It was the Enron's bankruptcy (one of the largest bankruptcy in history in terms of dollar value of assets) that has triggered the most crucial blaming attack on "Accounting Profession" ever. This case, even caused questioning the need of accounting in the World. However, during the aftermath of this event, thorough examinations have shown and very detailed reports have presented that the one foremost cause of this scandal is not accounting rules or standards but actually a fraud that has been conducted systematically for some time by greedy top executives and company's consultants. Although - with its vague points that can be interpreted in one way or another - existing accounting standards or rules have let this systematic fraud continue, it is a fact that these inappropriate actions could not be unearthed without the help of accounting records. Therefore, this is a case that has proven one more time, how important accounting is for businesses. The key factors that played significant roles in Enron case can he grouped in four categories. These are, as explained in this case, wrong managerial decisions, lack of professional knowledge, vague points in accounting and auditing standards and inappropriate accounting practice.