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Enron Scandal Summary

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After Enron Scandal, in 2002, the Serbians-Solely Act was eased to prevent potential financial fraud. This act regulate the accounting standard and especially its transparency, as follows. ; All companies must have a majority of independent directors. ; Independent directors must comply with an elaborate definition of independent directors. ;The compensation committee, nominating committee, and audit committee shall consist of independent directors. All audit committee members should be financially literate, In addition, at least one member of the audit committee is required to have accounting or related financial management expertise.

; In addition to its regular session, the board should hold additional sessions without management. Overall, the Enron Scandal caused SIS to setup a reinforcement of accounting audit system, and even Europe and Asia were influenced. Enron was an energy company based in Huston, Texas. It was one of the innovative and also one of the seven largest company in the United States in asses.

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It had about 20,000 employees at that time. The company was making profit from supplying natural gas and electricity until the late asses, but after that it expanded its operation to the trading of energy related financial products such as derivatives.

Enron looked like a great company that makes a lot of profit however, in 2001, after the firm’s accounting fraud event public, the company filed for bankruptcy. After Enron Scandal, in 2002, the Serbians-Solely Act was passed to prevent potential financial fraud. This act regulate the accounting standard and especially its transparency, as follows. All companies must have a majority of independent directors. ;Independent directors must comply With an elaborate definition Of independent directors. ; The compensation committee, nominating committee, and audit committee shall consist of independent directors. All audit committee members should be financially literate. In addition, at least one member of the audit committee is required to have accounting or related financial management expertise. ; In addition to its regular sessions, the board should hold additional sessions without management.

Overall, the Enron Scandal caused LIST to setup a reinforcement of accounting audit system, and even Europe and Asia were influenced. Enron was an energy company based in Huston, Texas. It was one of the innovative and also one of the seven largest coronary in the United States in asses. It had about 20,000 employees at that time. The company was making that it expanded its operation to the trading of energy related financial products however, in 2001, after the firm’s accounting fraud event public, the company filed for bankruptcy After Enron Scandal, in 2002, the Serbians-Solely Act was an elaborate definition Of independent directors. The compensation committee, directors. ;All audit committee members should be financially literate. In Overall, the Enron Scandal caused LIST to setup a reinforcement of accounting audit system, and even Europe and Asia were influenced. Enron was an energy even largest company in the United States in asses, It had about 20,000 employees at that time.

The company was making profit trot supplying natural gas and electricity until the late 1 but after that it expanded its operation to the trading of energy related financial products such as derivatives. Enron looked accounting fraud went public, the company filed for bankruptcy. After Enron directors. ;Independent directors must comply with an elaborate definition of members should be financially literate. In addition, at least one member Of the sessions without management. Overall, the Enron Scandal caused US to setup a influenced.

Cite this Enron Scandal Summary

Enron Scandal Summary. (2018, Jun 27). Retrieved from https://graduateway.com/enron-scandal-summary/

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