The Aftermath of the Enron Scandal

Introduction The Enron Scandal, uncovered in 2001, was one of the largest accounting frauds in history. The fraud occurred as a result of accounting gaps and poor financial reporting which allowed top executives to conceal billions of debts from failed deals and projects. The company’s CFO and other executives not only lied to its BOD and audit team on risky accounting norms, but also pressed Arthur Andersen to ignore the issues.Advertising We will write a custom essay sample on The Aftermath of the Enron Scandal specifically for you for only $16.05 $11/page Learn More Arthur Andersen was handling Enron’s auditing activities during this period. As a result of the Enron scandal, shareholders lost billions of dollars and the company was eventually declared bankrupt. Arthur Andersen willingly surrendered its licenses to practice auditing in the US and sold most of its practices (Healy Palepu, 2003). As a result of the scandal, a number of reg ulations were implemented by the government to prevent similar activities from happening again. The most common piece of legislation implemented was the Sarbanes–Oxley Act. Sarbanes–Oxley Act This act was signed into law in 200 and hence sometimes referred to as the Sarbanes–Oxley Act of 2002. The act set new or improved standards for all American-based public company boards, management and public accounting and auditing companies (Kuschnik, 2008). The act was enacted following a series of accounting scandals by large corporations in the US, including Enron, Tyco International and WorldCom. The scandals cost shareholders and tax collection agencies billions in dollars, affected share prices, and led to the collapse of some of the companies. The Sarbanes–Oxley Act comprises of 11 titles ranging from supplementary management board roles to criminal penalties, and compels the Securities and Exchange Commission (SEC) to implement the outlines of the act. Key provisions of the act include disclosure controls, improper influence on conduct of audits, disclosures in quarterly reports, evaluation of internal controls, and criminal penalties for violating the provisions of the act (Farrell, 2005). Under disclosure controls, the Act sets out internal processes aimed at ensuring accurate financial reporting. The signing officers must verify that they are â€Å"responsible for establishing and maintaining internal controls† and the officers must have assessed the efficiency of the firm’s internal controls as current three months prior to the report (Kuschnik, 2008). Further, external auditors are obliged to provide their opinions on the effectiveness of the internal controls during financial reporting (Kuschnik, 2008). The title on improper influence on conduct of audits states that is illegal for an officer (or any other person acting under the commission’s mandate) to partake in any activity meant to falsely sway, force, influence, or misinform any independent public or certified accountant undertaking audit of the financial statements of that company.Advertising Looking for essay on business economics? Let's see if we can help you! Get your first paper with 15% OFF Learn More Under the title on disclosures in quarterly (or periodic) reports, the Act requires the disclosure of all material off-balance sheet items. The SEC is further expected to monitor the use of such instruments and whether accounting doctrines have been thoroughly adhered to in the use of such instruments. Finally, under evaluation of internal control, management is obliged to give an â€Å"internal control report† that confirms the management’s role of setting up and maintaining an acceptable internal control structure and techniques for financial reporting (Kuschnik, 2008). The report must also contain an evaluation as of the end of the most recent financial year of the firm, of the efficiency of the internal control structures and processes. The Sarbanes–Oxley Act has been commended by a number of financial industry experts, quoting enhanced investor confidence and more precise periodic and fiscal financial reports. References Farrell, G. (2005). America Robbed Blind. Texas: Wizard Academy Press. Healy, P. M. Palepu, K. G. (2003). The Fall of Enron. Journal of Economic Perspectives, 17(2), 7. Kuschnik, B. (2008). The Sarbanes Oxley Act. Business Law Journal, 18(6), 64 – 95. This essay on The Aftermath of the Enron Scandal was written and submitted by user Dirty Crane to help you with your own studies. You are free to use it for research and reference purposes in order to write your own paper; however, you must cite it accordingly. You can donate your paper here.

Want to Make Your Paper Catchy Dont Forget About a Hook!

Want to Make Your Paper Catchy Dont Forget About a Hook! The Best Ideas for Creating an Outstanding Essay Hook What is the first thing you do, when start working on an essay? Do you write an introduction or prefer working on body paragraphs? Do you have secret techniques or hook sentence ideas, which are aimed to catch attention of the reader? You probably know that it is possible to insert a quote or a fact to make the reader want to learn more, but there are tens of other hook ideas, which can make your essay unique and original, grabbing attention from the very beginning. We have created this article for those, who want to master quality writing and want to learn other approaches. Essay hook: a simple definition Before learning all of the hook peculiarities, it is important to understand what it really is. Basically, a hook is a sentence in your introduction, which moves the reader to learn more about what you are willing to say. It is only a short element of the text but it is still informative and catchy. Hook renders an important idea and helps to show the reader the main ideas of the author. Tips on creating a perfect hook Our experts have gathered tens of essay examples to detect the best hook ideas and show you how a great introduction should look like. Below we will provide you with the best ideas, which you can use depending on the type of your essay and your main goal. One of the biggest mistakes most of the students make is writing a powerful start, which has nothing to do with the rest of the text. You can work on the introduction with all of your energy and motivation but there is also a need to interlink your hook with the rest of the paragraphs. If you are not able to support your thesis in the body paragraphs, your reader will easily lose track of your thoughts. Remember, style and tone of your essay has a crucial meaning. If your research paper is in physics or any other scientific matter, you shouldn’t begin your introduction with a personal story or an anecdote. Your hook should be relevant and appropriate, which means that you should always think of the target audience. For example, if you are writing for professionals to discuss a chemistry topic, you shouldn’t use slang or simple teenage vocabulary. Of course, readers will understand what you are willing to say but they will surely have a bad aftertaste. All of the above strategies to creating a meaningful hook are essential if you want to help the reader understand what you are willing to write about and enjoy the text. Transformation facts into a hook To deliver a great hook you should have a clear understanding of its source: this can be anything, which inspires or excites you. You can insert an interesting fact, which your audience is not aware of. Here are the main sources you can use: Newspapers; Textbooks; Magazines; Websites; Scientific and academic journal; Interviews; Films and documents; Official reports. Remember that all of the sources you use should be recent and reliable, which will make your hook more solid and reliable. To give you a better understanding of how hook sentences influence essays, we will discuss nicely written examples. In case you need assistance in writing an introduction or a hook sentence, we are always there to cover your back. Just place an order and forget about all the hardships. Use an interesting fact A great example of a quality hook is a fact, which is taken from a trustworthy source that publishes only recent information on the most discussed matters. People always find facts interesting and intriguing. For example, ‘Over 40% of iPhone and iPad owners use their devices only to read emails and texts.’ Such information is useful for those, who are planning to launch a new project or mobile application and need information on the market. Not every teacher supports the idea of using the internet and digital sources. That is why you need to explain why using such a hook is fine for your particular topic. Then you can go on to discuss why apps are a great instrument in launching new products and ideas. ‘There are two clear branches in literature, when it comes to adjective and noun constructions analysis.’ In the example above you can see a scientific and official essay, which shouldn’t start with an anecdote or a humorous story. This introduction is very traditional and has a conflict inside: ‘two branches’ means that the author will support one of the sides or will offer a third option to solve the problem. Starting your essay with conflict is always a great idea. Start with a joke or an anecdote Online you can find thousands of different jokes and anecdotes on tens of topics to help scholars cover the matter with humor and style. Below you will find good example of such a hook sentence: ‘A mice family was overtaken by a cat; father of the family jumped and said ‘Bow wow’ and the cat disappeared. The mouse son asked the father what that was and he replied, ‘Now you see why it is so important to study a foreign language.’ It is a great idea to begin your essay with if you are asked to write about the importance of studying a second language. However, every country has humor peculiarities and forbidden topics, so you must always choose a humorous hook wisely. Use of an opening question If you want to make one step further, it is possible to combine statistics and facts into a question. A rhetorical question is a great way to open an introduction and depict what you are going to discuss. However, don’t forget that you will need to give an answer somewhere in the text. ‘Did you know how many homeless people in the United States hold college and university degrees? Best ways to write a great hook for your research paper Research paper is a serious work, which requires lots of time and consideration. However, when it comes to a hook sentence, research papers are similar to essays, so once you master basic principles, you won’t find it difficult to create a hook for any assignment. Considering the fact that a research paper has a scientific nature, you should avoid anecdotes, metaphors and other inappropriate pieces as a hook sentence. It is better to use facts, statistics or a rhetorical question, which will interest the reader and make him want to learn more. The best elements to include to a hook of your research paper: An interesting and rare fact; A piece of catchy statistics; A rhetorical question, which provokes deeper thinking on the matter; Basic information on the conducted research; A quick reminder of what the paper is going to discuss. Hook sentence in a persuasive essay A persuasive essay aims to persuade the reader to accept the writer’s point of view. That is why it is so important to create an outstanding hook at the beginning of your essay. You can add any type of information, which will reflect the style of your work. If you work on the hook sentence thoroughly, you will make the reader continue and learn more of what you have to say. Here are the best ideas for your hook sentence: Fact; Joke or anecdote; Statistics; Metaphor; Simile; Rhetorical question. All of the mentioned elements can become a great idea for a rhetorical essay hook, as it has no limitations on style. Compare and contrast essay hooks Luckily, you are free to use almost any type of hooks, when working on your compare and contrast essay. You can analyze the discussed matters and engage them into one single sentence to catch the interest of the audience. You can also intrigue them with a quotation, question or example from your own experience. It may sound a bit complicated at first but once you write two or three hook sentences, it will become much easier! A mixed hook In some situations you may want to add several types to a single question and it can be a great idea! For example, your hook may contain an interesting fact and a date; it can also consist of a rhetorical question (although without a question mark) and a conflict, promising to describe both opinions throughout the text. Using quotes from literature as a way to express your point of view One of the best and the most universal types of a hook is a literary one. It is a social or a philosophical phrase, which grabs reader’s attention and shows how well you have mastered the topic. Think of a phrase, sentence or a whole paragraph, which will reflect the general idea of your topic. If the topic of your essay is not too formal, try to be creative and find an original quote. It can be a modern writer, a movie quote or any other phrase, which will interest the reader and catch his interest. An example from a real life Think of a short story from life of a famous person to grab the attention of the reader. Such hook type shows the relevance of your topic through the prism of a real life situation. You can use biography of famous people to prove your point of view. For example, Bon Jovi visits disabled people in hospitals to brighten their days. Helen Keller writes amazing stories being blind from birth. It is better to provide stories not from your own life but of people, who you consider your role models. If you choose such a story wisely, you will surely grab the reader’s attention. ‘I have been smiling from ear to ear for almost thirty years. Now I am trying to quit.’ This one can be an example of an outstanding personal drama. Readers will surely want to know more about the life situation and personal lessons the author has made. Do you want to know why the author of the quote doesn’t want to smile anymore? Such hooks always grab attention from the first word to the last one! If you are writing an essay on personal traits, like greed or jealousy, you can always quote Shakespeare. His works are a great source of catchy and thoughtful phrases, which will never leave readers indifferent. Famous people quotes Some of the examples above can be easily placed into this category, because such phrases are known all over the world. When something solid happens, you can easily find comments of celebrities and use them for your own purposes. Using quotes of famous people is a great way to engage the audience. With their help you are able to make a statement and show that you have conducted a thorough research. You show that you are interested in history, public life and have background information on the topic. Use metaphors to catch attention of the reader If you want to take your writing skills to a completely new level, it will be wise to learn how to use similes and metaphors. However, not all people get their meaning, so it is better to choose a simple one or provide an explanation of its meaning. If you don’t do it, you may lose your audience or bore it. A thoroughly picked metaphor will make your speech powerful and strong. Here are a few examples of good metaphors for your hook: As busy as a bee; As cute as a puppy; As snug as a bug in a rug. Additional ways to create a great hook sentence Apart from all of the above-mentioned ways, you can also state a thesis statement or add numbers and statistics. It is up to you to decide, which method will be the most effective one. However, don’t forget to research a bit and decide what type of hook is the best one. In this article we have tried to explain all of the ways of creating a strong hook. However, it is still quite difficult to grab reader’s attention with proper preparation. That is why there is a great solution for all of the students, who value their time and experience difficulties with completing all of the assignments. You can turn to our professional writers, who will help you to create an outstanding hook and essay, meeting all of the requirements and guidelines. Just order a research paper or an essay right now and get the best hook you have ever seen!