"Accounting Scandals" Essays and Research Papers

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World Com

administrators in the WorldCom scandal. (Name the administrators and their titles in your explanation.) The following ethical principles/tenets of "Honesty" were violated by the following: Scott Sullivan, former CFO -he hid 3.8 billion in inflated profitsand suggested a reserve account to be used to boost earnings. These transactions violated the accounting rules. David Myers former controller lied about the financials of WorldCom. Betty Vinson, senior manager corporate accounting division along with...

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Chainsaw Dunlap

specialist and downsizer. The ruthless methods he employed to streamline ailing companies, most notably Scott Paper, won him the nicknames "Chainsaw Al" and "Rambo in Pinstripes". However, his reputation was ruined after he engineered a massive accounting scandal at Sunbeam-Oster. Dunlap believed that the primary goal of any business should be to make money for its shareholders. To that end, he believed in making widespread cuts, including massive layoffs, in order to streamline operations. By firing...

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The Responsibility of the External Auditor and the Management of the Entity Being Audited with Relation Fraud and Error.

these failed companies and have put the importance of effective corporate governance in the spotlight. It was well documented fact that Arthur Anderson the auditors were involved in the Enron debacle which led to its dissolution as one five largest accounting firms in the world. The responsibility of auditors in the above mentioned example was massively undermined, on June 15.2002 Arthur Andersen was convicted of obstruction of justice for shredding documents relating to its audit of Enron. Even though...

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Nowadays, Accounting Scandal

Nowadays, accounting scandal or financial statement fraud has increasingly become a serious issue and it threatens to undermine the profession of accountants and auditing companies. Therefore, I think that this has affected the way future accountants view the importance of accounting principles, future accountants will tend to neglect and disregard accounting principles even more regarding the present accounting scandals. I plan to start my introduction by explaining briefly what accounting is and...

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White Collar Crime

information and made improper financial transactions. Accounting firms helped conceal the illegal nature of these actions, which undermined investor confidence in the stock market and corporate governance in general. The corporate scandals that emerged in 2001 involved Enron, WorldCom, and the accounting firm of Arthur Andersen and were of national importance. Congress responded to these elaborate white-collar crimes by enacting the Public Company Accounting Reform and Investor Protection Act, also known...

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The Case Study Pamalat

The case study “HOW THE MILK SPILLED” revolves around PARMALAT, one of the biggest & most successful companies of Italy, The case discusses the unethical issues prevailing in the company as the company has been using false accounting & complicated financial systems to create a picture of financial health, misleading investors as well as analysts. The company, PARMALAT was set up by Calisto Tanzi in 1960s. He inherited his family business that was started by his grandfather...

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Article Review-Part a

July 29, 2013 Joseph Sette Article Review-Part A The Sarbanes-Oxley Act of 2002 was put in to place as a way of preventing and deterring future accounting fraud, protecting shareholders, and increasing confidence in public company financial reporting. However, SOX has imposed tremendous new duties and costs on public companies and accounting firms. Some individuals may call it an object failure while SOX hoped to create more confidence in capital markets it does not prevent fraud or abuse...

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worlcom

BINTI MATIASIN 214114 Accounting Fraud at WorldCom Executive Summary WorldCom is a telecommunication company that has been found by Bernard Ebbers, a Canadian. Growing rapidly through mergers and acquisition strategy, Ebbers handled largest takeover in US history by acquiring MCI, the nation’s second largest long distance company. The aggressive acquisition strategy required issuing a lot of debt, which eventually cause problems that attract the company to do accounting frauds. The main issue...

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Fraudulent Financial Reporting

Future Commission in Hong Kong as it was involved in accounting fraud. It exaggerated accounts for loan, land and its warehouse receipts in its public offering financial statements for 2009. Also, its main subsidiary’s revenue was deliberately inflated according to powerful evidence. As a result, the CEO, Jacky Chun, was arrested because of irresponsibility of proper records on purpose, and some auditors related violated Professional Accounting Ordinance due to publicizing the annual reports with...

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What are the types of the crimes of the powerful?

institutions, corporations and dominant individuals such as civil officers and businessmen but will also be discussing a perspective of patriarchal structures that exert crimes of power over women. The crimes that would be discussed are financial scandals or frauds, illegal trafficking as well as acts against humanity and the environment. In examining the crimes committed, there seems to be one common factor. Most of them go undetected due to strong corrupted ties between the individuals and the government...

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