OUR LADY OF FATIMA UNIVERSITY- ANTIPOLO CAMPUS RECENT ACCOUNTING SCANDAL: “The HealthSouth Scandal of 2003” SERRAON, ABIGAIL E. Accountancy 4Y2-1 ENGR. ANTHONIO CHAN March, 2016 INTRODUCTION Embezzlement, misappropriation, cheating or stealing is a form of fraudulent act done with an organization. There are television and newspaper stories nearly every day about all kinds of corporate schemes and scams. Behind every fraud is a person or a group of people who has taken what is not
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profession is regulated. The collapse of Health International Holdings (HIH) was recorded as the biggest corporate collapse in the history of Australia. Also an investigation of Royal Commission was warranted by the HIH collapse. Two questions considered in the failures of HIH Insurance: Did the auditors implement their responsibilities and roles? Did the auditors fulfil their auditing work ethically? This report provides an analysis of auditing issues arising from the collapse of HIH Insurance. Among
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dissolution of Arthur Anderson, which was one of the five largest audit and accountancy partnerships in the world. Enron collapsed in large part because of unethical practices of its top officials; they abused their power and manipulated information, and put their own interests above those of their employees and the public. Examining the ethical and social responsibilities of Enron and lessons learned from the collapse will be reviewed. Analysis To better understand the company’s collapse, is to start
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Nobody Won Michelle L Brown Oklahoma Wesleyan University Abstract When the Arthur Andersen LLP/Enron scandal surfaced in 2001, there was much confusion as to whom committed what crime and how many employees were actually involved. After the facts and criminal charges were final, the sequence of events makes sense; the union of two companies, the rise of the participating executives, and finally the end of the money ride. The leaders of both companies used dishonesty to make an abundant amount
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The Collapse of Enron Assessment Task A brief introduction outlining the key facts in the selected case On December 2nd 2001 the largest bankruptcy in US history was filed by energy trader, Enron Corporation. Once regarded as one of the fasted growing, innovative and best managed businesses in the United States, the collapse of the energy giant highlighted a series of corrupt and criminal activities that were, according to several investigations, rife throughout Enron’s operations. Enron Corporation
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environment. The case also offers a discussion ground for defining the role of the chief risk officer, and the relationship between risk management, strategic planning and capital budgeting. Procomp Informatic: Stepping on Ethical Landmines in Asia The collapse of Procomp Informatics Ltd, a major Taiwanese chipmaker, has been regarded by Taiwan's market watchdogs as similar to the scandal of the U.S. energy giant Enron in 2001. In June 2004, Procomp defaulted on a bond payment and structured for bankruptcy
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The Enron scandal • Enron, the 7th largest U.S. Company in 2001, filed for bankruptcy in December 2001. • Enron investors and retirees were left with worthless stock. • Enron was charged with securities fraud (fraudulent manipulation of publicly reported financial results, lying to SEC…) • Enron was a Houston-based natural gas pipeline company formed by merger in 1985. • By early 2001, Enron had morphed into the 7th largest U.S. Company, and the largest U.S. buyer/seller of natural
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rose to $90/share in August of 2000 before bottoming out at $0.40/share when they filed for bankruptcy on Dec. 2nd 2001. It only took 16 years for one of the largest Fortune 500 companies to completely dissolve, taking employee jobs, pensions, Arthur Andersen, and the American public’s faith with it. Enron and its young McKinsey consultant created the energy derivative and used it to form the new natural gas division that dominated the market. However, the use of mark-to-market accounting and the
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Enron: Who's Accountable? Just four days before Enron disclosed a stunning $618 million loss for the third quarter—its first public disclosure of its financial woes—workers who audited the company's books for Arthur Andersen, the big accounting firm, received an extraordinary instruction from one of the company's lawyers. Congressional investigators tell Time that the Oct. 12 memo directed workers to destroy all audit material, except for the most basic "work papers." And that's what they did, over
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ENRON CASE STUDY Title of the Article: * The first article of critique, talks about the ethical cultures and values of Enron and how this values and credence contributed to the collapse of this once corporate giants (Li, 2010). * Enron failures, the who, the how, and the why, that contributed to malpractices of its business practices (Gudikunst, 2006). Purpose of Research: The purpose of the first article of research is to depict the ethical views and practices of Enron’s Executives
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