Professional Malpractice
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This document discusses various instances of professional malpractice in different fields such as medicine, accounting, auditing, lending, and business ethics. It provides examples of large corporate accounting scandals like Enron and WorldCom where companies misrepresented their financial situations. New regulations and stricter enforcement are being implemented to curb malpractice and improve integrity in financial reporting and other professions.
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The document summarizes the rise and fall of Arthur Andersen, one of the largest accounting firms in the world. It details Andersen's growth throughout the 20th century and its philosophy of building a strong corporate culture. However, in the 1990s the firm made wrong strategic decisions focused on profits over ethics. This compromised its independence and allowed accounting irregularities with clients like Enron. The Enron scandal ultimately led to Andersen's conviction for obstruction of justice and demise in 2002, ending a major accounting institution.
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The document discusses the rise and fall of Arthur Andersen from an accounting firm founded on principles of ethics, to one that valued profits over ethics. Andersen's culture shifted to prioritizing client satisfaction over integrity. This led Andersen to engage in improper practices like helping Enron hide debts, and later destroying documents during an SEC investigation of Enron, ultimately leading to Andersen's conviction for obstruction of justice and demise.
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Enron company has gained waives over the past few years in relation to accounting
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and to restore the badly needed public confidence, several companies took the step to improve
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See discussions, stats, and author profiles for this publication at: https://www.researchgate.net/publication/271133751
CORPORATE ACCOUNTING SCANDAL AT
SATYAM: A CASE STUDY OF INDIA'S ENRON
ARTICLE · APRIL 2013
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Universiti Utara Malaysia
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Unit V Article Review
Student Name
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Unit V Article Review
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Reference
Cross, J. N., & Kunkel, R. A. (2012). Andersen implosion over Enron: An analysis of the contagion effect on Fortune 500 firms. Managerial Finance 38(7), 678-688.
Andersen implosion over Enron:
an analysis of the contagion effect
on Fortune 500 firms
Joann Noe Cross
Department of Accounting, University of Wisconsin Oshkosh,
Oshkosh, Wisconsin, USA, and
Robert A. Kunkel
Department of Finance & Business Law, University of Wisconsin Oshkosh,
Oshkosh, Wisconsin, USA
Abstract
Purpose – The purpose of this paper is to examine how the Andersen implosion over Enron
impacted Fortune 500 firms that were competitors of Enron and/or audited by Andersen. This event
provides an opportunity to study various contagion effects.
Design/methodology/approach – An event study methodology is used to analyze the immediate
financial impact of the Andersen implosion on competitors of Enron and/or firms audited by
Andersen. More specifically, how did the announcement of the implosion impact these firms?
Findings – The results support a strong industry contagion effect where Enron’s failure benefited
the surviving energy/utility firms who could then increase their market shares. The authors find the
energy/utility firms not audited by Andersen, on average, experienced an astounding 2.5 percent
increase in market capitalization when the audit scandal was announced. In dollar terms, the mean and
median market capitalization increases were $226 million and $101 million, respectively. In the
aggregate, the 21 utility/energy firms gained $4.76 billion in market capitalization.
Research limitations/implications – The results show the importance of the auditing process and
the impact of unethical actions on the firm, their auditor, and their competitors. One limitation is the
data are limited to large Fortune 500 firms.
Originality/value – This is the first study, to the authors’ knowledge, that evaluates the contagion
effect of the Andersen/Enron audit scandal on Fortune 500 firms: in the same industry as Enron;
audited by Andersen; and operating in the same industry as Enron and audited by Andersen.
Keywords United States of America, Financial reporting, Auditing, Energy industry, Banruptcy,
Andersen, Enron, Contagion effect, Fortune 500, Event study
Paper type Research paper
1. Introduction
The whole duty of an auditor may be summed up in a very few words – it is that of verifying
balance sheets (Accountant, editorial, April 23, 1881 as quoted in Chambers (1995, p. 81)).
[A]uditing, as carried on under the present system, is of no practical concern as evidence of
the true financial position of a company [. . .] auditors’ certificates [. . .] merely certify that the
balance sheet is correctly copied from the books, .
Auditing
This project describes the fraud of a company back from the year 1998. This describes how the fraud was made and what steps were taken towards it. It also shows the persons involved in the fraud.
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Work Study & Productivity
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Work Study
Work study is a technique used to systematically analyze work processes to improve efficiency. It involves observing work, documenting the current process, analyzing it for improvements, developing a more efficient method, measuring the new method, and implementing it as the standard. The key founders who developed techniques in this area include Frederick Taylor with time motion studies, Frank and Lillian Gilbreth with motion studies, and Henry Gantt with task scheduling. Work study specialists must gain cooperation from supervisors and workers, and consider the human factors, to successfully conduct a study and implement new standards.
Motion And Time Study
Motion and Time Study are methods used to analyze work processes and determine standard times. Frank and Lillian Gilbreth pioneered Motion Study in the 1880s to analyze body motions. Frederick Taylor developed Time Study in the 1880s to measure task completion times. Modern tools like motion cameras, stopwatches, and software are used to study processes in manufacturing, offices, hospitals and more in order to identify inefficiencies and establish performance standards.
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medium-sized and boutique firms have specialist forensic accounting departments. Forensic
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accounting and auditing standards and procedures, evidence gathering and investigative
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Cambridge anti money laundering lecture 2008
This document discusses the high costs that financial institutions face in complying with anti-money laundering (AML) regulations and whether these expenditures are optimally utilized. It notes that while AML compliance costs have doubled or more for many institutions since 2001, numerous enforcement actions have still been taken against banks for deficiencies in areas like staff training and expertise. The document suggests that rather than simply increasing budgets, institutions need to ensure training programs are well-designed and provide ongoing support and guidance to staff, in order to maximize the return on their AML compliance expenditures.
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Assignment 1 Foreign Source Income Rules (Client Letter)Due Wee.docx
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You are a CPA working as a tax professional engaged to provide tax advice to a client with operations in the United States and internationally. The client has specifically requested information on strategies that she can use to minimize the tax effects of foreign sourced income.
Use your text, the Internet, and / or Strayer Learning Resource Center to research the various rules regarding source rules for income and deductions.
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a. Typed, double spaced, using Times New Roman font (size 12), with one-inch margins on all sides.
b. Include a cover page containing the title of the assignment, the students name, the professors name, the course title, and the date. The cover page is not included in the required page length.
c. Include a reference page. Citations and references must follow APA format. The reference page is not included in the required page length.
The specific course learning outcomes associated with this assignment are:
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· Use technology and information resources to research issues in international tax planning and research.
· Write clearly and concisely about international tax planning and research using proper writing mechanics.
Click here to view the assignment rubric.
See discussions, stats, and author profiles for this publication at: https://www.researchgate.net/publication/271133751
CORPORATE ACCOUNTING SCANDAL AT
SATYAM: A CASE STUDY OF INDIA'S ENRON
ARTICLE · APRIL 2013
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Running head: UNIT V ARTICLE REVIEW
1
Unit V Article Review
Student Name
Columbia Southern University
Unit V Article Review
Begin drafting the body of the article review here. Remember to indent the first line of each paragraph.
Reference
Cross, J. N., & Kunkel, R. A. (2012). Andersen implosion over Enron: An analysis of the contagion effect on Fortune 500 firms. Managerial Finance 38(7), 678-688.
Andersen implosion over Enron:
an analysis of the contagion effect
on Fortune 500 firms
Joann Noe Cross
Department of Accounting, University of Wisconsin Oshkosh,
Oshkosh, Wisconsin, USA, and
Robert A. Kunkel
Department of Finance & Business Law, University of Wisconsin Oshkosh,
Oshkosh, Wisconsin, USA
Abstract
Purpose – The purpose of this paper is to examine how the Andersen implosion over Enron
impacted Fortune 500 firms that were competitors of Enron and/or audited by Andersen. This event
provides an opportunity to study various contagion effects.
Design/methodology/approach – An event study methodology is used to analyze the immediate
financial impact of the Andersen implosion on competitors of Enron and/or firms audited by
Andersen. More specifically, how did the announcement of the implosion impact these firms?
Findings – The results support a strong industry contagion effect where Enron’s failure benefited
the surviving energy/utility firms who could then increase their market shares. The authors find the
energy/utility firms not audited by Andersen, on average, experienced an astounding 2.5 percent
increase in market capitalization when the audit scandal was announced. In dollar terms, the mean and
median market capitalization increases were $226 million and $101 million, respectively. In the
aggregate, the 21 utility/energy firms gained $4.76 billion in market capitalization.
Research limitations/implications – The results show the importance of the auditing process and
the impact of unethical actions on the firm, their auditor, and their competitors. One limitation is the
data are limited to large Fortune 500 firms.
Originality/value – This is the first study, to the authors’ knowledge, that evaluates the contagion
effect of the Andersen/Enron audit scandal on Fortune 500 firms: in the same industry as Enron;
audited by Andersen; and operating in the same industry as Enron and audited by Andersen.
Keywords United States of America, Financial reporting, Auditing, Energy industry, Banruptcy,
Andersen, Enron, Contagion effect, Fortune 500, Event study
Paper type Research paper
1. Introduction
The whole duty of an auditor may be summed up in a very few words – it is that of verifying
balance sheets (Accountant, editorial, April 23, 1881 as quoted in Chambers (1995, p. 81)).
[A]uditing, as carried on under the present system, is of no practical concern as evidence of
the true financial position of a company [. . .] auditors’ certificates [. . .] merely certify that the
balance sheet is correctly copied from the books, .
Auditing
This project describes the fraud of a company back from the year 1998. This describes how the fraud was made and what steps were taken towards it. It also shows the persons involved in the fraud.
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- 4. Malpractice Kushlan Page 4 of 4 References Cheffers, M.L., CPA, ABV, Renda, C.M., Esq., and Bourassa, J.R. (n.d.). Loss prevention primer. Retrieved November 16, 2002, from http://www.accountingmalpractice.com/0002/primer.php?c=ch-01. “Malpractice,” Webster’s new Collegiate Dictionary, 1977. Mann, R.A., & Roberts, B.S. (2000). Smith & Roberson’s Business Law (11th ed.). Cincinnati: West Legal Studies in Business. Mollenkamp, C., & Beckett, P. (2002, October 4). Household International, Inc. may be near large settlement. The Wall Street Journal, p. A6. Sandberg, J., & Solomon, D. (2002, November 11). H-P’s Capellas leads list to be CEO of WorldCom. The Wall Street Journal, pp. A3, A9. SAS 99 and your duty to detect fraud: How quickly do you need to respond? (2002). Retrieved November 16, 2002, from http://www.accountingmalpractice.com/0005/articles/ga-200210a.pdf. Schoen, J.W. (n.d.). Regulators on the prowl for predatory lenders. Retrieved November 16, 2002, from http://www.msnbc.com/news/805701.asp.