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Seventeen accounting procedures that put credit managers at risk. (Loss Prevention).
It took the terrorist attacks on September 11, 2001 to prove our national security measures were inadequate. It took the bankruptcy of Enron, the largest in U.S. history, to prove that the fundamental auditing processes aren't up to the task of protecting users of financial statements. Enron isn't the only failure, just the latest and largest. Remember Sunbeam, Waste Management, Global Crossing, Xerox (which recently paid a record $10 million fine) and Leslie Fay (the CFO has been sentenced to prison for 9 years), just to name a few?
Enron represents a "shock" to the system. Ho could a company worth $80 BILLION go bankrupt in less than a year? Enron collapsed ...
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