If
you’re like most, you’ve been astonished, disillusioned and angered as
you learned of the meteoric rise and fall of Enron Corp. Remember the
company’s television commercial of not so long ago, ending with the
reverberating phrase, “Ask why, why, why?” That question is now on
everyone’s lips. The Enron case is a dream for academics who conduct
research and teach. For those currently or formerly involved with the
company, such as creditors, auditors, the SEC and accounting regulators,
it’s a nightmare that will continue for a long time.
Formal
investigations of Enron are now under way, headed by the company’s
board, the SEC, the Justice Department and Congress. The exact causes
and details of the disaster may not be known for months. The purpose of
this article is to summarize preliminary observations about the
collapse, as well as changes in financial reporting, auditing and
corporate governance that are being proposed in response by Big Five
accounting firms, the AICPA and the SEC.
In the end, the best lessons of all will come from the mere fact of
Enron's bankruptcy. Investors and bankers may learn not to trust
companies that report mysteriously spectacular profit growth; auditors
will be warier of bosses' pressure to sign dodgy accounts; rating
agencies and regulators may be more nervous about companies that do not
come clean about all their activities. In the drama of capitalism,
bankruptcy plays an essential part
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