1) What did Arthur Andersen contribute to the Enron disaster? Arthur Andersen (AA) contributed to the Enron disaster when it has failed to the management by failing to have Enron establish and enforce its own internal control. There has been flaws to AA‘s internal control. There has been assumption that AA partners were too motivated by revenue recognition thus‚ overlooking several criteria when providing their services to Enron. Additionally‚ AA also recognised the retention of audit clients
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the cereal industry. 3. Assumed Pat was talking to the programmers without Kelly’s knowledge or consent. 4. Assumed Pat wanted to continue arguing on email. Pat Lambert - Director of Marketing1. Assumed the customer would be happy with anything launched on the market from AcuScan2. Assumed programmers could work in the new launch. 3. Assumed a new product launch would be simple to achieve. 4. Assumed that Kelly Thomas would go along with her regarding the "Operation Optimize"5. Assumed that the
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CASE 4-1: Bessrawl Corporation Reconciliation of net income from U.S. GAAP to IFRS 2011 Net Income according to U.S. GAAP attributable to equity holders of Bessrawl Corporation ………… $1‚000‚000.00 IFRS adjustments: Add: Reversal of inventory cost written down to replacement cost….. 10‚000.00 Less: Additional depreciation of building after 2011 revaluation……..
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This paperwork comprises GEN 480 Week 1 Individual Assignment Ethics Awareness Inventory Business - General Business Prepare a 300- to 600-word analysis of your Ethics Awareness Inventory. Interpret the results and apply them to your personal and professional development. Include a statement explaining how your educational experience has affected your ethical thinking. The analysis must address your use of ethics in thinking and decision-making‚ and the potential for conflict in
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The Enron Accounting Scandal Presented By: Jennifer Buondonno Nirmala David Robert Pufky Matt Rollings ENRON Page 1 of 27 Table of Contents Executive Summary……………………………………………………………..3 (I) Introduction to the Enron case and the organizations involved……. 5 Background information & industry…………………………………………….. 5 Organizations and officers involved……………………………………………..6 Accounting firm and partners involved………………………………………….8 Enron’s industry………………………………………………………………….. 9 Enron’s injured parties……………………………………………………………
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Case Study: Enron Corporation Accounting Scandal 1. What is Enron Scandal? Formed in 1985 from a merger of Houston Natural Gas and Internorth‚ 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 contracts linked to the value of energy
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level – why auditing? • Enron Auditing • Why do we have auditing? • Lemonade Stand Example Did ANYONE Do ANYTHING WRONG? CONCLUSION Did Anyone Do Anything Wrong? YES!! ENRON’S RISE 1985 – Internorth‚ based in Omaha‚ acquired Houston Natural Gas. 1986 – Changed name to Enron and moved to Houston. OLD ENERGY SYSTEM • Electricity • State-regulated monopolies. • Stable‚ but inefficient. • Natural Gas • Pipelines transported on fixed delivery routes with set prices. Enron Producers Pipeline
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1. What did Arthur Anderson contribute to the Enron disaster? Arthur Andersen (AA) contributed to the Enron disaster when AA consulting became its own separate entity‚ named Accenture. Revenues from consulting services surpassed revenue from auditing services. A natural competitiveness grew between the two rivals and this is where the problems began to start. Management held maximinizing revenues as their primary focus of success and promotions/bonuses were based on this factor. The CEO of AA‚ Joe
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This pack comprises GEN 480 Week 4 Individual Assignment Past Present Future Presentation Business - General Business GEN 480 Week 1 Individual Assignment Ethics Awareness Inventory Analysis GEN 480 Week 2 Individual Assignment Professional Workplace Dilemma Paper GEN 480 Week 2 Learning Team Assignment Skills Assessment Paper and Matrix GEN 480 Week 3 Individual Assignment Critical Thinking Case Study GEN 480 Week 3 Learning Team Assignment Analysis of Business
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Arthur Andersen LLP v. United States The parties: In Arthur Andersen LLP v. United States‚ the plaintiff was the United States. The United States was also the Appellee. Arthur Andersen is the defendant as well as the appellant. The history: Arthur Andersen was found guilty at the jury trial. The U.S. Court of Appeals for the Fifth Circuit also affirmed him guilty. The U.S. Supreme Court reversed Andersen’s convictions due to “flawed jury instructions.” The facts: Arthur Anderson formed a crisis-response
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