"Enron" Essays and Research Papers

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Accounting Scandals

The fallout that accompanied the accounting scandals of the early 2000’s had an immediate impact on corporate business and accounting practices which is still being felt today. The collapse of Enron and its accounting firm Arthur Andersen, as well as the subsequent collapses of Worldcom and others have left a permanent mark on how corporate businesses and accounting firms are perceived and how they are regulated. It has also altered the experiences of students who are pursuing, or are considering...

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Capstone Case Study – Arthur Andersen LLP

Andersen’s claim that their problems on the Enron audit were due to a few “bad partners” in the organization. If you agree with this claim, discuss what you think were the root causes of the problem. It was AA’s decision to hire 40 auditors from Enron, then augmented by 150 of their own staff, and place them within Enron as it’s in house accounting staff. Since the staff was on site at Enron, attended Enron meetings, and made decisions in the best interest of Enron and not with the idea of doing quality...

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Arthur Anderson Culture and Its Downfall

should do (specifically on the consulting side). This brought on many mistakes as well as judgment errors and helped contribute to the company's downfall. 2. Enron and Andersen interacted in the following ways contributing to the downfall of both firms. Two major factors shaped Arthur Andersen's culture to mesh perfectly with that of Enron, leading to disastrous consequences. First, extremely slow growth in the auditing side of business led to intense competition among the major accounting firms...

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Summary of Parmalat-Europe’s Enron

Parmalat Finanziara, the Italian dairy and food giant, is fast joining Enron and WorldCom as a household name for corporate scandal. The alleged financial fraud at Parmalat spans more than a decade and involves sums whose estimates have ballooned from EUR 4 billion to more than EUR 8 billion. Founder, chairman, and chief executive Calisto Tanzi has been ousted from the company and board and is under arrest. Enrico Bondi, who replaced Tanzi in December, has been given new authority to act as sole...

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Management Planning- Arthur Anderson

such as Enron. In 2002, pending the outcome of the Department of Justice prosecution for obstruction of justice, the firm agreed and voluntarily surrendered its licenses and rights to practice auditing and other financial services in the United States. These charges stemmed from the firms handling of the auditing of Enron, an energy corporation, which resulted in the loss of over 85,000 jobs, devaluation of Enron’s stock from over $90 per share to pennies, and the bankruptcy of Enron. When Arthur...

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synthesis

Accounting Indicators. The story of Enron is what made the researcher very interested in the topic. The Enron scandal, revealed in October 2001, eventually led to the bankruptcy of the Enron Corporation, an American energy company based in Houston, Texas, and the dissolution of Arthur Andersen, which was one of the five largest audit and accountancy partnerships in the world. In addition to being the largest bankruptcy reorganization in American history at that time, Enron undoubtedly is the biggest audit...

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Audit and Party Transactions

April 21, 2003 The Enron Collapse Was Enron’s collapse due to a failure in the standard setting process? Why or why not? The Enron collapse was by no means due to a failure in the standard setting process instead, the collapse resulted from Enron’s fast growing rate and its highly “creative” management team who at one point just lost control of the business. The company stopped doing what it was known for doing best, energy generations, and began exploring and operating in a new and unknown...

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ACCT 301 Week2 Homework

there are controls set in place that are internal which are governed by the managers and checked upon by the Federal regulatory authorities. This act was passed in 2002, prior to then the rules were more relaxed and when the crisis occurred with Enron that was a breaking point for the American people, especially those who lost a lot of money. Needless to say this just made it harder for fraud to occur. There were and still are several grey areas that the players involved exploit. 2. Name and...

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Arthur Andersen

However, the risky and unethical decisions that were made over the ending years by top management, gave Arthur Andersen a famous name with not such a positive reputation. Arthur Andersen became involved in many scandals with the largest being that of Enron Incorporated. Poor decision making by upper management and issues with ethics caused a rapid decline in the firm’s reputation. “Arthur Andersen himself originally built his business by putting reputation over profit” (Brown, K. & Dugan, I., 2002...

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Acc205 Final Paper

protect themselves from criminal activities from inside the organization. Allowing for inaccuracies creates a risk for not only the organization but other businesses and in turn our entire economy. The Enron Corporation scandal illustrates the importance of reporting of accurate data. As a result of Enron Corp. reporting misleading data, many innocent people lost their jobs and the stock market suffered. In today’s economy the use of modern accounting systems and accurate financial statements are...

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