1/25/13 The rise and fall of Arthur Andersen Arthur Andersen Arthur Andersen was born in Plano, Illinois in 1885. He graduated the University of Illinois in 1908 with a degree in accounting. At the age of 23, he was the youngest Certified Public Accountant in the state of Illinois. From 1907 to 1911 he served as the Senior Consultant for Price Waterhouse in Chicago. In 1913, Andersen decided to establish his own accounting firm. At the age of 28, he founded the public accounting firm of
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A Business Failure: Enron Chris Shealy LDR/531 August 22, 2011 Ericka Hilliard The Enron scandal was a corporate scandal involving the American energy company Enron Corporation based in Houston, Texas and the accounting, auditing and consultancy firm Arthur Andersen that was revealed in October 2001 (Wikipedia Enron Scandal 2001). All of this started when there was a loophole discovered in the accounting department when they were allowed to book large sums of money from energy-derivative
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[Type the company name] | Responsibility | Unit 6 | | Sherry Rhodes | 11/29/2011 | [Type the abstract of the document here. The abstract is typically a short summary of the contents of the document. Type the abstract of the document here. The abstract is typically a short summary of the contents of the document.] | Accountants have a responsibility to a company’s management investors, creditors, outside regulatory bodies and the overall integrity of financial markets. Accountant
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Sarbanes Oxley Act The Sarbanes Oxley Act was enacted in 2002 as a reaction to a number of major corporate and accounting scandals which included Enron, Tyco International, Adelphia, Peregrine Systems, and WorldCom. This Act which is commonly known by the acronym “SOX” was put in place to protect investors from unethical companies practicing questionable accounting standards. The Senate refers to this Act as the “Public Company Accounting Reform and Investor Protection Act” and the House refers
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Basics of Accounting for High School Students Brittney Dial American Intercontinental University Accounting 1&2 March 31, 2013 Basics of Accounting for High School Students 2 Hello students! I welcome you to the world of accounting. You might wonder, what’s the point of crunching numbers behind
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Jodi Rosario Accounting 2010 Joshua Cieslewicz 21 March 2013 Accounting: The Language of Business When I first started taking this class, I had absolutely no intention of even thinking about making accounting a major or minor for my education. Having gone through the Accounting 2010 class and seeing the way that I am able to grasp onto the concepts; making accounting my major or even a minor to accompany a major in general business has weighed on my mind heavily. While researching whether
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The Collapse of Enron Who were the stakeholders involved in, or affected by, the collapse of Enron? How and what degree were they hurt or helped by the actions of Enron management? Some of the stakeholders were directly responsible for Enron’s collapse. The deregulation of the 1980s presented an opportunity to become the “gas bank” reducing market risk. After this success Kenneth Lay, Jeffrey Skilling and Andrew Fallow became the market makers, buying and selling over 1,800 products. These top
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HU300-01 Arts and Humanities Final Project – Time Capsule Final Project – Time Capsule Since the creation of time, man has been inventing creations to enhance and abet the living experience of human beings with hopes of making daily tasks (domestic or work) more manageable while exerting less physical effort or for safety measures. This time capsule has been written to share with future generations some of the creations that were made near the end of the 20th Century and the beginning of 21st
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falsifications in the accounting process. In 2002, one of the most important laws to be past in many years was the Sarbanes-Oxley Act. This law forces companies to keep a more watchful eye on internal controls. One of the most famous scandals of 2001 was the Enron scandal. Within a year’s time Enron, and I am paraphrasing Mark Jikling, who prepared a CRS report to congress on the financial downfall of Enron, went from being a multibillion dollar company with stocks at $80 plus price per share to a
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Class: FB0662 May 19th, 2012 APENDIX 1. WorldCom’s accounting scandal 2. How did WORLDCOM cook its books? 3. Conclusion WORLDCOM headquarter in Virginia, USA. WORLDCOM’S ACCOUNTING SCANDAL WorldCom, established in 1983, whose CEO was Bernard Ebbers, was the second largest long distance phone company in the US after AT&T. It could be seen as a pride of America until it got into one of the biggest accounting scandals in the American history which finally led to its bankruptcy in 2002
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