In August 22, 2002, The Enron scandal has far-reaching political and financial implications. In just 15 years, Enron grew from nowhere to be America's seventh largest company, employing 21,000 staff in more than 40 countries. But the firm's success turned out to have involved an elaborate scam. Enron lied about its profits and stands accused of a range of shady dealings, including concealing debts so they didn't show up in the company's accounts. A combination of inefficient governance, oversight and incentive problems contributed to Enron's quick "apparent" success and equally rapid downfall. This case involved the accounting professionals. ii. Explain the importance of ethics in accounting. (CLO1:PLO1:C4) (5 Marks) (CLO1:PLO1:C4)