Ethical Lessons Learned from Corporate Scandals Ethics is about behavior and when faced with dilemma; it's about doing the right thing. Ideally, managerial leaders and their employees will act ethically as a result of their internalized virtuous core values. The Enron scandal is the most significant corporate collapse in the United States and demonstrates the need for significant reforms in corporate accounting and governance in the United States. It is also an invitation to look closely at the ethical quality of corporate culture in general and of commercial companies (Lessons from the Enron scandal). The collapse of even the smallest of businesses impacts many people, and so even the smallest business can learn what not to do from a multi-billion dollar corporation. The failure of your business will greatly and negatively affect your employees, partners and families of each of these groups. Business owners have a duty to operate prudently, legally and ethically. The most important lesson illustrated by the collapse of Enron and other corporate scandals will be the morality play of the new economy. He will teach executives and the American public the most important ethical lessons of this decade. Financial intelligence cannot replace a good business strategy. Financial accounting is retrospective accounting, unusually complex, subject to subjective interpretation, vulnerable to several controversial accounting doctrines....