HealthSouth Accounting Scandal HealthSouth is the one of the largest providers of inpatient rehabilitative healthcare services in the U.S. HealthSouth is fully operational in 26 states across the United States and also in Puerto Rico. HealthSouth serves patients in various settings such as; inpatient rehabilitation hospitals‚ long-term acute care hospitals‚ outpatient rehabilitation satellite clinics and home health agencies. HealthSouth’s hospitals are able to provide an advanced care to patients
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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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almost $16.2 billion over a 15 year period‚ leading the company into a $9.2 billion bankruptcy. Grant Thornton‚ the auditor at the time of the events‚ was replaced by Deloitte & Touche Tohmatsu‚ claiming to be a victim of deceit in the Parmalat audit scandals. ii. Adelphia (2002) - Deloitte & Touche Tohmatsu Adelphia Communications was under Pennsylvania and New York federal grand jury‚ and SEC investigations for making off-balance-sheet loans‚ amounting to $3.1 billion‚ to the founders and former
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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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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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success story. However‚ the success began to unravel with the accumulation of debt and expenses‚ the fall of the stock market‚ and long distance rates and revenue. It would take 2 years for the extent of these problems to become public‚ and accounting scandals like that of Worldcom would make history in the finance and telecommunication areas. While the intent is to make money to benefit a person or a group of people through illegal acts while disguising their illegal origin‚ a whistleblower may
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Expectation Gap and Corporate Fraud: Is Public Opinion Reconcilable with Auditors’ Duties? Jeffrey Cohena‚ Yuan Dingb‚ Cédric Lesagec‚* and Hervé Stolowyc b Carroll School of Management at Boston College‚ USA China-Europe International Business School (CEIBS)‚ Shanghai‚ China c HEC Paris‚ France a This draft – October 28‚ 2010 – Please do not cite or circulate without permission – Comments welcome Acknowledgments. Cédric Lesage and Hervé Stolowy acknowledge the financial support of the
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-27- Lucent Technologies‚ Inc.—Revenue Recognition Lucent Technologies designs and delivers networks for the world’s largest communications service providers. Backed by Bell Labs research and development‚ Lucent relies on its strengths in mobility‚ optical‚ data and voice networking technologies as well as software and services to develop next-generation networks. The company’s systems‚ services and software are designed to help customers quickly deploy and better manage their networks and create
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THE CENDANT CORPORATION ACCOUNTING SCANDAL BCOM21 TABLE OF CONTENTS ACKNOWLEDGEMENT ………………………………………………………… 2 INTRODUCTION …………………………………………………………………. 3 SUMMARY ……………………………………………………………………….. 4-7 COMPANY PROFILE …………………………………………………………… 8 THE OFFICERS INVOLVE …………………………………………………….. 9-15 DISCUSSION ……………………………………………………………………. 16-20 THE SETTLEMENT The settlement with Cendant ………………………………………… 21-22 The settlement with Ernst & Young ……………………………….. 23 THE BREAKUP ………………………………………………………………… 24 CONCLUSION
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