction This Model Contract contains the substantive rules for an international sales contract‚ i.e. the main rights and obligations of the Parties‚ the remedies for breach of contract by the Buyer; the remedies for breach of contract by the Seller; the general
Premium Contract Breach of contract Contract law