Chapter 2 (Teori) - SEP

8/17/2019 Chapter 2 (Teori) - SEP

1/33

Kelompok 2

Atika

Ayuni Dewi R

Bagas KurniawanFahrina Yuliani

Kinanti Essi

Enron

MotivaGovern

Ethics

Reform


2/33

Timeline of events


3/33

Cause of Enron Probl


4/33

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# '


5/33

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


6/33

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


7/33

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


8/33

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


9/33

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


10/33

– =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+


11/33

E/R0/Booper & 9adson

Compan,9a

:

1ED

-3E-0

Checo 4inancin/


12/33

– 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


13/33

Enron0s 4ailure

– Enron as hed/in/ itself

– 1toc5 Price Enron 4ail


14/33

Enron Culture# Conflof *nterest# dan Whi

:loerE=R= )D =o 8ctio

'ac5 of *nte/rit,


15/33

8rt

8nderRo


16/33


17/33

Permasalahan di B8P8rthur 8ndersen

– 8dan,a laporan baha 880s internal culture didoron/ oleh 5ein/inan untu5 mendapat5

– Ter


18/33

Enron0s Governance & Contr1,stem as 1hort)Circuited


19/33

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


20/33


21/33


22/33


23/33

The 8ftermath


24/33

WorldCom7 The 4inalCatal,st

• WorldCom# *nc+# telecommunication c

terbesar 5edua di +1• $J


25/33

• 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


26/33

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

$%%$


27/33

• Blasifi5asi dari peran# tan//un/


28/33

=e 1K Corporate Governance 4rameor5

Ran/5ap peraturan ini memasti5an adan,a a5untabilitas terhadap investor

,an/ mencan/5up7

•Blarifi5asi tan//un/


29/33

=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


30/33

=e 1K 4rameor5 fother Matters

– +1 General 8ccountin/ ffice G8@

– Comptroller General

– 1EC

* t G


31/33

*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/


32/33

*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


33/33

:e,ond the 4irst 4ivLears

The ori/inal impact

1K has been redu

Chapter 2 (Teori) - SEP

Documents

Transcript of Chapter 2 (Teori) - SEP