We talked a lot about about Enron in the past class and we just skimmed the topic of their financial statements. Most of our discussion was about their ventures into other markets and how they were able to do that, but I think a large part of the Enron case is their inability to report their finances correctly. Reporting a company’s finances is a large part of doing business today, and doing the financial statements is even more of a recent and prevalent issue. Many companies add money to their revenues or try to hide their earnings or cash intake in some way to lessen their taxes or just look more attractive to shareholders or investors. Enron was far off in reporting their finances, and because of the Enron scandal and others, Sarbanes-Oxley exists today. Without the regulation of corporate finances and financial statements for businesses, where would we be in the world today? What would companies be like without the need to correctly identify where their money is coming from and where it is going? This is an interesting and relevant topic in today’s economy and corporate environment.
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