com/what-is-the-computer-misuse-act-of-1990.htm [Accessed 20 April 2010] Computer hope (1010)‚ [Online] How to prevent unauthorized computer access‚ Computer hope‚ Available from: http://www.computerhope.com/issues/ch000464.htm [Accessed 20 April 2010] Enron Corporation (2001)‚ Enron Annual Report 2000‚ Houston‚ Financial department‚ 2001‚ p3 Chris Uba (2009)‚ [Online] Fraudulent Accounting Practice‚ Businessworld‚ Available from: http://businessworldng.com/web/articles/940/1/Fraudulent-Accounting-Practice/Page1.html
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Euron and the Government Business Ethics 4/20/2013 Natalie Ponce Effective leaders are good at getting followers to their common goal or objectives in the most effective and efficient way. Moreover unfortunately for Enron‚ in the ken Lay and Jeffery skilling were too focused on profits that nothing else mattered. In the beginning of the company Ken and Jeff were very efficient in growing their company from small oil and gas pipeline firm into one of the largest entities in its industry. Furthermore
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Problems 4 Governance and Intermediation Failures at Enron 4 Role of Top Management Compensation 4 Role of Audit Committees 4 Role of External Auditors 4 Role of Fund Managers 5 Role of Accounting Regulations 5 The Sarbanes Oxley Act 5 Did it help? 5 Bibliography 6 Introduction Kenneth Lay formed Enron in 1985‚ when InterNorth acquired Houston Natural Gas. It was once the seventh largest company the United States of America. Enron branched into many non-energy-related fields over
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0412100 CASE #1 : ENRON’S FALL 1. State the facts of the case. Enron is the Seventh- largest company in the united states but after six months‚ Enron filed for bankruptcy‚ the outcome of what has been called the greatest accounting fraud of the 20th century. Twelve thousand employees lost not only their jobs but their entire retirement and life savings‚ which had been invested in Enron Stocks. Other owners of Enron’s stocks—including thousands of ordinary Americans whose pension were
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them. Usually people get tired of being reminded of these rules as some of them seem like basic curtesy or something anyone with decent parent was taught during youth‚ but that attitude is what lead to one of America’s biggest financial scandal‚ Enron. Enron is a perfect case of what happens if you ignore the ethics of accounting and just do anything for profit. This scandal is full of examples of disobeying the basic ethical standards set up by the American Institute of CPAs or better known as the
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accountants were used by government agencies‚ such as the CIA‚ the FBI and the IRS‚ to uncover and investigate fraud” (Ramaswamy‚ 2005‚ p. 2).With the recent economic downturn the profession of forensic accounting has seen a 200% increase since the Enron and WorldCom accounting scandals (Davis‚ Farrell‚ & Ogilby‚ 2009). In 2009 Davis‚ Farrell and Ogilby
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5/9/2012 Angelia Hunter Impacts of Unethical Behavior The collapse of Enron in 2001 shed the light on a number of unethical business and accounting practices in the corporate world. In 1986 Enron CEO Kenneth Lay combined his Houston Natural Gas company with several other companies. At this time the company began growing exponentially. By the mid-1990’s the deregulation of the oil and gas industries allowed Enron to spend heavily and purchase companies as well as serving as a major supplier
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auditing for both public and privately held companies followed the AICPA ’s standards of the 10 generally accepted auditing standards. In the years 2000-2002‚ there had been an increased of major corporate accounting scandals. Large corporations such as Enron and WorldCom went into bankruptcy by trying to cover up their losses and debt. In response to the all the fraud‚ the US government passed the Sarbanes-Oxley Act. The Sarbanes-Oxley Act created the Public Company Accounting Oversight Board‚ or PCAOB
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offers an ethics course for accountants to refresh their understanding of accounting ethics. The AICPA professional code of conduct is designed to protect the individual and users of the company’s financial information. The accounting scandals of Enron‚ WorldCom and Sunbeam during the early 2000s highlighted some significant deficiencies regarding individual accounting ethics. In order to combat the negative perceptions of the accounting industry arising from these scandals‚ the AICPA began focusing
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And when Enron stock started plummeting‚ the whole thing fell apart. Fourthly‚ this paper will analyze the accounts impacted and or accounting guidelines violated and the resulting impact to the business operation. They operated as the masterminds behind the system to defraud investors. The banks‚ by offering fake‚ illegal and not approved by regulators deals‚
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