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Essay / Research Paper Abstract
This 3-page paper is a review about C. William Thomas, and his April, 2002 article “The rise and fall of Enron” (published in the Journal of Accountancy). The paper discusses the subject of the article, as well as describing weaknesses and strenghts. Bibliography lists 1 source.
Page Count:
3 pages (~225 words per page)
File: D0_MTenracc.rtf
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Unformatted sample text from the term paper:
practices, and when it was revealed that consultant Arthur Andersen had a hand in this debacle, the accounting profession, not to mention the entire business world, was thrown for a
huge loop. Yet trying to figure out the exact cause of the collapse continues to be an interesting phenomenon. C. William Thomas,
in his article "The rise and fall of Enron" (published in the Journal of Accountancy), tries to discuss some preliminary observations about the collapse, as well as how
it is likely to lead to more transparency in the auspices of financial reporting and corporate governance. Given the information Thomas had at the time, he did a pretty good
job of predicting what happened, how it happened and what steps are being taken to prevent it from happening again. From the
very start, Thomas covers himself by acknowledging that "the exact cause of the disaster may not be known for months." He is also honest in that he doesnt pretend to
say his way is the right way - but rather to specify that his article is about his own preliminary observations. He
starts out by indicating that the reason was simple enough - terming it "collective greed born in an atmosphere of corporate arrogance," which is true enough. The arrogance became so
pronounced that none of the senior executives (or anyone at Arthur Andersen, for that matter), stood up to take responsibility for their actions. Rather, all of them pointed fingers at
one another. What stunned Thomas, however, and perhaps rightfully so, was that companys lack of transparency when it came to reporting financial
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