chapter 2 (teori) - sep
TRANSCRIPT
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Kelompok 2
Atika
Ayuni Dewi R
Bagas KurniawanFahrina Yuliani
Kinanti Essi
Enron
MotivaGovern
Ethics
Reform
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Timeline of events
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Cause of Enron Probl
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What Happened?
– ctober !"#$%%! Enron announced tha
taking a $544 million afterta! "harge
earnings relate to transanction ith '
*nvestment# '+P+ and also announce a r
sharehol#ers e%uity of $&'2 (illion r
transactions ith that same entit,
– Enron announced that it as restating
statements for period from !--.)$%%! b
accountin/ errors relatin/ to transact
Ca,man# '+P+ and Checo *nvestments# '
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The Poers Report0s1ummar,
– Emplo,ees enriched themselves b, millions i
approvals
– Partnerships ere established and used to en
unfavorable transactions
– ther transactions ere improperl, entered i
2! billion
– The ori/inal accountin/ treatment for the Che
transactions ere ron/
– The failure to satisf, to conditions re3uire
be independent from Enron
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The 1enate 1ubcommitReport0s 1ummar,
– 4iduciar, failure
– Hi/h ris5 accountin/
– *nappropriate conflicts of interest
– E6tensive undiclosed off)the)boo5s activit,
– E6cessive compensation
– 'ac5 of independence Recommendation 7
– Strengthening the oversight of directors
– Strengthening the independence of directors, the
and auditors of publicly traded company
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What 8re 9irectorsE6pected To 9o?
– Revie the compan,0s overall business strate/,
– 1electin/ and compensatin/ the compan,0s senior e
– Evaluatin/ the compan,0s outside auditor
– verseein/ the compan,0s financial statements
– Monitorin/ overall compan, performance– Must do fiduciar, obli/ations such as the duties
lo,alt, and due care
– )ost important* ensure that the financial stateme
b, the compan, to its shareholders and the invest
fairl, present the financial condition of the com
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Ho Was Enron0s :oarr/ani;ed?
– +he E!e"uti,e -ommittee .
– To handle ur/ent business matters beteen scheduled :oard
– +he Finan"e -ommittee .
– Responsible for approvin/ ma
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Enron >uestionableTransaction
– verstate revenue and profit
– Raise cash and hide debt
– ffset stoc5 losses to other compan,
– Circumvent accountin/ for valuation
– Enrich e6cecutive
– Manipulate enron stoc5
Enron1PE
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– =ovember !--.# Enron bi5in Checo u
men/himpun dana /una ta5e over Ca*P
(E9*@+
– Enron dan Checo merupa5an arm len/
– A! 9es !--.# Enron /a/al dapat inve
5emudian manipulasi financial state
membuat profit+
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E/R0/Booper & 9adson
Compan,9a
:
1ED
-3E-0
Checo 4inancin/
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– Mareh !--#Enron *nvestasi pada Rh,
=etCom+ 9an Enron memanipulasi den/
men/uran/i efe5 ne/atif saham mar5
acct+ prosedure@
– Enron membuat '(M ! untu5 hed/in/ v
saham Rh,thmn
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Enron0s 4ailure
– Enron as hed/in/ itself
– 1toc5 Price Enron 4ail
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Enron Culture# Conflof *nterest# dan Whi
:loerE=R= )D =o 8ctio
'ac5 of *nte/rit,
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8rt
8nderRo
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Permasalahan di B8P8rthur 8ndersen
– 8dan,a laporan baha 880s internal culture didoron/ oleh 5ein/inan untu5 mendapat5
– Ter
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Enron0s Governance & Contr1,stem as 1hort)Circuited
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Enron0s Prepa,sF
– Me5anisme ,an/ di/una5an dalam mencatat pe
mu5a seba/ai laba operasi saat ini dan aru
daripada seba/ai arus 5as dari pendanaan o
dimasa depan+
– :ertu
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The 8ftermath
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WorldCom7 The 4inalCatal,st
• WorldCom# *nc+# telecommunication c
terbesar 5edua di +1• $J
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• Beban/5rutan Enron+• (atuhn,a pasar saham+• 8dan,a permintaan dari petin//i perusahaan dan Pre
untu5 perbai5an 5redibilitas dan 5eperca,aan untu5/overnance• Pen/enalan /overnance /uidelines pada pasar saha1eri5at+
• Perdebatan a5an untu5 menin/5at5an /overaccountabilit,+
•
Penda5aan dari B8P 8rthur 8ndersen0s atas 5asus En
• Melindun/i nilai stoc5 option+• Men
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The 1arbanes)6le, 8ct 1K@7 =e Governancefor Corporations & the 8ccountin/Profession+
• 1K men//anti5an re/ulasi dari perusahaan ,anmen/a5ses pasar saham ameri5a seri5at
•
1K mencan/5up audior perusahaan dimana ,an/ tdire/ulasi oleh Public compan, accountin/ ve:oard PC8:@+
Governance ReformThe 1arbanes)6le, 8ct
$%%$
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• Blasifi5asi dari peran# tan//un/
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=e 1K Corporate Governance 4rameor5
Ran/5ap peraturan ini memasti5an adan,a a5untabilitas terhadap investor
,an/ mencan/5up7
•Blarifi5asi tan//un/
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=e 1K 4rameor5 fo+1 8ccountin/ Profe
– 8ll criticals accountin/ policies to be u
– 8ll alternatives treatments of financial
– The ramifications of the use of the alter
treatments and disclosures and the treatm
preferred b, the auditor
– 8ll other material ritten communication
auditor and mana/ement
– Their revie of and attestation on mana/e
assessment of the compan,0s internal cont
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=e 1K 4rameor5 fother Matters
– +1 General 8ccountin/ ffice G8@
– Comptroller General
– 1EC
* t G
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*mpact on Governance#8ccountabilit, & Repor& Mana/ement Practice
– 1pecific focus on improved accountabilit
reportin/ to public shareholders
– 1tren/thenin/ of the role of the audit c
– Clarification of roles# responsibilities
competencies of directors and board subc– 9efinition of and emphasis on avoidin/ c
– *ncreased penalties for ron/doin/
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*mpact on 8ccountin/Profession & 8uditin
Practice– +1 accountin/ profession has lost itsunfettered abilit, to offer nonaudit s
to clients
*mpact on :usiness Ethics Tr• Ethical culture7 honest,# fairness#compassion# inte/rit,# predictabilitresponsibilit,# and focused on the
development of trust and the respect
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:e,ond the 4irst 4ivLears
The ori/inal impact
1K has been redu