Dandanes je v svetu mnogo poznanih primerov podjetij, ki so delovala na podlagi laži, goljufij in prevar. Pri podjetjih, kot je Enron, ki ga v delu diplomskega seminarja obravnavam, se je dogajalo prav to. Že od ustanovitve, daljnega leta 1985, ko sta se združili dve energetski podjetji in je nastalo eno veliko podjetje, s Kenom Layem na čelu, so se v podjetju Enron dogajali sumljivi posli. V svojem šestnajst-letnem delovanju so se sicer pojavljali le sumi o tem, da se morda v podjetju ne dogaja vse po pravilih. Pa še ti sumi so bili pravzaprav sumi tistih zaposlenih računovodskih strokovnjakov, ki niso bili vpleteni v prevare. Podjetje je vse od svoje ustanovitve hitro raslo in se uspešno razvijalo. Vodilni v Enronu, z Layem kot zvršnim direktorjem, so prodirali na mednarodne energetske trge in kupovali ter prevzemali mnoga podjetja. Dokaj hitro po ustanovitvi se je podjetje Enron začelo ukvarjati z elektriko in njeno prodajo, kmalu pa ustvarilo tudi EnronOnline, ki je pripomogel k pridobitvi novih strank. Ker so podatki v računovodskih izkazih kazali samo dobro in pozitivno, je tudi vrednost delnic iz dneva v dan rasla. Najvišja vrednost, ki jo je Enronova delnica dosegla je bila kar 80$ na delnico. Investiorji so se kar grebli, v podjetje pa vlagali svoj življenjske prihranke. V letu 2001 pa so se počasi začele kazati težave. Že, ko je podjetje Enron izvedlo svojo veliko oglaševalsko kampanijo, so se začeli pojavljati sumi in vprašanja, ali je Enron res tako uspešen, kot se kaže. S kupci elektrike, ki jih je Enron namreč uspel pridobiti, podjetju ni uspelo pokriti niti celotne vrednosti kampanije. Nadalje se je začelo sumiti o verodostojnosti in resnčnosti podatkov in vrednosti, ki so se pojavljale v računovodskih izkazih. Zunanji preiskovalci so začeli podrobneje preiskovati računovodske izkaze, poročila in dokumente ter zelo hitro odkrili, da je šlo v podjetju z dolgletne prevare. Pri prevarah je sodelovalo tudi zunanje računovodsko podjetje Arthur Andersen, z Duncanom, ki je bil zadolžen za posle s podjetem Enron. Podjetju Enron je bilo odkritih ogromno odstopanj od dejanskih vrednosti v računovodskih izkazih. Vrednost delnice pa je po dejanskih podatkih, v nanovo sestavljenih izkazih, padla na 0,28$. V sodni obravnavi so bili obtoženi vsi sodelujoči, z Layem na čelu, prav tako pa tudi Duncan, ki je bil poleg vsega ostalega še uničevanja velikih količin dokumentov in datotek (po naročilu Laya), ki bi lahko bile koriste pri preiskavi in sodni obravnavi. Enron je še pred sodno obravnavo leta 2002 bankrotiral, vsi zaposleni so ostali na cesti, vsi investitorji pa so nenadoma ostali brez vsega. Na podlagi dogajanja v podjetju Enron, sem naredila analizo pomembnejših dejanj in odločitev, ki so bile sprejete bodisi v podjetju Enron ali v podjetju Arthur Andersen. Analiza temelji na štirih etičnih teorijah in na slovenskem Kodeksu etike za računovodske strokovnjake. Teorije na podlagi katerih sem opravila analizo (tudi s pomočjo modela za vpeljavo teorij), so teorija koristi, teoija dolžnosti, teorija posledic in teorija vrednot. Odločitve in dejanja sem proučila še z vidka Kodeksa etike računovodskih strokovjakov in z njegovo pomočjo utemeljila njihovo neetičnost. Analiza odločitev z vidika štirih etičnih teorij in z vidika Kodksa etike računovodskih stokovnjakov, je moja predvidevanja o neetičnosti ravnanj, samo potrdila in teoretično podkrepila. Nowadays, there is a lot of world wide known companies, whose operations were based on lies, fraud and deception. One of the mentioned companies is Enron, which is also the main subject of my dissertation. Ever since 1985, when Enron was established, people doubted about its honesty and truthfulness. Until 2001 noone and nothing had been investigated. Enron was a really successful company. It had been growing and developing from the very beginning and almost until the very end of its existence. All the CEOs, with the help of Ken Lay, were really fast in conquering international energy markets and in buying and overtaking other businesses. Not long after the establishment, Enron started dealing with electricity and its sale. Later on Enron established even a web business EnronOnline that helped with gaining new customers. All the data in accounting statements showed the best picture of Enron's performance and this is why the value of its stock kept growing. The value of Enron's stock came up to 80$. The number of investors was huge and everyone wanted to be part of Enron's busineess. In 2001 troubles started to occure. Bigger doubts about Enron's great success started when it began its marketing campaign. The campaign did not contribute to a bigger demand for electricity that Enron was offering at that time. The mentioned doubts led to further questions about Enron's accounting stattements and truthfulness of data. External investigators started doing investigations and examinations more precisely. Fraud was detected not long after the start od examinig. It was found out that even external accountants, including Ken Lay, were involved in fraud. Enron statements were found wrong and fraudulent. At the time of investigation the value of the share fell down to 0,28$. All the involved were put on trial and accused of illegal and wrong doing. Enron bankrupted in 2002. All the employees were left without a job. Investors lost all their money. Based on what had been going on for ages, I did an analysis of important decisions and actions in Enron business, including Arthur Andersen business. The analysis is based on four ethical theories and the Slovenian ethical codecs. The theories I worked with are Utilitarianism, Virtue ethics, Egoism and Deonthology. All the acts and decisions that I picked for the analysis were found either ethical or unethical. The above mentioned analysis prooved my assumptions about unethical behaviour that had been going on in Enron and Arthur Andersen for ages.