Enron (the once global energy trading giant) has certainly made great “contribution” to the development of accounting. In December of 2001, Enron filed for protections under Chapter 11 bankruptcy proceedings. At the beginning of 2002, Enron’s auditor Arthur Andersen disclosed that staff had tare up documents and deleted emails relating to the Enron Audit. Andersen was indicted by the Justice Department on charges on obstruction of justice in relation to the enquiry in Enron’s Accounting. On 15 June, US Andersen is found guilty of charges of obstruction of justice relating to the Enron collapse. In August 2002, the Sarbanes-Oxley Act is passed in the United States as a result of the Enron financial scandal.