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An Enron manual of ethics from July 2000, about a year before the company collapsed. Enron's complex financial statements were confusing to shareholders and analysts. [1]: 6 [10] When speculative business ventures proved disastrous, it used unethical practices to use accounting limitations to misrepresent earnings and modify the balance sheet to indicate favorable performance.
The Enron scandal was defined as being one of the biggest audit failures of all time. The scandal included utilizing loopholes that were found within the GAAP (General Accepted Accounting Principles). For auditing a large-sized company such as Enron, the auditors were criticized for having brief meetings a few times a year that covered large ...
At the end of 2001, it was revealed that Enron's reported financial condition was sustained by an institutionalized, systematic, and creatively planned accounting fraud, known since as the Enron scandal. Enron has become synonymous with willful corporate fraud and corruption.
The fallout from Enron's collapse continued to spread for months after the former energy conglomerate declared bankruptcy. One of the final Enron-caused implosions of collateral damage hit.
The credentials: Arguably the first celebrity financial scandal of the 24/7 media age, Stewart was the talk of the nation for weeks, which probably didn't make her list of "good things." As she ...
The defense argued there was much "wickedness", and pressure led to confessions by company leaders, and failure of "market confidence" led to the financial crisis. According to the East Bay Times , the defense "went so far as to suggest 13 of the 16 Enron executives who have pleaded guilty to federal crimes were innocent but caved in to intense ...
GE has been targeted with a report by the forensic accountant who exposed the Bernie Madoff scheme. Harry Markopolos says that GE's accounting is hiding a mountain of losses, which GE denies.
Arthur Andersen LLP was an American accounting firm based in Chicago that provided auditing, tax advising, consulting and other professional services to large corporations. By 2001, it had become one of the world's largest multinational corporations and was one of the "Big Five" accounting firms (along with Deloitte, Ernst & Young, KPMG and PricewaterhouseCoopers).