Res351 Essay

464 words - 2 pages

Business Research Ethics
Bryan Sawyer
RES/351
April 15 2014
Amarjit Singh

Business Research Ethics
The largest unethical story in business of my era would have to be the collapse of the energy company Enron. This scandal was based on insider trading, money laundry, and unethical practice of business accounting.
Enron not only had unethical business practices going on they were illegal as well. The key people involved in this scandal were Jeff Skilling, Ken Lay, Ben Glisan, and Andrew Fastow. Unethical accounting based on false profit’s showed Enron was profits into the 100’s of billions of dollars that never existed because of the accounting practices they were using. This ...view middle of the document...

Both the individuals and institutional investors were misinformed about Enron’s financial performance and accounting which everyone involved lost millions and millions dollars.
Accounting to this day has ever been changed because of this scandal Enron was pulling off before they got greedy and somewhat sloppy. After the public was scammed out of millions of dollars a law was passed that every publicly traded company has to follow The Sarbanes-Oxley act. This was put together so no other company can cause so much damage to itself and the people investing and working for the company. Unethical business practices were going on in other companies but Enron got caught. Getting caught was the best thing that happened to every other company because they are now forced by law to follow the Sarbanes-Oxley act.
So how could this massive scandal been avoided? That is the question that everyone asked today. This was being run from every decision maker that was paid based on the profits Enron was pulling in so this scam could never have been avoided unless a accounting practice that is installed today was in place before. Enron had a lot of peoples trust because the profits were so high. That trust is all a lie and unethically ruined a lot of lives over greed and bad business practices.
The Sarbanes-Oxley act set new standards of accounting for public accounting firms, corporate management, and corporate boards of directors to follow. Since this act has been in place we have not seen any other type of unethical business practices. (The Sarbanes-Oxley Act and Enron Scandal-Why are they Important, 2013)

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