has been named as “Europe’s Enron” – the legend that took down Italy’s milk selling company Parmalat and its controlling executives‚ American banks‚ audit firms‚ even politicians and 130‚000 of its helpless small shareholders after the discovery in the year 2003 of the $14 Billion black hole in the company’s finances. The company’s fraud was uncovered when the company failed to pay the cash to the bondholders. Summary: This discovery led to eight years of court cases in Europe and in America
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Review of accounting ethics : The Enron Fraud Kemal Cankaya Strayer University Arlington Campus Financial Accounting Prof. Tony Somathiti February 1‚ 2013 The Enron Fraud “Enron‚ a Houston-based energy firm founded by Kenneth Lay‚ transformed itself over its sixteen years lifespan from an obscure gas pipeline concern to the world’s largest energy-trading company (both off and online). Enron has become an interstate and intrastate natural gas pipeline company
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auditors and Enron and the existence of conflicts of interest. From 1993‚ Enron started to outsource its internal audit functions to Anderson. Besides‚ conflicts of interest gets aggravated when the cross-selling of consulting services by auditors increases a lot. And consulting fees to auditors are much lucrative than the audit fees. As a result‚ Enron could easily threaten Anderson to give a favorable opinions to the public and otherwise Anderson couldn’t maintain a good relationship with Enron. Most
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Investment Lenders Government w w w .s tu d yi n te ra cti ve .o rg 2 CH AP TER 1 – I S S U ES I N COR POR ATE G OVER N AN CE w w w .s tu d yi n te ra cti ve .o rg 3 CH AP TER 1 – I S S U ES I N COR POR ATE G OVER N AN CE Corporate Governance Are the board effective? Are they making good decisions? Can we obtain assurance that they are? Are the board effective? Combined Code Board of Directors Chair CEO Execs Non-execs w w w .s tu d yi n te ra cti ve .o rg 4
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Enron Corporation Before filing for bankruptcy in 2001‚ Enron Corporation was one of the largest natural gas and electricity companies in the world. In addition to being one of the largest bankruptcies in American history‚ Enron undoubtedly was the biggest audit failure. It was one of the most famous company in the world‚ but also one that fell down too fast. In 1985‚ Enron was created by a merge between Houston Natural Gas and InterNorth by Houston’s Natural Gas’s CEO Kenneth Lay. It was
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------------------------------------------------- Systematic Approach to Teaching (Systematized Instruction) “A plan that emphasizes the parts may pay the cost of failing to consider the whole‚ and a plain that emphasizes the whole must pay the cost of failing get down to the real depth with respect to the parts." – C. West Churchman INTRODUCTION The broad definition of educational technology encompasses systems or designs of instruction. In this lesson‚ let’s discuss a symbol system or a systematic approach to instruction
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Systematic Matching sampling is a way‚ a procedure or a manner of taking action following processes. In such cases before conducting field research‚ it is taking a certain approach of identifying which course of action best suits the chosen field of study with concern to undertaking research. The purpose of this essay is to discuss what systematic matching is and how researchers use this method to determine satisfactory results. “The purpose of matching is to find an available respondent who is
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Bargaining Power of Buyers 5 Intensity of Competitive Rivalry 5 3. ANALYSIS AND POSSIBLE OPTIONS 6 Secure Corporate Partnership 6 Partner with other non-profit organisations 6 Backward Integration strategy 7 REFERENCES 8 APPENDIX 9 1. SWOT Analysis of SLSNZ 9 2. Porters 5 Forces Analysis 9 3. United Nations Definition of Non-Profit Organisations 10 1. INTRODUCTION The case study‚ “Riding the Waves Together: A Successful Partnership”‚ examines the journey of Surf Life Saving New
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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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leadership demonstrated in the Pierian Centre case study? According to Grace (2006) defines ethical leadership is that ‘knowing your core values and having the courage to live them in all parts of your life in service of the common good.’ Ciulla suggests the three categories to ethical leadership: intentions‚ relational and the ends (Schedlitzki and Edwards 2014). Intentions are the ethics of leaders themselves (Schedlitzki and Edwards‚ 2014‚ p.221). In the case study‚ the intentions of June are not self-interests
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