The United States is the world's undisputed capital market. The stringent financial reporting standards required by the Financial Accounting Standards Board, and overseen by the Securities and exchange commission foster an environment where the playing field for all is level. From time to time, despite these standards, a company fails to accurately report their financial position. Watch this brief video on the Enron scandal, the largest in history. Then locate another company that failed to disclose material information in their reporting. Was the reporting simply inaccurate or actually fraudulent? Share your thoughts on the event. How will you prevent this as an accountant?

reference for answer.

https://www.youtube.com/watch?v=e5qC1YGRMKI&feature=emb_logo