Question:
Context:
This assessment allows students to demonstrate understanding of a broad and coherent knowledge of ethics and governance in business.
Instructions:
You are required to critically analyse a case study, given below, that raise moral issues in business. With respect to the case study:
Identify the ethical issue(s) that arising from the corporate culture of Enron contribute to its bankruptcy
Identify the breach of ethical principles that bankers, auditors, and attorneys contribute to Enrons demise.
Apply the moral principles and business ethics to discuss the role played by the companys chief financial officer & CEO in creating the problems that led to Enrons financial problems
Case Study:
Enron: Not Accounting for the Future
This case was developed by Jennifer Sawayda, Harper Baird, Jennifer Jackson, Michelle Urban, and Neil Herndon for and under the direction of O.C. and Linda Ferrell. The authors conducted personal interviews with Ken Lay in 2006 in the development of this case. In 2014 they invited Andy Fastow to speak and had the opportunity to assess his current perspective on Enron and how to prevent financial misconduct. It was prepared for classroom discussion rather than to illustrate either effective or ineffective handling of an administrative, ethical, or legal decision by management.
Once upon a time, there was a gleaming office tower in Houston, Texas. In front of that gleaming tower was a giant E, slowly revolving, flashing in the hot Texas sun. But in 2001, the Enron Corporation, which once ranked among the top Fortune 500 companies, would collapse under a mountain of debt that had been concealed through a complex scheme of off-balance-sheet partnerships. Forced to declare bankruptcy, the energy firm laid off 4,000 employees; thousands more lost their retirement savings, which had been invested in Enron stock. The companys shareholders lost tens of billions of dollars after the stock price plummeted. The scandal surrounding Enrons demise engendered a global loss of confidence in corporate integrity that continues to plague markets today, and eventually it triggered tough new scrutiny of financial reporting practices. In an attempt to under- stand what went wrong, this case will examine the history, culture, and major players in the Enron scandal.
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