Integrity within American Business Organizations

Paper Summary:

Using Enron's collapse as a background, this paper endeavors to arrive at the restoration of integrity within American business organizations. It scrutinizes the reasons for Enron's downfall in the light of the auditing business, looks at their law firm's role in the collapse and Enron's lack of 401(k) diversification. The paper concludes with proposals for restoring integrity within the American business arena.

From the Paper:

"The fallout from Enron's collapse will influence our business systems and economy for years, maybe even decades. More importantly, the collapse will shape the American business community's psyche in ways we have only begun to imagine. Before its collapse, Enron's value rivaled Maylasia's GDP: when an entity that large implodes, there are bound to be side effects and repercussions through almost every facet of the economy. The hardest hit sectors, of course, will be institutional investing and accounting and auditing practices: a thorough examination of how company 401(k) retirement funds are managed will be necessary to determine why so many aging working Americans suddenly lost almost every penny of their 401(k)s " their hope and their family's hope for their retirement years, just around the corner " when Enron collapsed. Accounting companies who combine their services with consulting services " not just Arthur Anderson: every accounting firm does it at least to a certain extent, Anderson just happened to get caught " will need to be checked and after years of congressional grumbling, this time it may actually happen."

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