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What was the Enron scandal?

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The Enron scandal was a series of events involving dubious accounting practices that resulted in the 2001 bankruptcy of the energy, commodities, and services company Enron Corporation and the subsequent dissolution of the accounting firm Arthur Andersen. The collapse of Enron, which held more than $60 billion in assets, involved one of the biggest bankruptcy filings in the history of the United States.

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What effects did the Enron scandal have?

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The Editors of Encyclopaedia Britannica
Encyclopaedia Britannica's editors oversee subject areas in which they have extensive knowledge, whether from years of experience gained by working on that content or via study for an advanced degree. They write new content and verify and edit content received from contributors.
The Editors of Encyclopaedia Britannica

The Enron scandal resulted in a wave of new regulations and legislation designed to increase the accuracy of financial reporting for publicly traded companies. The Sarbanes-Oxley Act (2002) imposed harsh penalties for destroying, altering, or fabricating financial records. The act also prohibited auditing firms from doing any concurrent consulting business for the same clients.

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