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Enron: The Smartest Guys In The Room

697 words - 3 pages

Thirteen years ago, the biggest energy company in the world experienced the biggest accounting scandal of the century. The company was called Enron and was doing very well in business but unfortunately, after many bad decisions were made by the executives of the company, Enron went bankrupt. The executives of Enron were essentially gamblers in the stock market. They took terrible risks and misreported their financial standings in order to encourage people to invest in their stocks. When the stocks crashed in 2001, these people fell victim to the lies and misleading information that Enron reported. Finally, Enron had reached the point of no return and was bankrupt. Arthur Andersen was a ...view middle of the document...

Arthur Andersen did play a role in the collapse of Enron. The company applied reckless standards in Enron’s audits because of conflict of interest over consulting fees. Enron's partner David Duncan shredded relevant legal documents. Andersen did not properly handle the audit of Enron. When attention was put on Andersen because of the Enron scandal, soon it was discovered that it had had other faulty audits with other corporate companies. One could say that Arthur Andersen is fully to blame for the downfall of the large energy company.
Arthur Andersen was found guilty in U.S. District Court of obstruction of justice. The Supreme Court eventually overturned the charges on Andersen. The firm could have rightly resumed business. However, the name of the accounting firm had been damaged and Arthur Andersen would pay for its wrongdoings. The firm had no customers left.
One hundred civil suits are pending against the firm regarding Enron’s scandal and countless other companies’ audits. After the firm’s state licenses were revoked, they surrendered their right to practice. Currently, the firm has only 200...

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