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Essay / Research Paper Abstract
An 8 page paper discussing some of the ways in which the Enron case is providing evidence for the need for greater auditor independence and corporate governance. Those encouraging internationalization of US accounting convention have suffered setbacks while those opposed to such a move are beginning to cite the case of Enron as evidence why the US system is not failsafe. The Enron case is still unfolding at the time of writing; the paper uses Rite Aid as a point of comparison in which outcome already is known. Bibliography lists 7 sources.
Page Count:
8 pages (~225 words per page)
File: CC6_KSaudIndEnron.rtf
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Unformatted sample text from the term paper:
The Federal Reserve Bank of New York hosted a conference in December 2000 centered on corporate governance. SEC chairman Arthur Levitt was the conferences keynote speaker, and his primary
topic was that of enhancing the quality of financial reporting. He states in his conference address, "No market has divine right to investors capital."
The Enron story is still unfolding and we do not yet know the extent of the damage of the companys collapse, but former investors already are suing for
a litany of reasons using a variety of synonyms for the dreaded "f" word, meaning fraud. If Arthur Andersen is found to have taken an active part in fraudulent
activities, then it is likely that Enron and quite possibly Arthur Andersen could cease to exist. Implications of Enrons Auditors Actions Investors
must be able to make rational decisions to invest in a company, based on the financial results reported, industry conditions and other factors. Of the mix, only the historical
results are quantitative. The others constitute knowledge of markets and trends combined with the very scientific "knack" of choosing good stocks. At the same time that Americas "big
five" have been working to impose US accounting convention on other developed nations of the world, Andersen has been committing large sums to lobbyists whose goals include convincing congressmen that
the accounting and auditing rule changes are unnecessary. The Enron scandal only now is beginning to unfold. All we absolutely know at
present is that both Enrons senior management and Enrons auditing firm, Arthur Andersen, are being blamed for the apparent deceptions that further appear to have gone on for some time.
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