The collapse of Enron, which held much more than $sixty billion in belongings, involved one of the greatest personal bankruptcy filings while in the background in the America, and it generated Considerably discussion in addition to legislation made to increase accounting criteria and practices, with extended-Long lasting repercussions while in the economical environment.
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Arthur Andersen also came beneath intensive scrutiny, and in March 2002, the U.S. Division of Justice indicted the firm for obstruction of justice. Clientele wishing to assure buyers that their fiscal statements could meet up with the highest accounting expectations abandoned Andersen for its competition. They were being before long accompanied by Andersen staff members and overall places of work.