![]() ![]() The act also increased the accountability of auditing firms to remain unbiased and independent of their clients. One piece of legislation, the Sarbanes–Oxley Act, increased penalties for destroying, altering, or fabricating records in federal investigations or for attempting to defraud shareholders. Enron employees and shareholders received limited returns in lawsuits, despite losing billions in pensions and stock prices.Īs a consequence of the scandal, new regulations and legislation were enacted to expand the accuracy of financial reporting for public companies. Supreme Court, Arthur Andersen had lost the majority of its customers and had ceased operating. By the time the ruling was overturned at the U.S. Arthur Andersen was found guilty of illegally destroying documents relevant to the SEC investigation, which voided its license to audit public companies and effectively closed the firm. Many executives at Enron were indicted for a variety of charges and some were later sentenced to prison, including Lay and Skilling. history until the WorldCom scandal the following year. Enron's $63.4 billion in assets made it the largest corporate bankruptcy in U.S. The deal failed, and on December 2, 2001, Enron filed for bankruptcy under Chapter 11 of the United States Bankruptcy Code. Securities and Exchange Commission (SEC) began an investigation, and rival Houston competitor Dynegy offered to purchase the company at a very low price. Shareholders filed a $40 billion lawsuit after the company's stock price, which achieved a high of US$90.75 per share in mid-2000, plummeted to less than $1 by the end of November 2001. Chief Financial Officer Andrew Fastow and other executives misled Enron's board of directors and audit committee on high-risk accounting practices and pressured Arthur Andersen to ignore the issues. Several years later, when Jeffrey Skilling was hired, Lay developed a staff of executives that – by the use of accounting loopholes, special purpose entities, and poor financial reporting – were able to hide billions of dollars in debt from failed deals and projects. : 61Įnron was formed in 1985 by Kenneth Lay after merging Houston Natural Gas and InterNorth. history at that time, Enron was cited as the biggest audit failure. In addition to being the largest bankruptcy reorganization in U.S. Upon being publicized in October 2001, the company declared bankruptcy and its accounting firm, Arthur Andersen – then one of the five largest audit and accountancy partnerships in the world – was effectively dissolved. HR Memes on Instagram (by Crack The Joke: HR Memes You Should NOT Miss (by HRinAsia.The Enron scandal was an accounting scandal involving Enron Corporation, an American energy company based in Houston, Texas.10 Memes That Only A Human Resource Professional Will Understand (by Veenu Shankar).5 of the Best HR Memes for a Little Human Resources Humor (by Derek Smith).And we like to have fun too! Click the request demo button to learn more about Ongig’s software. Ongig’s mission is to help you attract top-tier and diverse talent. If you’re still in need of more laughs…check out our posts on 100+ Creative & Funny Job Titles and 16 Funny Job Descriptions. Check those out for another good laugh! Funny Job Titles & Funny Job Descriptions Funny Recruiter Memesīack in March, we also did a list of 25 Funny Recruiter Memes. Here are a few more funny HR memes I found that didn’t quite fit into the other sections. The coronavirus changed the landscape of HR, and these HR memes prove it. What’s an HR meme blog without a few resume memes? HR Memes About COVID-19 These 2 job description memes were too hilarious not to share. How do you feel about employee engagement? HR Budget Memesĭid your HR budget get approval? Here are a few HR budget memes, good and bad! Interview Memesĭo these interview memes hit home for you and your company? Job Description Memes LinkedIn lovers, you will love these LinkedIn memes. ![]() Here are a few payroll memes to get you through the day. How accurate is this performance review meme? Payroll Memes Here are a couple of the best HR memes about benefits. Management MemesĬan you relate to these management memes? Benefits HR Memes ![]() We love CEOs, but these HR memes about them still gave us a laugh. ![]() Have you ever experienced an HR nightmare? Here are 2 of the best HR memes I found: HR Memes About CEOs Enjoy! Best HR Memes About Employeesĭo you love your fellow employees? Check out these funny HR memes about them: HR Nightmare Memes I divided them into categories for easier viewing. These HR memes are in no particular order - we just think they are great. 50 Funny HR Memes ĭo you have a favorite HR meme? I perused the internet for the best HR memes and here’s my list of 50. ![]()
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