ENRON'S FALL, RISE OF SOX

If you are wondering how come Enron's fall is related to the rise of Sabarnes-Oxley Act of 2002, also known as SOX, you've come to the right place!

Enron is an American energy company based in Houston, Texas. It is a company that reached dramatic heights, but collapsed at a great speed. When it started, natural gas and electricity were produced, transmitted and sold by state-regulated monopolies. Enron used Wall Street magic to transform energy supplies into financial instruments that could be traded online like stocks and bonds. These contracts guaranteed customers a steady supply at a predictable price. The story ends with the bankruptcy of one of America's largest corporations. Enron's collapse affected the lives of thousands of employees, many pension funds and shook Wall Street to its very core.

The Enron scandal was certainly enough to show the American public and its representatives in Congress that new compliance standards for public accounting and auditing were needed. And that's what prompted Sabarnes-Oxley Act of 2002.

The downfall of Enron was an unfortunate incident, and it is important to know how and why it happened, so we can understand how to avoid these situations in the future. Looking back, the company had suffered great financial losses as a result of overconfidence, greed and foolishness from the top management, all the way down. Many of the company's losses started the downfall that could have been avoided, if someone had had the nerve and the forethought to put a stop to it. Enron will remain in our minds for years to come, as a classic example of greed gone wrong, and of the action that was taken to help stop it from happening again. 

The 24th Accountancy Week "BRAVE: Scaling New Heights"

PUP College of Accountancy and Finance starts the school year with a BANG! PUP’s 24^th Accountancy Week has begun! Students from BS Accountancy was relieved from their class duties for a while. This is the time when they can show their hidden talents and skill aside from balancing the sheet. Kidding aside many students have actually enjoyed this week. PUP JPIA prepared a week-long activities for the students, and to start with it is the ever present opening parade of different teams. And for this year’s theme it is “BRAVE: Scaling New Heights” from the sound of it, it was related to birds. Muse and escorts flaunt their beautiful and creative costumes on their floats. Each team has their own gimik on how to amaze the judges. And also there is an opening ceremony which was led by our very own dean, Prof. Sylvia Sarmiento. She gave us a warm speech and leads the lighting of the torch. Also JPIA prepared outdoors and indoors activity like basketball, volleyball, quizbee, and many more. This week is such a very big relief not only for students but also to our professors. Every year is a year to cherish and anticipate. And this year as ever be Accountancy Week never failed to amaze us!

From one of the students who become a Main Escort:

“Celebrating this event for the 4^th time is so much for an achievement one accountancy student of PUP could bear for the entire fruitful years of studying, like reaching this far is no joke for anybody. It may not as loud as any previously held Acco Week has ever been but the mere fact you played role of main escort is one of the happiest yet craziest experience I’ve had so far for my seniority year. It was crazy fun how my colleagues and fellow BSA students cheered for you the entire opening remarks.”

Another one from my fellow student:

“For me, Accountancy Week is a huge success especially to those who organized it. Although we weren’t able to participate in all the events that they have prepared I can see that it all goes according to their plan. Except for the T-shirt distribution because it was super delayed and as of now it was not yet distributed.”

Well I guess all in all it was still fun. And many students have enjoyed! Adios!