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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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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not see it”. 2. Regulatory Agencies‚ SEC and FASB Enron was able to hide their losses behind their SPEs or Special Purpose Entities by omitting an SPE’s assets and liabilities from its consolidated financial statements and both SEC and FASB failed to provide formal guidelines for companies to follow in SPEs accounting and reporting. As a result of the minimal legal and accounting guidelines for SPEs‚ Enron along with other companies was able to divert huge amounts of their liabilities and losses to
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just within secular society‚ but also within the Christian faiths. Pope John XXIII sought out to mend these conflicts both in Christianity and in society. Thus‚ he convoked a new council that he would later name‚ the Second Vatican Council. Gaudium et spes was issued at the closing of the council and addressed the problems currently dividing society; it stressed a need for a family structure with a primary concern for service‚ both within Christianity and among the entire human race. In 1945‚ after
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www.ccsenet.org/ijbm International Journal of Business and Management Vol. 5‚ No. 10; October 2010 The Case Analysis of the Scandal of Enron Yuhao Li Huntsman School of Business‚ Utah State University‚ Logan city‚ U.S.A E-mail: wyl_2001_ren@126.com‚ carolee1989@gmail.com Abstract The Enron scandal‚ revealed in October 2001‚ eventually led to the bankruptcy of the Enron Corporation‚ an American energy company based in Houston‚ Texas‚ and the dissolution of Arthur Andersen‚ which was one of the
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