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The enron-andersen regulatory review to strengthen auditor independence
Dewi Fariha Abdullah @ Earnest
Jurnal Kemanusiaan , 2004,
Abstract: The crash o Enron in the US, followed by the worldwide collapse of its auditor, Arthur Andersen (Andersen), has shaken the business world. It was the biggest corporate collapse uncovered in business history. Since then, the investor and public's perception towards the accounting and auditing profession has been badly tarred. Following Enron-Andersen scandal, giant companies like world Com, Xerox and West Management faced similar fate. Worst still, the auditors of all these companies are among the Big Fives (now Big Fours). Nevertheless, the reputation of most certified public accountant (CPA) firms are seriously confronting the problems of regaining public's confidence at post-Enron era. Among the major issues elevated was 'auditor independence' of the CPA firms. Arguments rest on the issue of auditor independence and factors like regulatory framework, and business pressures (also corporate governance) that are found to be major contributor to crashes of Enron like. In response to the scandal, the standard-setters, regulators, professions and other related bodies (in the UK and the US) emerged with constructive proposals, which aim to strengthen auditor independence (and corporate accountability). Though, new regulatory have been laid out, the success rate is yet proven. This paper review holds the regulatory scenario depicted in the UK and the US. This is after considering that most of the recent bankrupt cases and regulatory reviews are actively performed in both countries.
The Case Analysis of the Scandal of Enron  [cached]
Yuhao Li
International Journal of Business and Management , 2010, DOI: 10.5539/ijbm.v5n10p37
Abstract: The Enron scandal, revealed in October 2001, eventually led to the bankruptcy of the Enron Corporation, an American energy company based in Houston, Texas, and the dissolution of Arthur Andersen, which was one of the five largest audit and accountancy partnerships in the world. In addition to being the largest bankruptcy reorganization in American history at that time, Enron undoubtedly is the biggest audit failure. It is ever the most famous company in the world, but it also is one of companies which fell down too fast. In this paper, it analysis the reason for this event in detail including the management, conflict of interest and accounting fraud. Meanwhile, it makes analysis the moral responsibility From Individuals’ Angle and Corporation’s Angle.
Board Monitoring, Management Contracting and Earnings Management: An Evidence from ASX Listed Companies
Jinghui Liu
International Journal of Economics and Finance , 2012, DOI: 10.5539/ijef.v4n12p121
Abstract: This study investigates the influence of board monitoring and management contracting on earnings management. The strengthening of corporate governance following the Enron era was designed to gain investors’ confidence and ensure the truthfulness of financial information. Contracting is employed as an instrument to align the interests of agents with those of shareholders which are ultimately to maximise the value and minimise monitoring costs. By developing measures of board monitoring in accordance with the Corporate Governance Principles and Recommendations (CGPR) released by the Australian Securities Exchange (ASX) Corporate Governance Council (2009) and management contracting, this study presents evidence in an Australian context that both board monitoring and management contacting influence the extent of earnings management individually and collectively. Using a sample of 138 ASX listed companies, this study finds that discretionary accruals have shown various patterns across a range of observation periods. A higher incidence of CEO duality is significantly related to lower levels of earnings management. The independence of the boards is associated with higher levels of earnings management. The results show that managerial ownership has a positive effect on discretionary accruals. Furthermore, the impact of managerial ownership outweighs the impact of board monitoring on returned earnings, particularly on the reporting of income-increasing accruals. It is observed that the strategic shareholdings of senior management have more impact on earnings than short-term incentives. This demonstrates that long-term managerial ownership is a more effective way of aligning the interests of mangers with those of shareholders than short-term compensation such as bonus plan.
Enron of Saudi Arabia: Corporate Accounting and Auditing Failures  [PDF]
Ayman Mohamed Zerban
Open Journal of Accounting (OJAcct) , 2018, DOI: 10.4236/ojacct.2018.71001
Abstract:
Accounting and auditing failures are still a hot topic despite strong efforts for efficient corporate governance. The motives and attitudes behind decisions and events leading to Enron’s eventual downfall appear to be simple. It is individual and collective greed born in an atmosphere of market loose of regulation. The financial results of the company were too good to be true and no sound was heard to criticize the company albeit very few opinions. It was a network to deceive stakeholders. Saudi Arabia government has sought to change its oil-based economy into a modern diversified economy with a more trend towards privatization consistent with 2030 vision “a vibrant society, a thriving economy and an ambitious nation” and in this situation an effective, transparent, accountable, enabling and high-performing government and corporations are an essential pillar for success in order to advance economy including stock market. Corporate governance is intended to increase accountability of corporations and to avoid problems before they occur. An accounting scandal at one of Saudi Arabia’s largest telecommunications companies is posing pressure on regulators, as Saudi Arabia moves to open up the Arab world’s largest stock market to foreign investors. The Capital Market Regulator in Saudi Arabia banned Deloitte’s firm (Bakr Abulkhair & Co.) from auditing public companies as of June 1st, 2015, on account of its work for the targeted loss-making company MMG (Mohammad Al Mojil Group). Another scandal in Saudi Arabia is Etihad Etisalat, known as (Mobily), as company’s audit committee pointed in their perspective to accounting errors that decreased about $380 million in previous profits. The aim of this research is to explore what went wrong and the violations of corporate governance rules by highlighting corporate accounting and auditing scandals in MMG (Mohammad Al Mojil Group) and Etihad Etisalat, known as (Mobily). Although what happened at Enron is very well known worldwide, the corporate accounting and auditing failures in the case of Saudi Arabia is unprecedented territory of research.
Network Analysis with the Enron Email Corpus  [PDF]
Johanna Hardin,Ghassan Sarkis,P. C. Urc
Computer Science , 2014,
Abstract: We use the Enron email corpus to study relationships in a network by applying six different measures of centrality. Our results came out of an in-semester undergraduate research seminar. The Enron corpus is well suited to statistical analyses at all levels of undergraduate education. Through this note's focus on centrality, students can explore the dependence of statistical models on initial assumptions and the interplay between centrality measures and hierarchical ranking, and they can use completed studies as springboards for future research. The Enron corpus also presents opportunities for research into many other areas of analysis, including social networks, clustering, and natural language processing.
The Rise and Collapse of Enron: Financial Innovation, Errors and Lessons  [cached]
Elisa S. Moncarz,Raúl Moncarz,Alejandra Cabello,Benjamin Moncarz
Contaduría y administración , 2006,
Abstract: Recent collapses of high profile business failures like Enron, Worldcom, Parmlat, and Tyco has been a subject of great debate among regulators, investors, government and academics in the recent past. Enrons case was the greatest failure in the history of American capitalism and had a major impact on financial markets by ′causing significant losses to investors. Enron was a company ranked by Fortune as the most innovative company in the United States; it exemplified the transition from the production to the knowledge economy. Many lessons can we learn from its collapse. In this paper we present an analysis of the factors that contributed to Enron′s rise and failure, underlying the role that energy deregulation and manipulation of financial statements played on Enron′s demise. We summarize some lessons that can be learned in order to prevent another Enron and restore confidence in the financial markets, as well as in the accounting and auditing professions.
Transparency in Corporate Governance: A Comparative Study of Enron, USA and Cadbury PLC, Nigeria
Muraina Abdullahi,Okpara Enyinna,Ahunanya Stella
The Social Sciences , 2013, DOI: 10.3923/sscience.2010.471.476
Abstract: This study examined the topical issue of corporate governance in the area of transparency in the preparation and presentation of financial statements to various stakeholders and the public at large. This is against frightening revelations that the financial statements of many corporate entities were mere cosmetics and far from showing a true and fair view of the real state of things. In particular, this study took a close look at the financial misrepresentation of Cadbury Nigeria and Enron United States of America. Cadbury Nigeria was discovered in 2006 to have overstated its accounts to the tune of 13 billion naira (85 million dollars). This resulted in the sacking of the Managing Director and the Finance Director of the company. The auditors of the company Akintola Williams Delliotte was also fined to the tune of 130,000$. Enron s case was that its purported growth from 10 billion dollars in the early 1990s to 101 billion dollars in 2002 was discovered to be mere cosmetics. Financial statements were tampered with to create a false or deceptive impression leading to its collapse and litigations against the key officers. The effect of lack of transparency in the corporate governance of both organizations was discussed in this study. Using a comparative analysis of their financial statements before the fraud was uncovered, the similarities and differences were highlighted with lessons for developing economies on how to ensure transparency in their corporate governance.
INSIDER TRADING: BOARD OF DIRECTORS AND ACCOUNTING EL DELITO DE INICIADOS: CONSEJOS DE ADMINISTRACIóN Y CONTABILIDAD  [cached]
Miguel Díaz Llanes
Revista Universo Contábil , 2008,
Abstract: With this paper, we intend to approach the crime of insider trading, or crime of initiated, and to determine its structure and origin. We will not only stop with the insider, but we will also cover the figure of the outsider. Besides we will show its legal aspects as well as the theory and the practice in the operation of the board of directors. On this point we highlight the need to have independent, professional and a dedicated Boards We are also interested in covering those factors that cause the genesis and development of this illegal conduct. Besides we will dedicate space to Accounting. We consider that Accounting can report and even prevent practices of insider trading. Accounting should be understood as information for the public, information to decide, information to control, plus information that cannot be restricted to preparing a standard statement that does not comply with their informative mission. As such, we study Enron’s way to operate, gathering all the variety of corporate actions and possible accounting manipulations in a business. Finally we will cover the relation of insider trading with financial markets. We will discuss aspects as ethics and breaking the limits of the law. Con la presente comunicación pretendemos aproximarnos al insider trading, o delito de iniciados, y determinar su estructura y origen. No nos detendremos sólo en el insider, sino que abordaremos la figura del outsider. Además mostraremos sus aspectos jurídicos así como la teoría y la práctica en el funcionamiento de los consejos de administración. En este punto resaltamos la necesidad de unos consejos realmente independientes, profesionales, con dedicación. También nos interesa abordar aquellos factores que favorecen la génesis y desarrollo de estas conductas ilegales. Además dedicaremos espacio a la contabilidad. Consideramos que la Contabilidad puede informar e incluso prevenir sobre prácticas de insider trading. La Contabilidad debe entenderse como información para el público, información para decidir, información para controlar, y que además su papel no se debe ni se puede reducir a cumplimentar unos estados normalizados que no informan. Para ello recogemos la forma de operar de Enron que aglutina toda la variedad de actuaciones societarias y manipulaciones contables posibles en una empresa. Por último abordaremos la relación del insider trading con los mercados financieros. Planteamos aspectos como la ética e ir más allá de la ley.
Editor board  [cached]
editor support
International Journal of Science and Engineering , 2011, DOI: 10.12777/ijse.v2i2.1308
Abstract: editor board
Editorial Board  [cached]
Hakan Arslan
European Journal of Chemistry , 2011, DOI: 10.5155/eurjchem.2.2.i-i.453
Abstract: Editorial Board
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