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Enron had created 'special purpose entities' (SPE's) through which it would take off significant losses from its books and create the illusion that it was making billions of dollars in profits while it was actually making losses. Each year, the gap in the books would widen, and the need to borrow would increase. With the impressive 'profits' being reported, the company's share traded at a robust price and inspired the confidence of lenders who would continue putting their money into the firm. Thus, the preoccupation at the company was to sustain the illusion by masking losses and reporting false profits (Sterling, 2002, p.111). SPE's are legal vehicles through which a firm may reduce its risk, but they need to be registered as separate entities and run by independent managers to comply with accounting best practice. This was not the case with Enron which assumed complete control of the entities. In total, it was estimated that the company had 4,000 SPE's. Loss-producing assets were sold to these SPE's, with the proceeds of the sale being treated as income thereby inflating profits. In other words, it "was repaying itself and counting the repayment is income." The value of other assets were overstated, thereby reflecting a favorable balance sheet than was the case, in addition to capitalizing sales revenues instead of recording them as sales (Sterling, 2002, p.137). Even as this 'creative accounting' was taking place, the oversight bodies did nothing to stop it. For example the auditing firm Arthur Andersen, notwithstanding its reputation as one of the top auditing firms globally, chose to ignore the reporting malpractices, largely motivated by the large sums of money it earned from Enron. In 2002, the auditing firm was found guilty of shredding incriminating evidence in the face of an imminent SEC investigation (Sterling, 2002, p. 138).Internal oversight bodies and most especially Enron's audit committee also failed to detect the accounting anomalies and financial fraud taking place in the company.

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