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How do we stop or can we stop financial statement fraud

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Reference no: EM131521024

- Prepare the two in chapter cases for discussion

- Read and submit the ENRON case, 3-4 pages typed 12 font Verdana

- Please answer the following questions:

1. How did the corporate culture of Enron contribute to its bankruptcy? 
2. Did Enron’s bankers, auditors, and attorneys contribute to Enron’s demise? If so, how? 
3. What role did the company’s chief financial officer play in creating the problems that led to Enron’s financial problems?
including the one i sent 

- #1 as written, but amended to focus on what was good and what was bad about the culture, be specific (you can answer this questions with bullet points for each),

- #2 as written, but pick one of the groups (bankers, or auditors, or attorneys) and select one player in that group and discuss their role (bullet points to state your position),

- #3 as written,

- #4 How do we stop or can we stop financial statement fraud? What is the common denominator in all financial statement frauds?

- #5 Find an article written around the time of the ENRON scandal back in Nov. 2001. Remember the scandal broke and ENRON was gone in a week. Be prepared to present to the class an interesting element of the article you selected. Please attach the article to your case submittal (not part of your page count).

Attachment:- CASE 9 Enron.rar

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In Enron's case, the company would build an asset, such as a power plant, and immediately claim the projected profit on its books, even though it hadn't made one dime from it. If the revenue from the power plant were less than the projected amount, instead of taking the loss, the company would then transfer these assets to an off-the-books corporation, where the loss would go unreported. This type of accounting enabled Enron to write off losses without hurting the company's bottom line. The mark-to-market practice led to schemes that were designed to hide the losses and make the company appear to be more profitable than it really was. To cope with the mounting losses, Andrew Fastow, a rising star who was promoted to CFO in 1998, came up with a devious plan to make the company appear to be in great shape, despite the fact that many of its subsidiaries were losing money.

Reference no: EM131521024

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6/29/2017 4:51:30 AM

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len1521024

6/7/2017 4:41:32 AM

PLEASE READ THE QUESTIONS AND ANSWER AS PER THE QUESTION OR INSTRUCTIONS Read and submit the ENRON case, 3-4 pages typed 12 font Verdana Prepare the two in chapter cases for discussion

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