Enron Movie Review

In: Business and Management

Submitted By raj876
Words 1226
Pages 5
University of Technology, Jamaica
School of Business Administration

Internal Auditing

Article Review

The Smartest Guys in the Room

Tutor: Ms S. Bewry
Student: Rajik Brown
ID#: 0904827

1. To identify least five (5) control issues in the movie using the C.R.I.M.E. abbreviation from the Committee of Sponsoring Organisation of the Treadway Commission (COSO) framework was used.
C- Control Activities are procedures and policies that aid management and employees in carrying directives and provide the presence of strong internal controls. ENRON possessed poor controls. * All transactions of a firm must be properly authorised meaning they must exist or occur e.g. * There must be accurate and complete accounting records. ERON’s CFO, Mr. Fastow was involved in tangling the accounting records and creative accounting to make the company look profitable. * Segregation of Duties must exist e.g. Andrew Fastow was CFO for ENRON but also the managing director for LJM and other offshore entities.
R- Risk Assessment is a prerequisite for determining how the internal and external source of risks should be managed. ERON possessed no criteria on how to measure risks in the various projects they took. Management (Mr Skilling) simply jumped at any opportunity he had to make money. Mr Skilling quoted “..we like risks, because you make money from risks”. They invested in multi-million natural gas plants that failed.
I-Information are simply reports and other operational, financial and compliance-related data that control the business while communication must ensure information flows down, across and up the organization. The lack of information and communication was evident in the movie where management did not provide financial reports publicly e.g. a balance sheet, they did not disclose that they were making losses instead of profits and continually…...

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