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             Enron's bankruptcy then took the world by complete surprise, as this was not only the biggest collapse in the United States in recent years, it was also the fastest. Before filing for bankruptcy in December last year, Enron was the seventh largest company of the United States as it turned its businesses into monopolies by dominating all areas of its various operations. But a company that looked so powerful only a year ago collapsed dramatically when one of its accountants began raising questions about those shady transactions which had managed to conceal the company's negative debt position from its accounting books. But slowly and gradually Enron's problems began unrolling in front of the public and it became clear that all the profits shown by the company were simply an illusion. ENRON as well as World Com both had managed to make these blunders with the Arthur Anderson, that was reportedly, "one of the top five accountancy firms in the world" that doctored accounting books of ENRON "and later shredded vital documents at several of their office locations including London" (Royal Bank of Scotland). .

             Ethical crisis in business is definitely a hot issue these days. With no respite in sight and probably no long term solution available, public has become wary of American corporate world. It appears that every other day, a large organization makes headlines for fraudulent actions. What is even more ironic is that these unethical practices have mostly involved large accounting firms: organizations that are created with the sole purpose of providing honest third-part services. The major accountancy organizations that have been found involved in ethical crisis included Arthur Andersen, KPMG, Price Waterhouse Coopers and others (Royal Bank of Scotland). In addition to these "in May 2002, Myrill Lynch was fined $100 million for over rating various stocks of blue chip companies and apologized for doing so in N.