Case 1.1 - Enron Corporation ------------------------------------------------- Discussion 1 The parties we believe to be most at fault for the crisis in this case are a) the Audit Firm engaged in the Enron audit (Arthur Andersen); b) Enron Management (Kenneth Lay‚ Jeffrey Skilling‚ Andrew Fastow; and c) the SEC. The Public Accounting Firm: Arthur Andersen The auditor has the responsibility to evaluate the risk of material fraud‚ including: * Incentives and motives for fraud : Enron was a fast
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Steps in Identifying Stakeholders Identifying all of a firm’s stakeholders can be a daunting task. In fact‚ as we will note again shortly‚ a list of stakeholders that is too long actually may reduce the effectiveness of this important tool by overwhelming decision makers with too much information. To simplify the process‚ we suggest that you start by identifying groups that fall into one of four categories: organizational‚ capital market‚ product market‚ and social. Let’s take a closer look at
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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
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Enron: The Smartest Guys in the Room Importance of Accounting Accounting is important because it manages the checkbooks of company which are important to analyses and determine the success of the business by looking through the different account statements and translating the company documents. An accountant or accounting firm starts and maintains auditing of a company. Accounting is also important because it offers a great assistance in planning the future investments as well as being able
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STAKEHOLDER THEORY: A LIBERTARIAN DEFENSE R. Edward Freeman and Robert A. Phillips Abstract: The purpose of this paper is to suggest that at least one strain of what has come to be called "stakeholder theory" has roots that are deeply libertarian We begin by explicating both "stakeholder theory" and "libertarian arguments " We show how there are libertarian arguments for both instrumental and normative stakeholder theory‚ and we construct a version of capitalism‚ called "stakeholder capitalism
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Abstract Scenario A Acute renal failure: Ms. Jones’s‚ an elder female of 68 years‚ has undergone open-heart surgery to restore a number of obstructed vessels in her heart. On her first day postoperatively‚ it is charted that she has oliguria. Acute Renal Failure I will describe what is happening to Ms. Jones kidneys and why it is causing the practical symptoms and other symptoms that may arise. I will also give details as to what is causing Ms. Jones kidney disease and potential treatments
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the stakeholders involved in‚ or affected by‚ the collapse of Enron? All stakeholders were‚ obviously‚ affected by the collapse of Enron. However‚ several of them were critical‚ especially those being considered as market stakeholders such as suppliers‚ creditors‚ employees‚ and stockholders. These mentioned stakeholders seem to be Enron’s most recognizable as the essential contributors to its organization. They dared of giving up an available alternative in order to take a risk with Enron in hoping
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CHF Congestive Heart Failure By: Navreet Kaur Malhi Institute Of Technology Congestive Heart Failure Congestive Heart Failure‚ is also known as heart failure cardiac decompensation‚ cardiac insufficiency‚ and cardiac incompetence‚ all having the same meaning; that the heart is failing. The heart has lost its pumping efficiency‚ therefore the heart is decompensating. No matter which type of heart disease a person has all heart disease require a lifelong need of management. If maintained
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pacemaker manufacturer for any potential electromagnetic interference that could be caused by common dental devices. 8. Congestive Heart Failure (CHF) In minor cases‚ CHF patients may experience dry mouth due to their heart medications‚ and your dentist may prescribe an oral rinse and suggest certain habit modifications to combat the problem. In severe cases‚ CHF patients may experience serious complications if seated in a reclined position. Depending on the severity of the condition‚ it may be
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Question: To what extent was Louis XVI personally responsible for tlie fall of the monarchy in 1792 ? “ What is the Third Estate? Everything. What has it been in the political order? Nothing‚ What does it want to be? Something.” This slogan published by Abbe Sieyes in January 1789‚ provides an overview of the grievances of the ‘third estate’ thatled to the outbreak of the French Revolution. Although France in 1785 faced economic difficulties‚ mostly concerning the equitability of taxation‚ it was
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