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Essay / Research Paper Abstract
This 3-page paper answers whether or not there can be another Enron, based on the laws and acts based on the wake of the corporate scandals of 2001 and 2002. Bibliography lists 3 sources.
Page Count:
3 pages (~225 words per page)
File: D0_MTsarenr.rtf
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Unformatted sample text from the term paper:
that cheated their stakeholders out of rightful funds through accounting dishonesties), the U.S. Congress raced to put through various Acts and laws in an attempt to ensure that similar scandals
wouldnt happen in the future. The question we have here, however, is whether or not such laws will prevent such scandals in the future.
The main Act that was passed in the wake of Enron was Sarbanes-Oxley (of 2002), which included features such as punishing obstruction of justice, enhancing criminal penalties for
securities fraud, appointment of an accounting oversight board, support for whistleblowers and statute of limitations changes (Perino, 2002). In short, SOA, as it has been named, is Congress attempts to
get tough on corporate crime and to boost penalties on those who commit fraud and obstruction of justice (Perino, 2002). Again, though,
the question arises as to whether or not SOA or other similar acts can really deter another Enron. It could possibly deter another Enron, but as experts point out, if
someone is determined to fraud stakeholders, theyre going to defraud them, whether there is a new law being enacted or not. In
the wake of Enron and SOA, however, experts have pointed out that if nothing else, auditing and auditing structures have been increased today, more than they had from several years
before (Svaldi, 2005). Before SOA was passed, in fact, experts point out that auditors would report concerns only to the CEO or the CFO (Svaldi, 2005). But if those executives
were the ones behind the concerns to begin with (which was the case with Enron and WorldCom), it was, according to one article like "the auditor telling the fox that
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