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...... Enron and WorldCom are two names that will likely go down in infamy with regard to fraudulent business practices. They also boast being responsible for one of the most sweeping alterations in tax and accounting laws that has ever occurred in a single piece of legislation and for a reverberating change in sentencing and standards laws with regard to implications and outcomes of offences. These changes will likely impact all levels and sizes of business, not to mention accounting firms and other support structures who work for them for years to come. Much more thought must now go into the real financial situation of a company and the reported financial situation of a company expressed to the public and stakeholders as the perception of many is that the real health of a company can be clouded by creative accounting and the real actions of a company or its major players can be hidden by the lag time it takes for reporting to occur. (Fox, 2003, p. 18)
Enron has a long history of accounting discrepancies that have in the past verged on fraud and in some cases were deemed fraud by courts. As far back as 1987 individuals within

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