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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.
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).
Enron Corporation was an American energy, commodities, and services company based in Houston, Texas.It was founded by Kenneth Lay in 1985 as a merger between Lay's Houston Natural Gas and InterNorth, both relatively small regional companies at the time of the merger.
The firm's comeback has been orchestrated by Andersen, a tax business founded in 2002 by former employees from Arthur Andersen, the once-prestigious accounting firm and the parent company of ...
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 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 ...
Arthur Andersen LLP v. United States, 544 U.S. 696 (2005), was a United States Supreme Court case in which the Court unanimously overturned accounting firm Arthur Andersen's conviction of obstruction of justice in the fraudulent activities and subsequent collapse of Enron.
When Andersen's client Enron declared bankruptcy in the highly publicized Enron scandal, Berardino appeared before Congress and announced a series of steps to improve Andersen and the accounting profession. In early 2002, when Andersen discovered that its auditors had been involved with shredding documents related to the Enron audit, Berardino ...