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时间:2021-10-23 13:01 来源: Essay代写

摘要:本论文主要通过对安然—美洲第七大公司美国有线电视新闻网破产事件的讨论,告诉管理层公司治理改革的必要性,......

公司治理改革的必要性
 

本文简要论述了导致安然—美洲第七大公司美国有线电视新闻网破产事件的原因,与亚瑟安德森解散—2001年之全球5大审计和会计伙伴关系。本文的目的是审慎评估审计行业和企业管治的框架发展,以及安然丑闻曝光后的内部控制和道德判断的作用。同时还讨论了这样的发展和监管框架能够确保安然的历史在英国永远不会重演。
 

历史性的失败

根据财富的最受推崇的公司的调查(Stein,2000)评选出的在美国“最具创新性的公司”,安然公司的高管采用多元化战略,努力保持他们的股票价格上涨。他们操纵自己的账户,在膨胀的资金中显示资产,并在资产负债表中保持相当的债务。由于其标志的市场会计政策,失败的项目导致损失了利润。这项政策使他们能够在未来预期收入的基础上记录利润,尽管不确定是否真的可以实现这样的利润(托马斯,2002)。

 

The Need For Reforms To Corporate Governance 
 

This essay briefly discusses the events that led to the bankruptcy of Enron - Americas seventh largest corporation CNN money, online and dissolution of Arthur Anderson - one the World's top 5 audit and accountancy partnerships in 2001. It aims to critically evaluate developments in the audit profession and framework in regard to corporate governance, internal controls and role of ethical judgments after the exposure of Enron's scandal. It further discusses whether such developments and regulatory frameworks provide assurance that the history of Enron could never repeat itself in the UK.

 

历史性的失败——The Historic Failure

The executives at Enron -'The Most Innovative Company in America' according to Fortune's Most Admired Companies Survey (Stein, 2000) adopted a diversification strategy and worked diligently to keep their stock prices up. They manipulated their accounts, showed assets at inflated values and kept considerable debts off their balance sheet. Even failed projects that resulted in losses were shown as profitable due to their mark-to-market accounting policy. This policy allowed them to currently record profits on the basis of future anticipated revenues whether or not such profits could actually be realized (Thomas, 2002). The inability to trace the exact source of income to Enron profits raised a lot of questions in the minds of analysts and investors. Even the appointed audit firm - Arthur Andersen which was one of the world's top 5 audit firms behaved unethically towards the responsibility entrusted upon them. They failed to disclose the correct financial position of Enron due to the material benefits they were receiving from the client which ultimately led to their dissolution and 85,000 employees losing their jobs (Jackling et al, 2007). As a result, in December 2001, Enron was declared bankrupt (BBC News, online) and this came to be known as the largest corporate bankruptcy in US history and the biggest audit failure at the time.

 

公司治理改革的必要性——The Need For Reforms To Corporate Governance

The UK has not remained immune to such exorbitant scandals. The Cadbury Report in 1992 and Hampel Report in 1998 were results of the contiguous reforms needed to the corporate governance in the UK after the case of Maxwell Communications and Polly Peck of the 1990's.

 

Post Enron 2001, WorldCom, Global Crossing, Adelphia and many other corporations shortly fell in the US within the span of one year. Italy's Parmalat and Australia's HIH Insurance and One Tel followed the same league (Jackling et al, 2007)

 

Such scandalous bankruptcies and collapses led to the audit profession's effectiveness coming under great criticism and scrutiny and the loss of confidence in the financial reporting and accountability by investors and other stakeholders.

 

The US, to reinstate investor confidence through corporate governance responded by passing The Sarbanes-Oxley Act in 2002 which disallowed an external auditor to perform both auditing and consulting services to the same client.

 

Corporate governance is the process by which organizations are directed, controlled and held accountable for the decision making, control and behavior at the top of the organization (Collier, 2008).

 

In large corporations and publicly listed companies there is a separation of ownership and management which gives rise to the agent-principal relationship. The managers (agents) are appointed by shareholders (principals) to take care of day to day operations in a way that they safeguard the interest of the shareholders. However, sometimes managers may act in self interest neglecting their responsibility towards the owners of the firm. This gives rise to a conflict of interest.

 

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