What is the biggest accounting scandal in history?
The Enron scandal remains widely cited as the biggest and most impactful accounting scandal in corporate history, characterized by sophisticated off-balance-sheet special purpose entities used to conceal billions in toxic debt and fictitious profits. The fraudulent practices, executed with the collusion of auditor Arthur Andersen, resulted in the bankruptcy of a multi-billion-dollar energy giant, wiped out retirement savings for thousands of employees, and triggered sweeping legislative reforms through the Sarbanes-Oxley Act of 2002.
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