ENRON: THE SMARTEST GUYS IN THE ROOM Kenneth “Ken” Lay‚ the founder of Enron Corporation grew up from a poor family. His father was a Baptist ministry. Ken Lay works many jobs at the same time. He was aiming to make wealth for himself and for his family. From his childhood‚ he learned the value of hard work to earn a living and to achieve his ultimate goal (to be rich). He actually did work so hard‚ been working with different companies and upgraded his skills and education in obtaining Ph.D. degree
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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
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Evaluate the auditor’s role in the certification of the financial statements and conclude whether its work is effective in preventing major scandals on the lines of Enron and Worldcom. 1.0 ABSTRACT 2.0 ENRON-CORPORATE FIASCOS 3.0 HOW DID THE AUDITORS FAIL TO CATCH PROBLEMS AT ENRON? 4.0 HOW TO PREVENT RECURRENCE OF ENRON? 5.0 NEW RESPONSIBILITIES OF AUDITORS ACCORDING TO SARBANES-OXLEY ACT 2002 6.0 CONCLUSION 7.0 REFERENCES 1.0 ABSTRACT The responsibility of an auditor is to express
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Everyone makes mistakes by saying hurtful things without considering the possible reaction of the other person or resulting consequences if the criticism reaches that individual. In most cases‚ the prudent thing to do is to remain quiet‚ keeping personal thoughts private unless the comments are well thought out. In the worst case‚ open criticisms can ruin friendships or cause deep seated anger‚ though it can usually be resolved. However‚ in the case of Aristagoras‚ a Persian satrap in the beginning
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What Role Does Personal Ethics Play in an Organization In late 2001‚ the United States economy experienced a shock as Enron‚ the country’s 7th largest corporation‚ declared bankruptcy. Many people lost their jobs‚ and even more investors lost billions of stock dollars as shares collapsed. As the rubble was removed‚ many signs of unethical acts surfaced‚ and were found to be carried out by some of the principal parties in the company. This debacle not only affected the employees and investors
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charges relating to the Enron scandal. Although Arthur Andersen still technically exists as a company‚ and despite the verdict in relation to the criminal charges being overturned by the US Supreme Court‚ Arthur Andersen has arguably suffered too great a level of damage to its reputation to immediately return to its former position. Most analysts now speak of a ’Big 4 ’ following the troubles that hit Arthur Andersen. Arthur Andersen was essentially brought down by the Enron scandal‚ which erupted
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Kino edged like a slow lizard down the smooth rock shoulder. He could see the faint outline of the trackers that were dark shapes against the moonlit sky. Kino noticed each breath he took‚ noticed each step he made. His sounds echoed in his mind; the songs of his movement‚ of danger rang out. Against his bare back‚ Kino felt the coolness of the knife that hung from a string around his neck. The tracker on watch took another smoke from his cigarette‚ and Kino could see him clearer now. As he edged
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The Enron scandal Tobias Pavel Mylene Encontro 910422 850224 Chalmers University of Technology Finacial Risk‚ MVE220 Examiner: Holger Rootzén 2012-12-02 Göteborg This report has been written and analyzed by both group members jointly. Abstract 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
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Enron Corporation: THE RISE AND FALL; ACCOUNTING SCANDAL Submitted To: Professor Bill Bristol Submitted By: Kenneth Rhodes‚ Jr. Metropolitan College of New York (MCNY) TABLE OF CONTENTS I. ABSTRACT...............................................................................................................................2 II. purpose and service....................................................................................................3 III. HistorY.............
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With 11 days and three games‚ including todays match against San Jose‚ left for the Seattle Sounders in June‚ they will be facing it without Captain America‚ Clint Dempsey. The Team USA star and forward fro the Sounders has been suspended by Major League Soccer (MLS) for three games and fined a undisclosed amount of money following an incident in Tuesday’s match against the Portland Timbers. Dempsey did not start in the match against Portland. He entered into the game‚ which was part of the Lamar
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