"Accounting Scandals" Essays and Research Papers

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Regina Case

difficulties was the poor quality of its new products, which resulted in a reported 50 percent customer return rates. After realizing that Regina was in a deep trouble, Sheelen, with the help of Regina CFO Vincent Golden, came up with several illicit accounting schemes to keep the company’s stock prices at a high level. In addition to significantly understating customer product returns and company’s cost of goods, they recorded bogus sales to inflate sales revenues, and implemented a so-called “ship-in-place”...

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Worldcom: Organizational Culture and Unethical Safeguards

Financial Officer, Scott Sullivan’s classical view of social responsibility was the beginning of the end for WorldCom; this classical view shaped WorldCom’s organizational culture, and blinded how WorldCom should have safeguarded against unethical accounting breaches. Ebbers and Sullivan’s Classical View of Social Responsibility Ebbers was one of nine investors of Long Distance Discount Services (LDDS) whom was appointed to run the fourth-largest long-distance telecommunications company, and after...

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Enron

Skilling go on trial The trial of Lay and Skilling began in January 2006. Lay and Skilling both testified for more than a week in their own defence. Some of the charges against them were dropped. Prosecutors alleged that Lay and Skilling used "accounting tricks, fiction, hocus-pocus, trickery, misleading statements, half-truths, omissions and outright lies" to commit their crimes. Lawyers for the two accused said their clients may be guilty of bad business judgment at Enron, but they never broke...

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Misappropriation of Assetin Public Sector

appeared in headline news are the uncovering of the National Feedlot Corporation (NFCorp) and Port Klang Free Zone (PKFZ). PKFZ is having a massive scandal which involves corruption by government officials involving a large amount of RM12.45 billion according to a report by PriceWaterHouseCoopers (PWC) Advisory Services (Arrests in Malaysian Port Scandal : Malaysia Today Online News, 2009). Besides that, Tuna Port Authority also having a fraud that involves the amount of RM243.88 million and it is...

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Fun with Dick and Jane

everything is in utter chaos. All the employees, including the CFO Frank Bascombe, are running around the office shredding and burning documents trying to cover up the apparent corporate scandal that Dick inadvertently uncovered. Dick comes to a mind-blowing conclusion that he was just a pawn in a corporate fraud scandal that has now gone way out of control. This movie provides sarcastic contradictions about morality and the ethics of crime. For one short-lived moment, Dick contemplates prostituting...

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Far600 Case Study Worldcom

company, another $14.7 billion in 2001 line costs was treated as a current expense. WorldCom’s accounting had been questioned before its June 25 admission. In March 2002, the SEC requested data from the firm about a range of financial reporting topics, including (1) disputed bills and sales commissions, (2) a 2000 charge against earnings related to wholesale customers, (3) accounting policies for mergers, (4) loans to the CEO, (5) integration of WorldCom’s computer systems with those of...

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Sarbanes-Oxley Whistleblower

the request that was made by Pachler. Soon after Zulfer made the report, she claims that retaliation against her began. She was excluded from company meetings and discussions, crucial information to her position was withheld from her, and her accounting staff was diminishing (Katz, Marshall & Banks, LLP, 2013). On December 31, 2011 Zulfer was terminated, although Playboy describes it as a layoff. Issue: Did Playboy violate the whistleblower-protection provisions of the Sarbanes-Oxley Act of...

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White Collar Crimes

directly impacted—people in Los Angles are not interested in learning about a robbery in New York City. White-collar crimes, on the other hand, have the potential to cause a huge financial impact which can ripple throughout the world (Nobel, 2). Scandals like those caused by Bernie Madoff, Enron, Lehman Brothers and AIG are great examples. It is an unfortunate truth that the world of business has attached itself with a variety of negative connotations, one being white-collar crimes. The term white-collar...

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enron case

interest that leads to a conspiracy and down fall of its company. Cooking books or presenting fake earnings to attract investors are unethical use of accounting principles. It is easy for them to have fraudulent activities to make their market value look good and deceive investors where in fact they’re in immense depth. I’ve realized how powerful accounting information is and how important the knowledge should one have for us not to be betrayed by some people like in Enron’s top management. They say...

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Corporate Accounting Scandal

CORPORATE ACCOUNTING SCANDAL AT SATYAM COMPUTER SERVICES LIMITED BACKGROUND Ironically, Satyam means “truth” in the ancient Indian language “Sanskrit” (Basilico et al., 2012). Satyam won the “Golden Peacock Award” for the best-governed company in 2007 and in 2009. From being India’s IT “crown jewel” and the country’s “fourth largest” company with high- profile customers, the outsourcing firm Satyam Computers has become embroiled in the nation’s biggest corporate scam in living memory (Ahmad...

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