The first of the most highly publicized events of corporate fraud in accounting practices is that of Enron, and this scandal probably elevated the coined term “Cooking the Books.” The Enron case was the first of many corporate accounting scandals that impacted millions of people. It

of July 26, 2002, provide a representation of the impact on the economy, as

It is evident that the impact felt on the U.S. economy is of an impressive magnitude, negatively affecting almost every citizen living within the U.S. boundaries, as well as financially impacting the U.S. trading partners throughout the world. The events taking place in corporate America, such as the Enron scandal, the fall of the Dot Com companies, excessive corporate salaries and compensations tied to stock values, have all contributed to the current economic situation. The accounting scandals being the straw that broke the camel’s back. Enron is one of the best examples of the accounting scandals, which brought true meaning to the term “Cooking the Books.” All of these issues collectively have made an enormous impact on the economy. This can be seen by the corporate bankruptcies, the fall in the stock market, and massive layoffs which have affected everyone. And from all of this, the U.S. corporations, government, CEO’s, investors, employees, and the world, have learned an important lesson which should never be forgotten – cooking should be left to the kitchen.

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