In any business, the major battleground is financial accounting, and there is no government or industry regulation that can prevent unethical ways that people use in dishonestly reporting given financial information (Duska, 2007). For example, there are certain accounting practices that are illegal like misinterpretation of figures and expenses on a company’s financial statement. However, some legal accounting practices are unethical (for example, influencing financial results by shifting expenses unjustifiably).
Arthur Andersen LLP is a good example of a company that violated accounting ethics. This accounting firm would have become one of the largest firms in the USA because it ...
Enron Article Reviews Samples For Students
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Introduction
The Enron scandal of 2011 revealed that the Federal government’s accounting and auditing regulations of Fortune 500 firms were lax at best. The fact that one of the largest accounting and auditing firms at the time was an active participant in the scandal illustrated the need for additional industry oversight. Andersen was the accounting firm that was responsible for auditing Enron’s financial statements. The accounting firm failed to call out Enron on discrepancies and questionable accounting practices that overstated Enron’s earnings and understated its debt (Cross & Kunkel, 2012). This showed that generally accepted accounting practices or ...
Article Summary
The article sheds light on how large corporations such as Enron and WorldCom have been involved in malpractices related to the way these corporations were run. Both Enron and WorldCom were guilty of ignoring the demands of the stakeholders. Therefore, there is a strong need for major changes in the way such corporations are run, and for environmental and social factors to be kept in mind. One way of pleasing all parties is through a process called Socially Responsible Investing or SRI. SRI does not mean that businesses ignore the financial side of things and safeguard social and environmental factors at the ...
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