Essays24.com - Term Papers and Free Essays
Search

Xerox Benchmarking Paper

Essay by   •  June 3, 2011  •  622 Words (3 Pages)  •  932 Views

Essay Preview: Xerox Benchmarking Paper

Report this essay
Page 1 of 3

Enron Corporate Compliance Benchmarking Paper

Many companies are involved positive and negative risk that it takes. Enron was a company caused by poor corporate governance. It has also triggered a flood of legislative and regulatory changes and codes of conduct across the developed and emerging worlds to improve systems for ensuring that public companies are run properly in shareholders' interest (Good practice boost performance. Euromoney, [serial online]. September 2003). The situation Enron faced as a company was alleged corporate fraud. It responded by ensuring that the company rules and policies were updated with the standard set by Sarbanes-Oxley requirements. The outcome for Enron is to build the company back to the original foundation that it was started from.

Situation of Enron

Enron was a financial scandal that was reveled in the late 2001. After a series of revelations involving irregular accounting procedures bordering on fraud, perpetrated throughout the 1990s, involving Enron and its accounting firm Arthur Andersen. Enron filed for bankruptcy on December 2, 2001. Enron's plunge occurred after it was revealed that much of its profits and revenue were the result of deals with special purpose entities (Enron scandal 2001.). Enron as a company had many unresolved problems dealing with financial scandals. Not having the right people in management cause Enron to have a lose-lose situation.

Responding to the issue

To resolve the problem at hand Enron sought out for help. A few days into November 2001 it became known that the Enron management had been aggressively pursuing new investment or an outright buyout (Enron scandal 2001). Its management apparently found a buyer when the board of Dynegy, voted late at night on November 7 to acquire Enron "at a fire-sale price" or about eight billion in stock. Dynegy would also be required to assume nearly $13 billion of debt, plus any other debt hitherto occulted by the Enron management's secretive business practices, possibly as much as $10 billion in "hidden" debt. Commentators remarked on the different corporate cultures between Dynegy and Enron, and on the "straight talking" personality of the Chief Executive Officer (CEO) of Dynegy, Charles Watson (Enron scandal 2001).

Outcome of Enron

After all the lawsuits that were filed against Enron it is still life for the company. Because it is involved in public governance it had to steppe up its game plan. Enron had to re-evaluate its structure as a company. Now, Enron have place

...

...

Download as:   txt (4 Kb)   pdf (71.2 Kb)   docx (10 Kb)  
Continue for 2 more pages »
Only available on Essays24.com
Citation Generator

(2011, 06). Xerox Benchmarking Paper. Essays24.com. Retrieved 06, 2011, from https://www.essays24.com/essay/Xerox-Benchmarking-Paper/52941.html

"Xerox Benchmarking Paper" Essays24.com. 06 2011. 2011. 06 2011 <https://www.essays24.com/essay/Xerox-Benchmarking-Paper/52941.html>.

"Xerox Benchmarking Paper." Essays24.com. Essays24.com, 06 2011. Web. 06 2011. <https://www.essays24.com/essay/Xerox-Benchmarking-Paper/52941.html>.

"Xerox Benchmarking Paper." Essays24.com. 06, 2011. Accessed 06, 2011. https://www.essays24.com/essay/Xerox-Benchmarking-Paper/52941.html.