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Monday, January 23, 2006

Trials And Tribulations Of Enron And S-Ox

WASHINGTON, D.C., - In the next few weeks, the trial of Ken Lay and Jeffrey Skilling--founding members of Enron’s Hall of Shame--will commence. The trial coincides with the approaching fifth anniversary of Enron's demise, which, along with other subsequent corporate implosions, led to passage of the Sarbanes-Oxley Act, badly and hastily written legislation with the salutary purpose of enhancing corporate governance and transparency.

While it's impossible (or at least foolhardy) to predict how a jury of Lay's and Skilling's "peers" will assess the legality of their conduct at Enron, it's definitely possible to assess how S-Ox is working and whether--all things considered--the cure is worse than the disease.

The 2005 Oversight Systems Financial Executive Report on S-Ox surveyed more than 200 financial executives and found a significant majority believe that, after implementing requirements to remedy control deficiencies, they have seen bottom-line business benefits. Nearly half said S-Ox compliance resulted in reduced risk of fraud and errors, and they now have more efficient operations.

posted by Brian Moran @ 9:41 AM   2 comments

2 Comments:
At 12:53 PM, Blogger k said...

I just watched Enron: The Smartest Guys in the Room. I was very imrpressed with the film and also very shocked just how may employees knew they were breaking the law. truly one of America's worst scandals. I highly recommend it.

 
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