COMSATS INSTITUTE OF INFORMATION TECHNOLOGY CORPORATE GOVERNANCE : ACCOUNTING SCANDAL SUBMITTED To : Sir. Javaid Zafar Submitted by : Sana Munir MBO - II CORPORATE GOVERNANCE TABLE OF CONTENTS 1 COMPANY INTRODUCTION AND HISTORY................................... ...3 2 CORPORATE BUSINESS ACTIVITIES..............................................6 2.1 Rehabilitation Hospitals.................................................................6 2.2 Outpatient Therapy Services.....
Premium Corporate governance Board of directors Richard M. Scrushy
Enron: The Smartest Guys in the Room Extra Credit for Accounting II By: Grace Lindley ENRON: The Smartest Guys in the Room is the story of one of history’s greatest business scandals‚ in which top executives of America’s seventh largest company walked away with over one billion dollars while investors and employees lost everything. Based on the best-selling book The Smartest Guys in the Room by Fortune reporters Bethany McLean and Peter Elkind‚ and featuring insider accounts and
Premium Enron Enron scandal Corporation
If one has not heard the title “Woodstein”‚ then I sincerely doubt that they have read a newspaper in their life. This team consist of two journalist-one named Bob Woodward‚ and the other Carl Bernstein-at the peak of their career at the Washington Post. These two young journalist were paired together to cover an attempted break in at Democratic headquarters stationed at the Watergate Hotel in 1972. This usual routine story escalated into one of the most influential stories in America’s History‚
Premium President of the United States Richard Nixon Gerald Ford
occupational medical services. The company experienced rapid financial growth and numerous mergers and acquisitions in the mid-1990s‚ which continued to escalate until the fraudulent activity surfaced in 2002. It was at this time that the Enron and WorldCom scandals were discovered and the Sarbanes-Oxley Act was created. Pressure to meet Wall Street expectations pushed Scrushy and other senior management to “cook the books”. Income was artificially inflated‚ numbers were manipulated‚ and false accounts were
Premium Fraud Richard M. Scrushy Accounting scandals
became and endured the heartbreak of having to be the one to take it down. No one wanted WorldCom to legitimately succeed more than Cynthia Cooper and part of her died with it. The Fraud Begins Later in her career Cooper began to unravel the scandal that became WorldCom. She lays
Premium Fraud Internal audit Accounting scandals
are used. The term is also (used more seriously and disparagingly) to refer to systematic misrepresentation of the true income and assets of business organizations. "Creative accounting" on this scale has led to a number of recent accounting scandals‚ and many proposals for accounting reform. Creative accounting is also used by smaller companies for tax saving purposes and large companies for meeting bonuses or shareholders expectations. One commonly accepted incentive for the systemic over-reporting
Premium Stock market Stock Accounting scandals
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
Premium Arthur Andersen Accounting scandals Fraud
Creative Accounting AC4001 12/13/2013 ‘Many investors now believe that companies can manipulate their accounts more or less at will‚ with the aim of producing profits that increase steadily over time. Provisions are bumped up in good years and later released‚ or the value of an acquisition is slashed; there are plenty of tricks.’ In your opinion is it possible to eliminate creative accounting? I do not think that creative accounting practice can be eliminated completely. However‚ I do
Premium Enron Audit Accounting scandals
United States. The energy crisis‚ combined with more interest in environmentalism‚ brought about a rise in interest in alternative sources of energy and fuel efficiency. Politically‚ the government struggled to deal with the crisis. The Watergate scandal erupted
Premium Petroleum 1973 oil crisis Energy development
practices and pressuring Andersen to ignore the issues and allow his proposal. B. Lay being the founder and CEO of the Enron corporation was very much influential to its operations and decision making. He was one of the most responsible in the Enron scandal because of his financial crimes‚ bank fraud‚ making false statements to banks and creditors and many more. C. Skilling in the same way as Lay‚ was one of the most responsible too because of crimes such as bank fraud‚ wire fraud and securities fraud
Premium Enron Audit Auditing