Unit 1 Case Study
AC 503 Advanced Auditing
Enron Q1: The Enron debacle created what one public official reported was a "crisis of confidence" on the part of the public in the accounting profession. List the parties who you believe are most responsible for that crisis. Briefly justify each of your choices.
Arthur Andersen- The person I believe held the most responsibility in the demise of Enron is Arthur Andersen. As Enron's auditor, he failed to comply with the accounting code of ethics by allowing Fastow and Skilling to pressure him to ignore their high risk practices first of all. He knowingly destructed incriminating evidence related to Enron's scandal and failed to fulfill his reporting obligations to Enron's board of director's.
Andrew Fastow- Andrew Fastow,...
Excerpt from file: HeatherFriday Unit1CaseStudy AC503AdvancedAuditing EnronQ1:TheEnrondebaclecreatedwhatonepublicofficialreportedwasacrisisof confidenceonthepartofthepublicintheaccountingprofession.Listthepartieswho youbelievearemostresponsibleforthatcrisis.Brieflyjustifyeachofyourchoices.
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