It was theorized by Carl Jung that people connect ideas, feelings, experiences and information by way of association. Word association is the connection and production of other words in response to a given word. The most common association might be if the word “dog” is initially given there will be a subconscious association with the word “cat” by the majority of individuals. This would also stand true with the former Enron Corporation and Arthur Andersen LLP due to the word “scandal” notably being associated with their names. This was not the initial mission or goal of the business, however, a predominant part of society is only aware of the scandal Enron and Andersen imposed and oblivious to their intended purpose. What was required in regards to financial reporting and what were the industry conditions prior to this scandal taking place? More importantly, what role did Arthur Andersen LLP portray during this scandal and how did the Sarbanes Oxley act help “fix” the industry and ensure credibility of future financial statements?
There was an array of different measures in place to assist in protecting investors and the public as a whole prior to the fall of Enron and Arthur Andersen. Such measures included Generally Accepted Accounting Principle (GAAP), Generally Accepted Auditing Standards (GAAS), Statements on Auditing Standards (SAS) and all professional ethics. The utilization of GAAP is considered standard protocol by accountants and is identified as a “dynamic set of both broad and specific guidelines that companies sho...
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...le in their actions. At least now it is relevant that there is a proactive plan in place to keep these attempts to a minimum and there will be repercussions for anyone in violation. It is obvious how important the accuracy and indecency of financial reporting and auditing is and the control the government must have on these procedures. I am intrigued by the deception Arthur Andersen LLP and Enron assumed they could ultimately continue getting by with and the enacted laws to alleviate future occurrences of this nature. I intended on building off of this information and broadening my understanding throughout this course and taking it with me as I become a CPA. I would thoroughly relish in the idea of obtaining my CPA certification and being able to conduct audits with the satisfaction that I would be assisting in ensuring the compliance of proper financial reporting.
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