Essay on Enron Questionable Accounting Leads to Collapse

ENRON: QUESTIONABLE ACCOUNTING LEADS TO COLLAPSE CRYSTAL RUFF GLOBE UNIVERSITY ABSTRACT This paper summarizes the article listed in reference that reported on the demise of Enron and the contributing factors that led to the financial downfall of a great company. The roles of the corporate culture, Enron’s financial staff, and even the chief financial officer are all to blame for the events that lead to the finality of the company that resulted in bankruptcy. While Enron boasted about being â€Å"The World’s Leading Company†, it was anything but that. The corporate culture of a company is supposed to describe how the stakeholders and employees, think, feel, and act. If Enron’s financial record is example of that, then the†¦show more content†¦. (L. Ferrell, O.C. Ferrell, amp; Fraedrich, 2011). Enron’s lawyers, Vinson amp; Elkin, were well aware of the scandal that was about to rock the company. In fact, claims allege that Vinson amp; Elkin helped to create the special purpose partnerships that Enron so needed to cover up losses. . (L. Ferrell, O.C. Ferrell, amp; Fraedrich, 2011). Even though fault was not admitted, the law firm paid out millions to settle claims of any wrongdoing. Merrill Lynch went under scrutiny when it allegedly made a deal with Enron on the procurement of barges, which were falsely reported in earnings. Merrill Lynch was also involved in a situation where a research analyst had fi ndings that Enron was not happy with, and with a push from Merrill Lynch, the analyst rewrote his findings so they were advantageous to Enron. . (L. Ferrell, O.C. Ferrell, amp; Fraedrich, 2011). As Enron’s auditor, Arthur Anderson was responsible for the financial statements and bookkeeping for the company. However, he was found guilty of obstructing justice for destroying auditing documents. . (L. Ferrell, O.C. Ferrell, amp; Fraedrich, 2011). As the CFO of Enron, Andrew Fastow defrauded the company out of $30 million by using partnerships created to show Enron as being debt free, when in fact it owed approximately $1 billion. Fastow took money that should have gone to other entities and when he was found guilty, he surrendered almost $30 million in cash and property. . (L.Show MoreRelatedEnron: Questionable Accounting Leads to Collapse2056 Words   |  9 PagesEnron: Questionable Accounting Leads to Collapse The Enron Corporation was established by integrating two major gas pipelines in 1985. The Company provided products and services related to natural gas, electricity, and communications and it was one of the world’s leading organizations at these sectors with claimed revenues of nearly $101 billion in 2000. Throughout the 1990s, Chair Ken Lay, chief executive officer Jeffrey Skilling and chief financial official officer Andrew Fastow transformedRead MoreEssay on Enron: Questionable Accounting Leads to Collapse784 Words   |  4 PagesEnron: Questionable Accounting Leads to Collapse In the case of Enron, it comes down to pure greed and a lack of accountability. From the top, there was illegal activity with Ken Lay, Jeffrey Skilling, and Andrew Fastow who raided the company as though it was their own personal bank. On top of that, the culture of the rest of the company was to make as much money as they could and employees were rewarded by the amount of profit they could make without questioning the ethical means to do so. Read MoreCase: 9 Enron928 Words   |  4 PagesCase 9: Enron; Questionable Accounting Leads to Collapse Bruce Smith Minnesota School of Business BS430 Business Ethics MR. Morris November 25, 2012 1. 2. 1. How did the corporate culture of Enron contribute to its bankruptcy? Effective leaders are good at getting followers to their common goals or objectives in the most effective and efficient way; unfortunately for Enron, in the end Ken Lay and Jeffery skilling were too focused on profits that nothing else mattered. In theRead MoreEnron : The Leading Factor That Had Enron Into Its Demise Essay1608 Words   |  7 PagesThe leading factor that had Enron into its demise revolves around the notion that, â€Å"companies are often so concerned with appearance and damage control that they are unwilling to engage in the degree of examination required to root out the entrenched causes of trust violations† (Hurley, Gillespie, Ferrin Dietz, 2013). The historical performance of Enron’s rising share prices, coupled to the constant positive media attentions, only added fuel to the fire in terms of Enron’s competitive culture.Read MoreEnron : A Model Of The Innovative Company1684 Words   |  7 PagesEnron Enron began in July 1985, and its headquarters were in Houston. It started from a small regional energy supplier. However, Enron was dissatisfied with the traditional way of doing business, so it began to look toward energy security. Enron s management believed that the creation of derivative securities market for any commodity was possible, so Enron developed energy commodity futures, options, and other financial derivatives. Energy deregulation brought this company great commercial opportunitiesRead MoreEnron Corporation: An Electivity and Natural Gas Company1621 Words   |  7 PagesEnron Corporation was formed in 1985 when Houston Natural Gas merged with InterNorth to create an electricity and natural gas company that would eventually become Enron. After Houston Natural Gas merged with InterNorth, the former chairman of Houston Natural Gas, Kenneth Lay, was appointed as CEO of Enron. The Chief Executive Officer of Enron, Kenneth Lay’s ultimate goal was to make Enron †Å"the world’s greatest company,† but unfortunately he failed to achieve his goal. During the 1990s, Enron wasRead MoreThe Sarbanes Oxley Act2060 Words   |  9 PagesAs the complexity of our financial economy develops it is important that our accounting standards progress in accordance. Accounting is very important to the development of the global and local economies. Accounting is basically the gathering, summarizing and presenting of financial information of an entity to interested internal, external and possible investors. This information should be presented in a non-bias way so that other people are able understand. As the complexities of manufacturersRead MoreThe Collapse of Enron Seemed to Be a Thumb in the Nose to the Efficient Markets Hypothesis and Agency Theory. Discuss.2242 Words   |  9 PagesThe collapse of Enron was entirely related to the accounting practices adopted by the company. It is a number of these questionable, and in some cases straight out fraudulent, accounting practices that pertained to the most dramatic collapse of a major company in years. An analysis of some of these accounting practices brings to light the problems with the use of concepts such as mark-to-market accounting and the use of special purpose entity’s (SPE’s). To say that the collapse â€Å"seemed to be aRead MoreArthur Andersen Essay1532 Words   |  7 Pagesin the interests of generating fees. Gradually, some partners who faced accounting dilemmas with clients had more at stake when deciding whether to reject problematic practices uncovered in audits. These changes planted the seeds o f firm’s erosion.    The second change was that the influence of Professional Standards Group, a small group of Andersen’s most experienced partners who defined Andersen’s positions on accounting issues, had diminished. In 1992, top management had rejected a key rulingRead MoreEnron Case Study Essay2248 Words   |  9 PagesEnron Summery of Enron case The Enron scandal has far-reaching political and financial implications. In just 15 years, Enron grew from nowhere to be Americas seventh largest company, employing 21,000 staff in more than 40 countries. But the firms success turned out to have involved an elaborate scam. Enron lied about its profits and stands accused of a range of shady dealings, including concealing debts so they didnt show up in the companys accounts. As the depth of the deception

The Theories Of Aristotle Lenin Cristobal. Australia...

ANALYSIS OF STRATEGIES ARISTOTLE LENIN CRISTOBAL AUSTRALIA CATHOLIC UNIVERSITY TABLE OF CONTENTS 1 EXECUTIVE SUMMARY An organization is comparable to a living organism that continues to grow, expand and change. Paralleled to its transcendental growth is the need to strategize on how it will become adaptive and responsive to the overarching changes and challenges despite of technological advancement, innovations, market competition, trends in and consumers’ demographics and needs, organization performance gearing toward organization vitality and sustainable existence. This can be done through the development of a strategic plan. A strategic plan is blueprint of schematic and overall direction of the organization. All the actors particularly the strategists have their primordial responsibility and functions to strategize and plan ahead how the organization will be viewed internally and perceived externally. As posited by David (1995) strategists are the individuals most responsible for the success or failure of the organization. They have different titles such as Chief Executive Officer, Presi dent, Director, and others. The term strategy proliferates in discussions of business. This strategic report emanates the clear sense of an organization s objectives and a sense of how it will achieve these objectives. It looks into the important facets in building its distinctiveness and achieving competitive advantage through being

Analysis Of Maya Angelou s Poem, Africa - 1491 Words

Red stands for the blood lost; green for the land they took, and black pigment of the people of that great continent. These are the colors of the Pan-African flag, not simply a flag, but rather a symbol for all those whose origins begin in Africa. Maya Angelou’s poem, â€Å"Africa,† paints a portrait of the history of Africa. Her canvas depicts the beautiful landscapes with its people far and wide as well as those who were abducted from its shores. The three stanzas, which make up the poem, construct a story about a nation that was beaten, raped and left behind to die, and despite that was triumphant in the end. Maya Angelou’s poem is a tribute to the struggles and triumphs of Africa. Angelou refers to Africa as a woman throughout the poem. The use of the female pronouns creates a sense familiarity between poem and the reader. Drawing on their personal relationships with the women in their own lives. In the first stanza, Angelou sexualizes Africa by using personification, â€Å"thus she has lain,† creating an image of a woman lying in a bed. Angelou makes other references to woman by emphasizing the geography of African and connecting it to female body parts. The descriptive lines about Africa’s, deserts, riches, and mountains directly correlate to woman’s hair, feet and breast. This personification about Africa works so well because it creates this natural beauty of a woman’s body and Africa. By making Africa the image of a beautiful woman Angelou solidifies a pleasing image ofShow MoreRelatedAnalysis Of The Poem Post Colonialism 1742 Words   |  7 Pagesimplemented on them and the career of Maya Angelou, a black woman born in the h eight of racism in America, is a testament to the colonised population s vigour and power to endure.    In many of her protest poems Angelou expresses the overwhelming oppression of the black culture and cries out against a system that supports the economic oppression of blacks by the white majority. Born in 1928, Angelou s own parents would have experienced slavery, and, as a child of slaves, Angelou herself experienced the after

The Protection Of Environmental Quality - 1423 Words

Introduction Protection of environmental quality is a globally growing concern, and there has been an increasing use of economic instruments in the environment protection policies, such as tradable permits or pollution charges, to reduce environmental harm by harnessing economic incentives to encourage the industries. In New South Wales, the Environment Protection Authority (â€Å"EPA†) introduced the load-based licensing (â€Å"LBL†) scheme as a new approach of environment protection licence under the Protection of the Environment Operations Act 1997 (NSW) (â€Å"POEO Act†) and the Protection of the Environment Operations (General) Regulations 2009 (NSW). Subsequently, a broader range of pollution issues is now embraced under the LBL system by†¦show more content†¦In the past, a fixed fee was charged to the industries, and it was difficult to find a relationship between pollutant discharges and the licence fee. Inequity in licence fees was resulted therefrom, and there was very little incentive available for licence holders. Consequently, this approach was regarded as an unpleasant cost, and the earnest licence holders had to be economically disadvantaged by the neglected licensing system. Furthermore, ineffective system in environment protection licence failed to reduce emissions and irreversible impacts on the environment were perceived. To overcome those issues stated above, the EPA of New South Wales updated the POEO Act, and as a result, legislations including the Waste Minimisation and Management Act 1995 (NSW), were repealed and incorporated into the POEO Act. Under the Chapter 3 of the POEO Act and the Protection of the Environment Operations (General) Regulation 2009 (NSW) , LBL is implemented as a new method of charging a licensing fee based on the amounts of the pollution emission resulted from the licensed activities. In accordance to the LBL scheme, licence holders are charged an annual licence fee which consists of the administrative fee and the load-based fee. The load-based fee depends on the amounts of the pollutant discharged, and the administration fee is payable in each reporting period. Unlike the traditional approach, the LBL enhances

In this essay, I will be analysing a film called Example For Students

In this essay, I will be analysing a film called In this essay, I will be analysing a film called Fight Club, in terms of title, pictures, colours, layout, size of words, quotations language and audience. Fight is a conflict between two people or groups of people that might involve bodily contact while club is an establishment or building or regular event at which people dance to records. When put together as has been done in this poster it suggests a place or gathering where people fight, and therefore makes an audience think the film will be about a place where fights regularly occur. The pictures in this poster are the faces of a smiling man and an angry/sad man. The people in the poster look like thugs who might have had a conflict. The smiling face of the first man might suggest that he had a conflict with the second man with the sad face and was victorious. The photos remind me of a mug shot. The original colour of the poster was black and white, which might have been used to emphasise a word in the title of the film Fight. I think the effect of this is to create a dark atmosphere corresponding to the word Fight. In my opinion, the layout of the poster is very good. The pictures are in the middle with the quotations in large letters on top. The actors names written in large letters and other unimportant things are at the bottom. The first thing an audience sees in this poster, are the pictures. I think it might have been set out like this to attract the attention of the audience. In the poster, the quotations and the actors names are the largest because they are the most important informations and also, to attract the attention of the audience. Information such as the producers and marketing labels are the smallest words in the poster. They are the smallest because they are unimportant. Words like Howling Monster, Thrilling, and Clever in the poster make the film appear dangerous, exciting and thrilling. Metaphor is also used to show that the film is dangerous for example Howling Monster. Personification is also used to give an action impression for example A Howling Monster of A Movie that Virtually Sticks Its Ravening Snout out of The Screen and Bites You. The film is made to look big by using large letters for the first quotation that is right on top of the poster. In the poster, the quotation sources are stated to show recommendation by top movie and news sources. In the poster, there was a reference to the director of another film being the director of Fight Club. This is to take the audiences attention back to the film and encourage them to see Fight Club if the film Seven was good. I think the people the film is targeted at are definitely not kids. I think it is for people between the ages of eighteen and above and of male gender. The title Fight Club suggests the film is about a fight arena. The hooks in the poster are the pictures and are similar to mug shots. The original colour of the poster was black and white and the words and pictures are evenly distributed. The important information is in large letters while the unimportant information is in small letters. In my opinion, the poster is good and effective as an advertisement because it is very informative and well structured.

Survey Of Cyber Attack Detection Strategies -Myassignmenthelp.Com

Question: Discuss About The Survey Of Cyber Attack Detection Strategies? Answer: Introducation People have made their life easier by using the benefits of advances in technology, due to which, the usage of internet is at its best. On the one hand where there are various benefits of the internet usage, there are some privacy issues also that are related to it among which ethical issues and the behavior of the internet users are the prime ones (Stahla et al., 2014). When it comes to primary schools, the cyberbullying has a great catch over the ethical issues which needs to be considered by the researchers to provide safe information and communication technology to the schools. The investigation includes serious topics like cybercrime, internet frauds, cyberbullying, hacking of networks, and much more (Spiekermann, 2015). Analysis of ICT Ethical Issues The internet is a vital part of information and communication technology that has become quite important in the day-to-day life to make the hectic communication easy with various offers it serves with (Floridi, 2010). Although, it gives a great positive impact; it also contains some negative impact of the internet which is considered to be unethical regarding the confidentiality and accessibility of the information. Following are some of the ethical considerations that should be known. Copyright: One needs to mark the word copyright while downloading any file from the internet. This has become quite common currently which needs to be followed in proper conduct. However, if it is downloaded without permission, it would violate the regulations set by the authorities (Rainer et al., 2013). Files like documents, music, eBooks, software, applications, etc. are found to be downloaded with ease in nearly all the countries and this act is labeled as unethical. Although this act has not been given due significance as it has not yet harmed the cyber economy of any country (Holt and Bossler, 2015). This practice is widely performed while sharing files through the internet without any hindrance as people mostly look for free options rather than paying for them. Hacking: Hacking is another illegal action performed by the students of the primary schools that damages the protocol and steals the confidential information in cyberspace. The process of hacking includes aspects like classifying the information, stealing confidential information like passwords, credit card details, and much more (Stahla et al., 2014). This activity is widely processed when the computers are common or accessible. Such activity takes place when the hackers are able to drive another persons concentration through their attractive traps. There are students who have the passion to become professional hackers, and hence they commit illegal protocols (Reynolds, 2011). A good example of this issue was seen in 2014 when 14 branches of the Affin Bank, Bank Islam, and Al Rajhi Bank were hacked through their ATMs by a hacking gang. Cyber Bullying : Cyber bullying is an illegal act that is carried by harassing individuals with the help of internet. The act has grabbed various primary school students resulting in the destruction of their psychological condition (Spiekermann, 2015). This result turns to be hilarious when the user is having no idea about cyber bullying and fails to protect himself/herself against it (Floridi, 2010). The act also includes irritation caused by speeches that scare people and frustrate them. The primary school girls are the prime victims of cyber bullying where they are delivered with threatening messages or voice messages that hinder their privacy. The common result seen in various students is changing the school, and the worst result of such bullying is the commitment to suicide by the victim (Whitman and Mattord, 2012). Data Privacy: Everyday, the internet is used to store various files and data that can be counted in a million gigabytes. When it comes to maintaining this data, the privacy of the same has been of crucial concern. The Internet contains various personal data of the people that is quite sensitive (Laudon, 2016). When an individual looks forward to any deals or rights on the internet, they are generally asked to go through the agreement that is labeled under the privacy policy of the users right and data privacy terms (Raiyn, 2014). The policy helps to know which portion of the data can be used and modified by the authorities. Reasons Behind Copyright Violations Here are some situations and causes that lead to violations regarding the copyright laws. Having insufficient knowledge about the topic that encourages plagiarism. Lack of information about the results of copying copyrighted materials. Not declaring the terms of the copyright on the website (Reynolds, 2011). High price of the legitimate sellers on the internet which leads to piracy. Lack of enforcement of laws properly for protection of intellectual property data. Hacking as Common Act When it comes to cybercrime, hacking has been the most common one, that has resulted in the increase of fraud cases. The hackers generally try to trap the internet user for gaining maximum information from them. Hacking through credit cards is a widely observed crime around the world; as nearly 90% of the total credit card users are found carrying online transactions. Here are some reasons that convert the users into victims of hackers: File sharing and downloading has been observed to be the primary reason as to why hackers are progressing as it is easily carried by an unprotected download of programs, codes, etc. through pen drive downloading and file sharing. Another way the hackers are progressing are attractive traps like phishing, email spams, etc. that allows the hackers to use the private data of the internet user (Whitman and Mattord, 2012). Hacking has hence, become a widely spread crime due to the system bugs or the carelessness of the cyber authorities. The lack of updating of the systems is also a major reason that makes it easy for the hackers to perform their activities (Heersmink, 2011). Reasons Behind Cyberbullying The major reason behind the cyber bullying is the increased use of social media, mostly by the children that lead to psychological harm. Here are some reasons for the increase in cyber bullying: The increase of feelings like anger, frustration, or revenge developing in teenagers leads to cyber bullying. Unawareness of proper use of personal information on social networks resulting in harassment by bad people. Too much interaction with strangers resulting to bullying or blackmailing. Conclusion and Solutions to the Internet Problems All the disasters regarding the internet occur due to improper maintenance of cyber ethical issues along with workplace ethics (Floridi, 2010). No doubt the speed of the communication through the internet has given many benefits, there are events where it is misused also. However, proper control over all these measures can also limit the cyber crimes which can be carried as follows: Prevention to a violation of copyright: The promotion of open source campaigning to various universities would help to control the plagiarism to a great extent. The more the students and the public get to know about it; the more piracy would be controlled (Stahla et al., 2014). Generate awareness among the people not to use pirated games, as this would discourage the owners in their work. Putting the illegal download movies under the banned section and implementation of laws properly along with the proper promotion (Rainer et al., 2013). Design a free software with limitations for music, images, etc., along with a paid software. Solutions for hacking problems: Increase the use of anti-virus programs to avoid malicious programs to prevent from hacking. Using different passwords to sign in while using various websites that require registration (Raiyn, 2014). Clearing the cookies after browsing the internet for making the computer user safe. Increase in campaigns to limit credit card hacking, websites, etc. Look before using any kind of free Wi-Fi to avoid the unpleasant results. Prevention of cyber bullying: Counselling the students to be open to parents and guardians to avoid any kind of frustration. Campaigns to help them in using their private information on the internet to avoid bullying. Reference Floridi L. 2010. The Cambridge Handbook of Information and Computer Ethics. Cambridge University Press. Available from: https://books.google.co.in/books?hl=enlr=id=iK3UjU9yfiECoi=fnd pg=PA41dq=computer+ethics+information+systems+%2B2010ots=1c65IAbFFjsig=w5YpUHqDkTXW8X5zawhNMFUoHSQ#v=onepageq=computer%20ethics%20information%20systems%20%2B2010f=false. [Accessed 18th September, 2017] Heersmink R. 2011. Bibliometric mapping of computer and information ethics. Journal of Ethics and Information Technology [Online], Volume 1 / 1999 - Volume 19 / 2017. pp. 1388-1957. Available from: https://link.springer.com/article/10.1007/s10676-011-9273-7. [Accessed 18th September, 2017] Holt T., Bossler A. 2015. Cybercrime in Progress:Theory and Prevention of Technology-enabled Offenses [Online]. Routledge. Available from: https://books.google.co.in/books?hl=enlr=id=xMQ0CwAAQBAJoi=fndpg=PP1dq=cyber+crime+%2B2019ots=gsEUnDgQnLsig=2S0IZx-VbJ4Ignavjx8lmWeccCY#v=onepageq=cyber%20crime%20%2B2019f=false. [Accessed 18th September, 2017] Laudon K., Laudon J. 2016. Management Information System. Pearson Education India. Available from: https://books.google.co.in/books?hl=enlr=id=4RAwDwAAQBAJoi=fndpg=PP2dq=computer+ethics+information+systems+%2B2016ots=CErXp2XlVisig=azHtMhbUj4vREJbwh5HnRk4jdXs#v=onepageqf=false. [Accessed 18th September, 2017] Reynolds G. 2011. Ethics in Information Technology. Cengage Learning. Available from: https://books.google.co.in/books?hl=enlr=id=vcYJAAAAQBAJoi=fndpg=PT6dq=computer+ethics+information+systems+%2B2011ots=FaPgzvQzzusig=m67hJizBlK38iIa6vdLEqJH4E6s#v=onepageq=computer%20ethics%20information%20systems%20%2B2011f=false. [Accessed 18th September, 2017] Rainer R., Cegielski C., Hogeterp, H. Rodriguez C. 2013. Introduction to Information Systems, Third Canadian Edition. John Wiley Sons. Available from: https://books.google.co.in/books?hl=enlr=id=LAIeCgAAQBAJoi=fndpg=PA280dq=computer+ethics+information+systems+%2B2013ots=-XjV-EIgvYsig=zAQHwiCvlyy4IusB7K_Jqj1UpxA#v=onepageq=computer%20ethics%20information%20systems%20%2B2013f=false. [Accessed 18th September, 2017] Raiyn J. 2014. A survey of Cyber Attack Detection Strategies. International Journal of Security and Its Applications[Online]. Vol.8,(Issue 1), pp.247-256. Available from: https://dx.doi.org/10.14257/ijsia.2014.8.1.23 [Accessed 18th September, 2017] Stahla B., Eden G., Jirotka M., Coeckelbergha M. 2014. From computer ethics to responsible research and innovation in ICT: The transition of reference discourses informing ethics-related research in information systems. Information Managemen [Online]t. Volume 51 (Issue 6), pp. 810-818. Doi: https://doi.org/10.1016/j.im.2014.01.001 [Accessed 18th September, 2017] Spiekermann S. 2015. Ethical IT Innovation:A Value-Based System Design Approach [Online]. CRC Press. Available from: https://books.google.co.in/books?hl=enlr=id=WI3wCgAAQBAJoi=fndpg=PP1dq=innovation+in+ict+%22computer+ethics%22+%2B2015ots=ivKwPbccBrsig=RQAoZ35DamuKvALJ9pIAFMLzajM#v=onepageqf=false. [Accessed 18th September, 2017] Whitman M., Mattord H. 2012. Principles of Information Security. Cengage Learning Available from: https://books.google.co.in/books?hl=enlr=id=L3LtJAxcsmMCoi=fndpg=PR9dq=computer+ethics+information+systems+%2B2011ots=6WB3VRiMwPsig=AcnlUB99-VoE_d4gpxhI5CXxvzE#v=onepageq=computer%20ethics%20information%20systems%20%2B2011f=false. [Accessed 18th September, 2017]