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The Enron scandal was an accounting scandal of Enron Corporationan American energy company based in HoustonTexas. It was publicized in Octoberand led to the bankruptcy of the company, and the de facto dissolution of Arthur Andersenwhich was one Crearive the five largest audit and accountancy partnerships in the world.

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In addition to being the largest bankruptcy reorganization in American history at that time, Enron was cited as the biggest audit failure. Several years later, when Jeffrey Skilling was hired, he developed Worldcom Creative Accounting staff of executives that — by the use of accounting loopholes, special purpose entitiesand poor financial reporting — were able to hide billions of dollars in debt from failed deals and projects. Chief Financial Officer Andrew Fastow and other executives misled Enron's board of directors and audit Worldcom Creative Accounting on high-risk accounting practices and pressured Arthur Andersen to ignore the issues. Securities and Exchange Commission SEC began an investigation, and rival Houston competitor Dynegy offered to purchase the company at a very low price.

Many executives at Enron were indicted for a variety of charges and some were later sentenced to prison.

Arthur Andersen was found guilty of illegally destroying documents relevant to the SEC investigation, which voided its license to audit public companies and effectively closed the firm. By the time the ruling was overturned at the U.

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Supreme CourtArthur Andersen had lost the majority of its customers and had ceased operating. Enron employees and shareholders received limited returns in lawsuits, despite losing billions in pensions and stock prices. As a consequence of the scandal, new regulations and legislation were enacted to Worldcom Creative Accounting the accuracy of financial reporting for public companies. The resulting markets made it possible for traders such as Enron to sell energy at higher prices, thereby significantly increasing its click. The November creation of the EnronOnline trading website allowed the company to better manage its contracts trading business.

In an attempt to achieve further growth, Enron pursued a diversification strategy. The company owned and operated a variety of assets including gas pipelines, electricity plants, paper plants, water plants, and broadband services across the globe.

The corporation also gained additional revenue by trading contracts for the same array of products and services with which it was involved. In addition, Enron was rated the most innovative large company in America in Fortune' s Most Admired Companies survey.

Enron's complex financial statements were confusing to shareholders and analysts.]