Oxley Act, Dodd Frank Act and JOBS Act exists for a reason. Although politic is a very complicated topic and has some sort of influence in establishing a new federal law, SOX, Dodd Frank Act and JOBS Act are reasonably justifiable. After WorldCom and Enron incidents, Sarbanes Oxley Act was established to regulate auditors and public company. After Late 2000’s mortgage crisis and others, Dodd-Frank and JOBS Act was established to regulate financial industry under federal government. Federal regulation
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Effects of Unethical and Irrational Decision Making at Enron DePaul University Managers and employees are often faced with ethical problems. The decisions that are made in regards to handling those problems can define an individual's career and determine the ultimate fate of their organization. In this discussion, examples of decisions that were made by Enron employees will be discussed that will exemplify this point. The first decision that will be discussed is the
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Our case study discusses the rise and fall of one of the largest telecommunications corporations in the world, Nortel Networks Corporation. Nortel was one of the many early 21st century telecommunications companies that failed due to upper echelon management, a dysfunctional board of directors, inflated costs and earnings, and a smoke and mirrors illusion of stability. There were many avenues that could have been taken that would have prevented the demise and fall of the organization, but those roads
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The Ethics of Enron: A Corporate Disaster Racheal D. Smith Salem International University The Ethics of Enron: A Corporate Disaster Ethics, as stated by Dawn D. Bennett-Alexander and Linda F. Harrison in The Legal, Ethical & Regulatory Environment of Business in a Diverse Society, are considered subjective laws as well as a how-to-guide for businesses in how they conduct themselves with their suppliers, customers, employees, and anyone else they do business with (2012). It is not enough
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enacted as a reaction to a number of major corporate and accounting scandals including those affecting Enron, Tyco, WorldCom and Arthur Andersen LLP. These scandals cost investors billions of dollars when the share prices of affected companies collapsed and shook public confidence in the nation's securities markets. The Sarbanes-Oxley Act of 2002 and Its Effect on the Accounting Profession Enron, World Com and Arthur Andersen LLP, three names that have long become synonymous with deceptive accounting
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CASE STUDY THE FALL OF ENRON: A STAKEHOLDER FAILURE GROUP TWO HISTORY Enron started out as a merger between Houston Natural Gas and Internorth in 1985. The CEO of Houston Natural Gas, Ken Lay, became chairman and CEO of the newly formed company the next year. Enron provided natural gas, electricity, and communications to its customers across the US and even around the world. It was also involved in developing many new energy related products. Enron continued to grow rapidly
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think that the creation and work of the Public Company Accounting Oversight Board (PCAOB) has resulted in greater independence of auditors of public companies? Due to some major Corporate and Accounting Scandals in some prominent companies including Enron and WorldCom, Sarbanes–Oxley Act (SOX) was enacted in 2002. Through this, a lot of changes were introduced as to the regulation of Financial Practices and Corporate Governance. The SOX later on created the Public Company Accounting Oversight Board (PCAOB)
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Corporate Executive Criminal Conviction Ricaviannca Weissenberg ETH/321 July 13,2015 Christine Benway Corporate Executive Criminal Conviction Enron, an American energy company based in Texas, was named by Fortune as “America’s Most Innovative Company” for six years in a row, with revenues of approximately $111 billion. However in 2001, Sherron Watkins, Enron’s finance executive, discussed her concerns about the company’s financial and accounting
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The fall of Enron: Corporate Culture, Governance and Ethics Written By: Bilge-Kagan Ozturk 2007 Abstract This paper examines the critical importance of an ethically based corporate/organisational culture to ensuring company-wide ethical conduct. Testament to this topic I use the case of Enron and its ethical demise to successfully support my argument and highlight the need of top level management to be the main proponents of this culture to allow lower level employees to adopt a behaviour
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[Hide] [Help us with translations!] Enron scandal From Wikipedia, the free encyclopedia Jump to: navigation, search Enron Corporation Type Defunct / Asset-less Shell Founded Omaha, Nebraska, 1985 Headquarters Houston, Texas, United States Key people Kenneth Lay, Founder, former Chairman and CEO Jeffrey Skilling, former President, CEO and COO Andrew Fastow, former CFO Rebecca Mark-Jusbasche, former Vice Chairman, Chairman and CEO of Enron International Stephen F. Cooper, Interim
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