controversial accounting and financial reporting issues of SPEs. There was intense debate but the SEC and FASB did not offer guidance or a solution. SEC and FASB were fully aware there was concern with this reporting but did not take it very seriously and let it slide by. Arthur Anderson is also a key. The auditors did work for Enron but they are also to guide the company in the right direction of financials. With the use of the SPEs and mark-to-market accounting‚ it was kind of a loophole in
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-John von Neumann John von Neumann‚ born December 28‚ 1903 was a Hungarian mathematician who made important contributions to computer science‚ von Neumann is best known for his EDVAC (Electronic Discrete Variable Automatic Computer) which opposed the not yet released ENIAC (Electronic Numerical Integrator and Computer). Neumann’s EDVAC design was intended to resolve many of the problems created by the ENIAC’s design. The ENIAC was designed to operate in decimal‚ whereas the EDVAC was designed
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ACKNOWLEDGEMENT I would like to acknowledge and extend my heartfelt gratitude to the following persons who have made the completion of this case study report possible‚ firstly to my course instructor Sir Butt for his vital encouragement and support‚ my friend Wajeeha who really helped me by correcting me with some of my queries about some portion of the case and last but not the least thanks to my family for their outmost support. One again thanks to my PROFFESSOR Sir Butt who gave me the opportunity
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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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transformed itself from an energy company to a risk management firm that traded everything from commodities to derivatives. The use of special purpose entities (SPEs) allowed Enron to operate wide-ranging undercover and risky trading procedures in a manner that did not properly reflect their debt on its balance sheets. The asset-light strategy‚ the SPEs‚ and the off-balance-sheet financing they provided to Enron seems to be the core cause of Enron’s ultimate failure. The first sign of weakness in the firm’s
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business ventures. These Special Purpose Entities (SPEs) was established to keep Enron ’s credit rating stay high‚ which was very important in their fields of business. A special purpose entity is a trust‚ corporation‚ limited partnership‚ or other legal vehicle authorized to carry out specific activities as enumerated in its establishing legal document. LJM2 entered into 26 deals with Enron to help the company move debt and assets off its books. The SPEs provides its sponsor with financing and liquidity
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Securitization in India – Opportunities & Obstacles A Discussion paper V. Sridhar PGP 2002‚ IIM Calcutta Securitization in India – Opportunities & Obstacles Page 2 of 2 Acknowledgement I would like to thank Mr. Manoj Dengla from ICICI Structured Products Group whose valuable insights have made this paper possible. I am also thankful to Mr. Pranay Agrawal and Mr. V. Srikanth of Fractal Technologies Ltd. for narrating their securitization experience. 2 Securitization in India
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IN DEPENDENCE OF AUDITOR – ENRON AND ARTHUR ANDERSEN CASE Introduction The world economy in recent years has got some significant growth but also had quite serious scandals. They caused the shakes for many‚ both citizens and authorities. Therefore‚ it is a challenging time and it is the time for change. An absolutely necessity is to enhance the true reliable financial information because the success on the capital market depends on it. The key factor is to assure that auditors must take a completely
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Petroleum Engineer SHESHATRI RAMACHANDRAN No. 2/250A Middle Street‚ Petroshesha@gmail.com Mugaiyur (P)‚ Tirukovilur (TK)‚ +919488168774 Villupuram-605 755‚
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School of Computer‚ Science and Engineering MSC PETROLEUM AND GAS ENGINEERING A Dissertation on THE EFFECTIVENESS OF MULTILATERAL WELLS IN DEEP-WATER Submitted by TEMITAYO OLUWAKAYODE OKEGBEMIRO @00347803 In partial fulfilment of the requirements for the M.Sc degree in Petroleum and Gas Engineering MAY‚ 2014 1 DECLARATION/CERTIFICATION I‚ Temitayo Oluwakayode OKEGBEMIRO declare that this dissertation is my own work. Any section‚ part or phrasing of more than 20 consecutive words that is copied
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