The accounting scandal at Enron which occurred early during the last decade involved the manipulation of accounting rules in order to enrich the company’s executive leadership. Hence‚ while accounting techniques facilitated the Enron scandal it is more of a tale that is related to the hubris of the firm’s top executives and their deep-seated greed. Evidence that hubris and greed was more of the driving force than the actual manipulation of accounting rules for the Enron scandal is evident in the
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For as long as there have been companies and accounting standards there have been people who are trying to beat the system and divert some of the company’s profits and assets to their own pockets. In this report we will discuss an accounting scandal that surfaced in 2004 and it involved Hollinger International as well as Conrad Black who was the CEO at the time. History of Hollinger International Inc. The original Hollinger was discovered in 1909 by Benny Hollinger‚ it was a gold mine named Hollinger
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The Lucent Accounting Scandal Abstract The case discusses the accounting frauds committed at the US-based telecommunications giant‚ Lucent Technologies Inc. (Lucent) during early 2000. It provides an insight into the ways by which the financial statements were manipulated at Lucent. It examines the loopholes in the financial management of the company and the price it had to pay for circumventing the provisions of law. The case examines the allegations against Lucent and its officers with reference
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Ms. Hardgrove Financial Accounting 5 November 2013 Xerox’s Accounting Scandal Xerox Corporation is a multinational American document management corporation which sells and produces a wide variety of color and black-and-white printers‚ multifunction systems‚ photo copiers‚ scanners‚ fax‚ digital production printing presses‚ and related consulting services and supplies. Overall any type of printing equipment‚ more specifically office equipment. It is currently headquartered in Norwalk‚ Connecticut
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Parmalat Accounting Scandal Summary After eluding financial analysts and investors for a long time‚ Parmalat went bankrupt later in December‚ 2003 and many of their board of directors have been arrested since then. Here is a brief summary of the events: In the late 1980’s‚ Parmalat’s financial situation was poor due to investment in side businesses. i.e. TV network‚ Parmatur‚ football teams (Palmeiras‚ Parma‚ etc). Cash siphoning through these companies was estimated to be
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The Accounting Scandal Enron Corp. Collapse and WorldCom Accounting Scandal 11/18/2020 The Enron Corp. collapse Formed in 1985 from a merger of Houston Natural Gas and Inter-north‚ Enron Corp. was the first nationwide natural gas pipeline network. Over time‚ the firm’s business focus shifted from the regulated transportation of natural gas to unregulated energy trading markets. The guiding principle seems to have been that there was more money to be made in buying and selling financial
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Guidelines for Memos A list of resources for good business writing appears at the end of this document. It is strongly recommended that any serious business person consider owning writing resources. Written communication is often the distinguishing factor in determining career success in any business or government environment. The following are general guidelines intended to assist the student attempting to write a business memo for the first time. A memo (short for memorandum which is latin
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The Accounting Scandal of HealthSouth HealthSouth Corporation is based in Birmingham‚ Alabama‚ it is the largest provider of rehabilitative health care services. It operates in 26 states in the United States of America and in Puerto Rico. HealthSouth provides rehabilitation hospitals‚ long term heightened care hospitals‚ outpatient rehabilitation satellite clinics and home health agencies. HealthSouth was found by Richard Scrushy in the year 1984 and was called
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not the case‚ a large part of Enron’s profits were made of paper. This was made possible by masterfully designed accounting and morally questionable acts by traders and executives. Deep debt and surfacing information about hiding losses gave the company big problems and in the late 2001 Enron declared bankruptcy under Chapter 11 of the United States Bankruptcy Code. The Enron scandal‚ revealed in October 2001‚ eventually led to the bankruptcy of the Enron Corporation‚ an American energy company
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change in overall management. * Scrushy was also nailed for not returning a $25 million loan he had received as an executive stock-purchase plan on time‚ and eventually paid it in stocks instead of cash like it was planned. * A lot of the scandal had to do with Scrushy’s need for self-affirmation and lead the company as if he was the king of an
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