It’s been nearly 17 years since Enron, the Texas energy company, filed for bankruptcy after perpetrating one of the world’s biggest business frauds. More significantly for the accounting profession, the Enron indictment in the United States ended in the demise of the well-respected firm of Arthur Andersen, one of what was then the Big Five accounting firms, and resulted in government regulation of the auditing profession.

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Fraud is the act of obtaining something from another person by deceiving such a person to obtain the ... View the full answer