: 61Įnron was formed in 1985 by Kenneth Lay after merging Houston Natural Gas and InterNorth. history at that time, Enron was cited as the biggest audit failure. In addition to being the largest bankruptcy reorganization in U.S. When news of widespread fraud within the company became public in October 2001, the company declared bankruptcy and its accounting firm, Arthur Andersen – then one of the five largest audit and accountancy partnerships in the world – was effectively dissolved. The Enron scandal was an accounting scandal involving Enron Corporation, an American energy company based in Houston, Texas. 2001 accounting scandal of American energy company Enron
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