The Enron debacle, followed by accounting scandals and bankruptcies at WorldCom and Adelphia, created what one public official reported was a "crisis of confidence" on the part of the public in the accounting profession. Various parties and institutions bear some degree of direct or indirect responsibility for this "crisis of confidence."
a. List five parties or institutions (not specific individuals) that are primarily responsible for this "crisis of confidence" in the public accounting profession and the independent audit function.
b. State the justification for each party or institution listed.© BrainMass Inc. brainmass.com October 25, 2018, 7:34 am ad1c9bdddf
a. List five parties or institutions (not specific individuals) that are primarily responsible for this "crisis of confidence" in the public accounting profession and the independent audit function, and
b. State the justification for each party or institution listed:
The SEC was seen as not being particularly diligent in asking about the strange and growth collection of non-consolidated entities. They were also not taking an interest in the high non-audit fees that were distracting auditors from low fee audit work.
2. Arthur ...
Your tutorial is 278 words and lists the SEC, Arthur Anderson, Enron, Creditors and the AICPA. Reasons are given for each.
Enron Research Paper
1. Research the Enron situation. To start, read the article "Virtual Bidding: Considerations Related to Market Manipulation" provided in Materials below. Find other sources.
Based on your reading, take a stand on the ethics of Enron's activities in the California energy markets. Explain why you do or do not think Enron violated ethical standards and be specific about the ethical issues involved. Be sure to address the following:
What standards should apply in this case?
Who is ethically responsible for the situation in California?
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