Auditors Role in Enron - 2533 Words

MANAGERIAL ACCOUNTING ASSIGNMENT NO1 STUDENT:0705080/1 QUESTION 1 (B) Evaluate the auditors role in the certification of the financial statements and conclude whether its work is effective in preventing major scandals on the lines of Enron and Worldcom. 1.0 ABSTRACT 2.0 ENRON-CORPORATE FIASCOS 3.0 HOW DID THE AUDITORS FAIL TO CATCH PROBLEMS AT ENRON? 4.0 HOW TO PREVENT RECURRENCE OF ENRON? 5.0 NEW RESPONSIBILITIES OF AUDITORS ACCORDING TO SARBANES-OXLEY ACT 2002 6.0 CONCLUSION 7.0 REFERENCES 1.0 ABSTRACT The responsibility of an auditor is to express an opinion on the financial statements based on his audit which means verification or check in accordance with International Standards on Auditing. These standards require†¦show more content†¦First, auditors may either fail to detect a material error or misstatement, or, having detected an error, fail to recognize it, because they have carried out a substandard audit – i.e. the auditors are incompetent. Second, auditors may identify an error or misstatement and fail to report it or get the directors to put it right – i.e. the auditors lack independence. Third, directors may deliberately deceive auditors. In cases of deliberate deception, auditors may not be held responsible for failure to detect a problem. Andersen’s audit failed due to unconscious bias which is the propensity to interpret data in accordance with our desires. Biased judgments, rather than criminal collusion between auditors and management often cause audit failures. The so called â€Å"integrated audit† that Andersen employed at Enron where it sought to combine its role as external auditor with internal auditing, the process whereby an enterprise checks its own books. Internal audits seek to ensure that an enterprise follows its procedures, safeguards its assets, and operates efficiently. Management has historically selected the accounting principles that an enterprise uses to prepare its financial statements. An audit essentially endorses or rejects the accounting choices that management has made. The auditors have a large part of responsibility while endorsing or rejecting the accounting principles. 4.0 HOW TO PREVENT RECURRENCE OF ENRON? Implementation ofShow MoreRelatedThe Enron Scandal Of Enron1052 Words   |  5 PagesPublic accounting firms have long played a role in convincing the public the authenticity of the corporates’ financial statements. However, the public started to become skeptical about accountants’ reliability when the Enron scandal occurred. In October 2001, SEC started an investigation against Enron for improper accounting practice. According Sherron S. Watkins, the former vice president for corporate development, Enron failed to disclose complicated deals with its partnerships to inflate the stockRead MoreCase 4.1 Enron and Arthur Anderson LLP1090 Words   |  5 Pagesï » ¿Enron Corporation and Andersen, LLP Accounting Fraud and Auditor Legal Liability 1 - What were the business risks Enron faced, and how did those risks increase the likelihood of material misstatements in Enron’s financial statements? The business risks that Enron faced included foreign currency risks and price instability, which is common for the energy industry. In addition, Enron faced pressure to perform well so that the stock price would rise. These risks increasedRead MoreImportance of External Auditors1110 Words   |  5 Pagesof this essay is to study the function of external auditors in order to analyze why it is important to be independent. The primary mission of external auditors is to review and evaluate all the financial records of a company or corporation. They provide an objective opinion on the organization’s financial statement and effectiveness of the accounting polices in order to help management to make decisions. If the independence of the external auditors is impaired, the public will doubt the quality ofRead MoreEnron : The Collapse Of Enron1644 Words   |  7 PagesEnron was once one of the world s leading energy companies by reshaping the way natural gas and electricity were bought and sold. They filed the largest corporate bankruptcy in American history in 2001. Enron Corporation was an energy company running out of Texas that was started when two companies, Houston Natural Gas and InterNort h, merged together in 1985. By 1992, Enron became the largest seller of natural gas in North America and began to offer other services like wholesaler trading and riskRead MoreEnron Scandal: Who Are Responsible for Enron ¡Ã‚ ¦S Bankruptcy847 Words   |  4 PagesEnron was once one of the worlds leading electricity, natural gas, pulp, paper and communications companies. However, in December 2, 2001, Enron suddenly filed for bankruptcy. During the ten years before Enron ¡Ã‚ ¦s went bankrupt, Enron ¡Ã‚ ¦s management had started transferring Enron ¡Ã‚ ¦s funding to personal accounts and made fake balance sheets, which provided investors information about how this company goes. (Gibney, 2005) These illegal actions, performed by certain individuals, finally led Enron toRead MoreEnron And The Enron Scandal847 Words   |  4 PagesThe Enron scandal, discovered in October 2001, eventually led to the bankruptcy of the Enron Corporation, an American energy company based mostly in Hou ston, Texas, and also the dissolution of Arthur Andersen, that was one amongst the 5 largest audit and accounting partnerships within the world. Additionally, to being the most important bankruptcy reorganization in American history at that point, Enron without doubt is the biggest audit failure. it s ever the foremost notable company within theRead MoreAuditor’s Role: The Importance to Overcome Ethical Dilemmas Essay example1030 Words   |  5 Pagessubjects of further review to understand that an auditor might encounter ethical dilemmas, if independence and objectivity are not part of the audit process. An auditor should keep objectivity at all times. Maire Loughran, a Certified Public Accountant and University Professor, explains â€Å"objectivity means the ability to look at facts the client presents, and reviews them with no preconceived notions or prejudices† (52). In other words an auditor has to exercise his ability to review informationRead MoreTaking a Look at the Enron Scandal1270 Words   |  5 Pagesreal cash flow had not come to the company yet. Moreover, cause when Enron come to the long term contract, they would assumed that there were long term declines in spot prices (Page 6, journal of economics), there would be the risk of loss if there were the increase in the price of gas in the future and it does not recognize in the financial statement; therefore, to make the income statement made more sense in economics term, Enron had created an accounting structure that help the company to stableRead MoreAccountant Independence Essay example767 Words   |  4 Pagesaccountant independence is very similar to being an independent auditor. When it comes to auditor independence, it refers to the independence of the internal auditor or the external auditor from parties that may have a financial interest in the business being audited. The initial concept of auditor independence was developed in the 19th century, which primarily originated with the British. In that era, British investors didn’t allow auditors to work in the bus inesses that they audited. The initial conceptRead MoreEnron Scandal Of Enron Corporation Essay1145 Words   |  5 PagesIntroduction Enron scandal which aroused in 2001 was one of the most famous events in the area of fraud audit. As the auditor company of Enron, Arthur Andersen failed to prepare true and fair auditing reports. They both suffered lethal loss at that time. The following paragraphs will discuss this fraud event, including the organization history, the organization’s event, the fraud issue in the event, the consequence of the main stakeholders, auditors in the event and their roles, and the current situation

How to Institutionalize Peace - 848 Words

Another major influence on the ability to institutionalize peace is the role of powerful national individuals. Many people will follow an influential figure and do whatever they say if they believe in what they are being told. This can be both good and bad depending on the situation. If the leader has radical views and wants change, they will often resort to violence to get what is desired. That is the worst case scenario because if peace is trying to be obtained, then fighting will only make the situation worse. This is why major global powers such as the United States have overthrown important political leaders in other countries to help restore order to the country. Larger, more powerful countries will often make decisions to intervene if they feel it is in the best interest of the world or neighboring countries. If such great power is put into the wrong hands, the consequences can be devastating. McNamara is a good example of a powerful figure that had a terrific war mind , but wasnt the best when it came to making or keeping peace. The Vietnam War was one that came with lots of controversy because of how costly it was. The war lasted many years and resulted in the death of many American soldiers. McNamara felt that we could win the war and continued to send troops into battle. This was not good for any hopes of achieving peace because this did nothing but make the Vietnamese unhappy and less likely to want to stop the war. Instead of trying to make peaceShow MoreRelatedManaging A City s Health Benefits1303 Words   |  6 Pagesemployees are prohibited to go on strike by law (Starling, 2011). In the public sector, they are prohibited to on strike since many of the jobs performed are essential. Moreover, these jobs such as police or firefighters are vital to maintaining the peace. Therefore, if the public worker would strike, they could be breaking the law and losing their jobs. Planned Organizational Change The best approached for the situation that the city is facing is with the planned organizational change. Moreover,Read MoreTaking a Look at the Syrian Crisis723 Words   |  3 PagesPs: participation in conflict prevention, peace-building and reconstruction, protection of women and girls human rights during conflict, and the prevention of gender-based violence (GBV). Lack of commitment to the above principles by all parties has exacerbated the pre-crisis vulnerabilities on gender equality in Syria. The status and protection of women, already weak prior to crises, is non-functional after almost three years in conflict. 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The strategy Ends are to; (1) destroy the ISIL, (2) stable democratic Iraqi Government, (3) peace agreement over Syrian civil war, (4) operate under large NATO coalition, and (5) built professional Iraqi Security Forces to deal with internal threats. Ways; Increase the airstrikes bombing with prices targeting on ISIL human and logistical capacityRead MoreThe Truth Behind The Collective Memory1298 Words   |  6 PagesJust after the end the First World War, a phenomenal fear emerged in many societies that prevalent chaos and struggle to restore peace in politics, economics and the society itself, was irrevocable consequence of men brutalized by the war cruelty. The hope that ‘war was to end war’ had been proven to be far from truth. Hence, it is ironic that the need to somehow legitimize war experience, created what George L. Mosse calls the Myth of the War Experience. This myth ‘looked upon the war as a meaningfulRead MoreSoviet Union Essay1188 Words   |  5 Pagesperhaps ethnically wrong. Americans commonly see security in institutional terms: adapted by their own atypical verifiable experience, they anticipated that if representative governments could institutionalize themselves, together with an aggregat e security association fit for settling contrast between them, peace would be guaranteed. That such governments may not generally have sincere motives toward their neighbours, that the united nations, in the absence of great power agreement, will often lackRead More1000 Word Essay On The Importance Of Accountability In The Army1148 Words   |  5 PagesA RESEARCH PAPER FROM THE AFRICA CENTER FOR STRATEGIC STUDIES Institutionalize Ethics and Accountability into Military Culture..41 forces. In other words, efforts to strengthen military professionalism must important oversight function by raising awareness of the role of the military over 1,000 lives. 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Steps to Ethical Leadership

Question: Discuss about the Steps to Ethical Leadership. Answer: Introduction to Leadership "Leadership" is such a nature of a specific person that isolates him/her from the accessible gathering, making him/her a pro-active among others comparatively and extraordinary person that adds to the prosperity of that particular gathering. Leadership is also all about installing the limit for significance in individuals and practices of an association, and decoupling it from the identity of the pioneer(Green, 2014). There are different types of leaders around this world, having different types of leadership traits and styles, every leader has their own approach so as to how to present themselves in front of their followers so that they can bring the best out of them, which will contribute to their specific organization or society accordingly. Some might be strict in nature giving their followers a disciplined and punctual image of themselves, or some leaders might even be very cool, outgoing and easy to approach in nature with their followers, in order to make them comfortable and easily approachable. Whatever the style is, if that specific set of leadership structure is bring prosper to their organization or some kind of project or work, along with his/ her followers being happy about their leader then I consider that to be a very successful leadership structure, but note that the leadership style must be ethical for the group, for himself and for the organization as a whole(Brooks, 2013). There are many people who have attempted to be the leader of a specific work or a project r may be even an organization, but they have failed immensely, and the reason why? Basically, they didnt have the right idea or concept of what leadership actually is. Leadership is the capacity to comprehend and use your characteristic abilities, as well as viably influence the regular qualities of your group to fulfill the mission(Helmrich, 2016). Its about engaging with your team and making them feel like they are worth something and motivating them with your capability of leading(Oehler, et al., 2014), by listening to their wants and needs and considering them in order to help them feel comfortable and be motivated accordingly rather than trying to control the whole team, and direct them only in terms of your point of view, not listening to a single word or feedback of them and just doing it on your own way. Thats the one thing that most of the unsuccessful leaders forget to do. There is a huge difference between leaders and managers(Linfield, 2013). There is actually a list of people, who have been voted as the most unsuccessful leaders till date for their money motivated actions, stupidity actions, and unethical actions, they are mentioned below: Thakshin Shinawatra Yingluck Shinawatra Adolf Hitler Hun Sen Kim Jong Il Kim Jong Un Saddam Hussain Pol Pot Somachai Wonsawatt Joseph Stalin (Tens, 2016) These, people are just some of the people who misjudged the idea of leadership and, became so much unsuccessful on being a leader that most of the people around the world has nothing but hatred for them. Every country, society, or an organization needs a leader. Without a leader that specific organizations work will get complicated, complex and they will eventually be lost with no definite motive or so(LeadershipCentral, n.d.). A leader provides a certain and objective to the organization to attain some specific goal successfully. Especially in an organization, leader plays a huge role in properly guiding and directing the whole team into gaining the goals and objectives effectively and efficiently. Some of the important role of a leader in a working environment are: Providing guidance Building Morale Fostering creativity Promoting values(Joseph, n.d.) Gail Kelly Gail Kelly is a very successful business woman, who has been able to be recognized as one of the most influential leaders. She is an Australian businesswoman who was born in South Africa. She was the previous (CEO) of Westpac, venturing down from the part on 1 February 2015. She was supplanted by Brian Hartzer, beforehand Westpac's monetary administrations boss executive. In 2002, she turned into the very first female CEO of a noteworthy Australian bank, starting 2005, was the most generously compensated lady in an Australian enterprise. She took on the position of CEO at Westpac in 2008(TheAge, 2005). As of 2014, she is recorded as the 56th most powerful lady on the planet by Forbes. However, this success was not always there, she had to go through many ups and downs in her life to get to where she is now. She first started teaching at South Africas government school, but had very less passion towards it. She taught, but only for the sake of working, this wasnt her piece of cake as she had no passion or some kind of drive to keep her going. Her bank journey started from Nedcor bank where she started only with an acceleration training programme, then she was the head of human resource, and then went on to gain various different post titles in this bank. She then moved to Sydney, and immediately applied to major banks there and got positioned at a senior post at a Commonwealth bank, due to the commendable job at this bank she then got appointed as the CEO of St George Bank. Her work brought a noticeable amount of profitability. With the award for best Financial Services Executive in 2003 and 2004 she got pay rise along with indefinite extension of contract. Then after some time of on and off controversy about her returning to Common-Wealth bank after the retirement of CEO David Murray AO , she stated that she would be faithful to St. George as there were lots of commitment that she made with them. But eventually in 2008 of August 17th she resigned from St. George to take over the CEO position of Westpac. When she first joined this bank it was at the edge of financial crisis, this company needed much nurturing and care in order for it to be successful in the market. She launched a five year program to reshape its technology(Review, 2014). She also focused on provision of excellent customer service Money profit expanded to $7.6 billion in 2013-14 from $3.1 billion in 2006-07, mirroring the solid development of the considerable number of majors with the exception of National Australia, yet at the same time beating her adversaries.(Review, 2014). After all her contribution, Kelly decided to resign on 13 November 2014 from Westpac. Currently she is hugely involved for the betterment of the society, hugely focusing on women empowerment. Presently, she targets for half of the bank's top administrators to be ladies by 2017. Through, this short biography of the great Gail Kelly, we already can get a gist that she is a very intelligent human being with great leadership skills. The amount of improvements and profitability that Gail Kelly brought into various fields that she has laid her hands on, are seriously outstanding, and this is a huge quality or trait that an individual with good leadership instinct has. A leader is somebody, who shows others how its done and has the trustworthiness to make the best decision notwithstanding when it is not prominent. A decent leader has constructive impact over others, rousing them to improve as a man and case for others to display their life against, too. And this is who Gail Kelly was, she was a huge influencer, and a great leader overall. Evaluating and analyzing the personality trait of Gail Kelly When an individuals intellectual processing, evaluating and analyzing capacity is very impressive, then that person can be considered as and intelligent individual. However, as I mentioned before, this factor consists of various controversies of people discussing about weather is this intelligence inherited form birth or is it something that can be later nurtured or learnt from training or our surroundings. This, controversy seems to be limitless as there are various possibilities to it. No matter what the ultimate conclusion is, the one fact that is sure is that, the successful leaders or personalities tend to be on the more intelligent side rather than the less intelligent one, like Gail Kelly herself. There are various interrelationships between intelligence and leadership(Judge, et al., 2004). And to break this down even further, intelligence and leadership has different theories which support its content. Lets first have a look at these three theories and then correlate with Gail Kelly. The 3 theories are: The triarchic theory of intelligence: This theory concentrated on pioneer's critical thinking capacities. It clarifies the procedure of a pioneer in 'taking care of complex mental issues, for example, how data is consolidated', its blend, and 'what suppositions and blunders are made' to come up with new corrective arrangements. There are further 3 more core intelligence included in this theory they are: Analytic Intelligence: It is ability of a leader to read and then decode the environment happenings intellectually. They are very good at connecting the issues even when they are irrelevant to one another. Practical Intelligence: This is all about being practical in the presented situations and conditions. The leader will have the capacity on how to handle different scenarios like a pro. Creative intelligence: Creative intelligence is all about how much of innovative content can a leader produce in order to bring in new change or evolution to that certain area. Cognitive Resources Theory (CRT): This theory states that when there is high or low impact stressful environment people tend to act differently on those situations. And specifically leaders with high experience and high intelligence will act efficiently under those situations i.e. under massive or low pressure. Emotional Intelligence (EQ): This focuses on the emotion or sentiments aspect of the leaders and how they tend to impact the followers of the leaders. There an ability model under this theory that projects 4 abilities they are: perceiving emotions, managing emotions, using emotions, and understanding emotions. There is another five factor model or mixed model that compliments this model which includes: Self s awareness/intrapersonal skills Self s regulation/adaptability Motivation Empathy Social/interpersonal skills Stress management. After briefing about all these mentioned attributes, we can now relate and compare these attribute with Gail Kelly. Gail Kelly had an experience of working under huge banks, where she proved that her critical thinking capacity was very good. As mentioned before, when she first came to work for Westpac the company was facing a huge financial crisis and it definitely needed some guidance in order to get back on its game. And later it actually did because of major contribution of Kelly. The organization gradually started to bring more profit, because of Kellys well planned plans for the organization which she implemented efficiently as she was really aware about the situations and she knew the exact right time to take her plans into actions(Verrender, 2014). This proves that Kelly had a very good analytical ability as she was correctly able to analyze the problems of the organization properly. She even proved that she had the abundant amount of creative intelligence as she derived vario us successful agendas and plans to improve the bad situation of the organization and finally she proved that she also had a practical ability as she immediately reenacted on those problem areas by implementing the planned out strategies for the company. During all of these process it is definite that Gail was under a massive pressure, on top of that she is a mother of 4 children. By balancing personal life and her work life under that huge pressure but no matter the pressure she took all these works responsibly and managed it really efficiently, which relates to the CRT. She set her name by being the first woman to be a CEO of Australias major banks, she had a huge responsibility as a role model to all the working women of Australia. Keeping this thing in her mind she undertook woman empowerment really seriously and worked hard to aware people about it and also mane a gender benchmark to accomplish, to make 40% of workers in benchmark all woman. She is still giving her best to contribute to the woman empowerment. She also focused on, how the customers of their organization can be catered with a good value. She has also stated in an interview that the priorities of a business person always must be their family, they should not compromise anything in this world for their familys happiness. Which clearly states her emotional stability and how it motivates the society to good, all of her followers have a positive impact about what she does and say which motivates them to do good to the society and maintain their priorities as well. Conclusion After all these evaluations and comparisons, we can conclude by stating that Gail Kelly was an individual with a really good and impressive leadership qualities. She had every qualities that a good leader need no have i.e. being optimistic, being bold, being passionate about your work, being generous, choosing the right team to work with, and having a futuristic vision(Herald, 2014). Whatever values and priorities that she carried till date were all ethical and for good reasons, so in my opinion if I were on her shoes, I would not do anything differently because, as a leader everything that you do must be for a good motive and must be for an ethical purpose, which in fact Kelly followed very whole heartedly. So, I would also follow her footsteps, to accomplish whatever she has accomplished till date. All in all Gail Kelly was an amazing role model and a great leader comprising of great leadership capabilities and very surely she will forever be remembered as a champion of the corporate world(ABC.net, 2014). References ABC.net, 2014. Gail Kelly. [Online] Available at: https://www.abc.net.au/news/2014-11-17/gail-kelly/5896190 [Accessed 5 September 2016]. Brooks, C., 2013. 7 Steps to Ethical Leadership. [Online] Available at: https://www.businessnewsdaily.com/5537-how-to-be-ethical-leader.html [Accessed 5 September 2016]. Green, P., 2014. Agile and Leadership Turn the Ship Around. [Online] Available at: https://blogs.adobe.com/agile/2014/10/10/agile-and-leadership-turn-the-ship-around/ [Accessed 5 September 2016]. Guide, M. S., n.d. Importance of Leadership. [Online] Available at: https://www.managementstudyguide.com/importance_of_leadership.htm [Accessed 5 September 2016]. Helmrich, B., 2016. 33 Ways to Define Leadership. [Online] Available at: https://www.businessnewsdaily.com/3647-leadership-definition.html [Accessed 5 September 2016]. Herald, T. S. M., 2014. Westpac CEO Gail Kelly's seven lessons for life and business. [Online] Available at: https://www.smh.com.au/business/westpac-ceo-gail-kellys-seven-lessons-for-life-and-business-20141112-11ljh4.html [Accessed 5 September 2016]. Johannsen, M., 2014. Types of leadership style. [Online] Available at: https://www.legacee.com/types-of-leadership-styles/ [Accessed 5 September 2016]. Joseph, C., n.d. Importance of a Leader In a Team. [Online] Available at: https://smallbusiness.chron.com/importance-leader-team-52168.html [Accessed 6 September 2016]. Judge, T. A., Ilies, R. Colbert, A. E., 2004. Intelligence and Leadership: A Quantitative Review and Test of Theoretical Propositions. Journal of Applied Psychology, Vol. 89(No. 3), p. 542552. LeadershipCentral, n.d. Importance of Motivation. [Online] Available at: https://www.leadership-central.com/importance-of-motivation.html#axzz4JeSnFk3n [Accessed 5 September 2016]. Linfield, L., 2013. The Big Difference Between Leaders and Managers. [Online] Available at: https://www.eremedia.com/tlnt/the-big-difference-between-leaders-and-managers/ [Accessed 5 September 2016]. Mclead, S., 2007. Nature vs Nurture in Psychology. [Online] Available at: https://www.simplypsychology.org/naturevsnurture.html [Accessed 5 September 2016]. Oehler, K., Olszewska, M. K. Stomski, L., 2014. What Makes Someone an Engaging Leader. [Online] Available at: https://hbr.org/2014/11/what-makes-someone-an-engaging-leader [Accessed 4 September 2016]. Review, T. A. F., 2014. How Westpacs Gail Kelly changed the face of banking. [Online] Available at: https://www.afr.com/business/how-westpacsgail-kelly-changed-the-face-of-banking-20141113-11lobv [Accessed 4 September 2016]. Tens, T. T., 2016. Top Ten Worst World Leaders. [Online] Available at: https://www.thetoptens.com/worst-world-leaders/ [Accessed 4 September 2016]. TheAge, 2005. CEO who gave birth to triplets. [Online] Available at: https://www.theage.com.au/news/business/ceo-who-gave-birth-to-triplets/2005/07/02/1119724845747.html [Accessed 4 September 2016]. Verrender, I., 2014. Above all, Gail Kelly was the master of good timin. [Online] Available at: https://www.abc.net.au/news/2014-11-17/verrender-above-all,-gail-kelly-was-the-master-of-good-timing/5896068 [Accessed 4 September 2016].