The Accounting Scandal Enron Corp. Collapse and WorldCom Accounting Scandal 11/18/2020 The Enron Corp. collapse Formed in 1985 from a merger of Houston Natural Gas and Inter-north‚ Enron Corp. was the first nationwide natural gas pipeline network. Over time‚ the firm’s business focus shifted from the regulated transportation of natural gas to unregulated energy trading markets. The guiding principle seems to have been that there was more money to be made in buying and selling financial
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Ayusarita Satriani 311368 – IUP BUSINESS UGM Financial Management ENRON Resources: http://en.wikipedia.org/wiki/Enron_scandal ; http://news.bbc.co.uk/2/hi/business/1780075.stm; http://finance.laws.com/enron-scandal-summary 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
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ANNOUNCER: And a devastating collapse. VOICE: Enron is a corporate Chernobyl. VOICE: You had the entire system playing fast and loose. VOICE: It is not just Enron‚ it’s an industry problem. LYNN TURNER‚ SEC Chief Accountant (1998-2001): It is real‚ real damage to the country. ANNOUNCER: Why didn’t anyone sound an alarm? VOICE: The watchdogs work for executives and Wall Street. They don’t work to protect shareholders. ANNOUNCER: Correspondent Hedrick Smith investigates how greed and politics undercut America’s
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Are You Going‚ Where Have You Been? by Joyce Carol Oates‚ the character Arnold Friend was based on the serial killer in which Connie was one of the many victims he had abducted. There are many possibilities on how the author intends the readers to understand it. Such as‚ it could be a dream that Connie is having‚ in all actuality it could be real; it could send a message to young women‚ or it becomes a nightmare when he comes as a demonic figure. Connie has been living this fantasy
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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
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NICs have been and continue to be the driving force of globalisation. Discuss. An NIC stands for a Newly Industrialised Country. It is a term used to describe a country that has moved away from an agriculture-based economy and into a more industrialised‚ urban economy. These countries have a high growth rate. Current NICs include China‚ India‚ Brazil‚ Malaysia‚ Mexico‚ South Africa‚ Philippines‚ Thailand and Turkey. The average growth rate between these countries is approximately 7.64% compared
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‘Describe how physical and economic factors may have made Bournemouth a crowded coast.’ Bournemouth is situated in Dorset in the south of England‚ boarding the world heritage site‚ the Jurassic coast. It is Dorset’s largest city and is growing rapidly. Founded in 1810 and in 1851 was just a small village of 695 people‚ and in 2001 its population was recorded at 163 600. The council are expecting around an 11% increase by 2011. Bournemouth is an example of rapid coastalisation. I believe that
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[Case/Article Name]: The Enron Wars – Vanity Fair | The Watkins Memo | Questions: 1. Why do you think the whistleblowers we’ve encountered have all been women? The first reason I guess is women are more considering about emotions not about objective facts. Maybe a man won’t do anything he thinks it is wrong. He will refuse wrong things immediately. But women judge things by their own standards. For instance‚ if a woman likes the person who tells a woman to do something wrong based
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Enron The affect of the unethical behavior of the profitability of Enron was that the third party “outside” independent auditors was not able to backup and have accounting financial statements‚ some of those auditors and financial institutions may have been misled by the corporation’s net income. If I was an accountant for this company I would have followed regulated federal security laws‚ and if failed to provide prove of documents or financial statements‚ I would admit to my mistakes but also
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Enron Case Study The case of Enron is a fascinating one. United States is a country where auditing and accounting principles are so strong. How can something take place on such high level in the United States? The Enron case demonstrates the need to reform the accounting and corporate governance practices in the United States. Moreover‚ the Enron case made government officials to pay close attention to deregulated energy market. Some of the aspects that struck me are discussed below. One of the
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