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Enron logo. The Enron scandal was an accounting scandal sparked by American energy company Enron Corporation filing for bankruptcy after news of widespread internal fraud became public in October 2001, which led to the dissolution of its accounting firm, Arthur Andersen, previously one of the five largest in the world.
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).
The firm rebranded to Accenture in 2000, and its parent company went bust following the Enron scandal. Now Andersen Consulting is making a comeback. One of the leading consulting brands of the ...
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 de facto dissolution of Arthur Andersen, its audit firm. Enron is considered to be the largest bankruptcy reorganization in U.S. history, as well as the biggest audit failure. [13]
In the long history of financial frauds, Enron ranks near the top of the list, with the once high-flying energy trading company suddenly unraveling in a web of lies and accounting sleight-of-hand ...
On this day in economic and business history ... On July 21, 2002, WorldCom declared what was at the time the largest bankruptcy in American history, with $107 billion in recorded assets. The ...
In 1999, the early days of the Dot-com boom, Enron invested in a Broadband Internet start-up, Rhythms NetConnections.In a desire to hedge this substantial investment (they owned at one point 50% of Rhythms' stock) and several others, Fastow met with Kenneth Lay and Jeffrey Skilling on June 18 to discuss the establishment of an SPE called LJM Cayman L.P. (LJM1) that would perform specific ...
He has said fears over interpretation prompted him to order the shredding of documents relating to Enron. Duncan grew up in Odessa, Texas, and graduated from Texas A&M University in 1980 with a degree in accounting. [1] He began working at Arthur Andersen's Houston office in 1981 and become a partner at the firm in 1995.