ACC 492 Week 5 Learning Team Case Study Assignment and Presentation

May 1st, 2015
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ACC 492 Week 5 Learning Team Case Study Assignment and Presentation

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EnronCorporationandAndersen,LLP:AnalyzingtheFallofTwoGiantsinAuditingCasesBy:TeamAAICPA Code of Professional ConductPrinciplesSix principles form the foundation of the rulesfor the AICPA Code of Professional Conduct.ViolationtheAICPACodeofConductManyPrinciplesofAICPA'sCodeofProfessionalConductwereviolated.Enron'sBusinessRisks Entering into numerous aggressivetransactions that involved special purposeentities (SPE's).BoardofDirector'sResponsibilities Overseeing the company's activities.HiddenCompanyDebtUsingSPE'sThesellofassetsbetweenSPE'sandothercompanieswereusedtohidehugeamountsofdebt.AuditorIndependenceIssues Independence is risked by both internaland external audits for the samecompany being performed by the sameRulesBasedVersesPrinciplesBasedAccountingStandardsRulesbasedaccountingusesadetailedsetofrules.PrinciplesbasedaccountingusesGAAPguidelines.LackofIntegrityTherunonthebankanalogyIrreparableDamage A company has to remain ethical if notoften times irreparable damages occur.ToughAccountingDecisionsCanCauseIssues A fear of losing a client can make toughaccounting decisions a struggle.RegainingPublicTrust Sarbanes-Oxley Act of 2002 The International Accountin

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