SOLUTION: BUS 305 WU Principles of Accounting Enron Corporation Internal Controls Essay

Attached. Please let me know if you have any questions or need revisions.Running head: PRINCIPLES OF ACCOUNTINGBUS 305 Principles of AccountingStudent’s NameInstitution affiliationCourseDate1PRINCIPLES OF ACCOUNTING2BUS 305 Principles of AccountingInternal Controls at Enron and External AuditorThe collapse of Enron was significantly contributed by the external auditor, Arthur, andAndersen. The company, which was once considered a new breed of American firms, hadspecialized in the energy sector. Notably, Andersen failed twice regarding the audit process just afew years before the company declared bankruptcy (Bean, 2018). Studies have shown that internalcontrol issues at Enron contributed to the collapse of the firm. Besides, the external accountingfirm, Arthur and Andersen, had its own set of problems. One of the internal control issuescontributing to the scandal included non-compliance to the public and auditing standards.Primarily, the non-compliance issue meant that the information presented was unreliable and false.The issue also led to increased fraud and theft cases within the company (Franklin, Graybeal &Dixon, 2019). The auditing firm, Arthur and Andersen, should have detected the non-complianceto such standards and reported to the management. However, the auditor did not issue a report toinform the users of the financial data issue.Reports have also indicated that the company had not instituted controls over the reportingof debts and earnings. Most notably, the accounting practi…

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