Accounting scandals, or corporate accounting scandals are political and business scandals which arise with the disclosure of misdeeds by trusted executives of large public corporations. Such misdeeds typically involve complex methods for misusing or misdirecting funds, overstating revenues, understating expenses, overstating the value of corporate assets or underreporting the existence of liabilities, sometimes with the cooperation of officials in other corporations or affiliates.
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Accounting Scandals Blogs (Freddie Mac, Public) @ BaldFaceLiars.com
Accounting Scandals Blogs. Includes Sarbanes Oxley, Business, Firm, Software, Fraud, Enron, Financial, Corporate, Management and Propublica information plus more ...www.baldfaceliars.com/Accounting_scandals/blogs.htmEnron: Accounting Scandal or Bad Business | Joe Ponzio's F Wall Street
A look into the Enron Scandal that shook the markets. Old news? ... the Blog "" Companies Analyzed (Generals) "" Enron: Accounting Scandal or Bad Business ...www.fwallstreet.com/blog/54.htmMassive Income " Blog Archive " What? Another Accounting Scandal?
Winning at Liberty Blog. What? Another Accounting Scandal? ... I examine the nature of the accounting scandals, why they have occurred, and how ...www.bismarckdollarsforscholars.com/?p=502Dell Accounting Scandal 'Not A Happy Story' - CFO - IT Channel - IT ...
... executives were fired as a result of accounting improprieties, but declines to say who or ... Ed Moltzen's "The Chart" Blog >> More On Channel Business Issues: ...www.crn.com/it-channel/201800702Accounting Scandals: The Bottom Line
The Foundry (Blog) Commentary Archive. Heritage Experts. Computer-Assisted Research & Reporting ... companies enmeshed in accounting scandals starts and ends ...www.heritage.org/Press/Commentary/ed071202.cfmAccounting scandals, or corporate accounting scandals are political and business scandals which arise with the disclosure of misdeeds by trusted executives of large public corporations. Such misdeeds typically involve complex methods for misusing or misdirecting funds, overstating revenues, understating expenses, overstating the value of corporate assets or underreporting the existence of liabilities, sometimes with the cooperation of officials in other corporations or affiliates.
In public companies, this type of "creative accounting" can amount to fraud and investigations are typically launched by government oversight agencies, such as the Securities and Exchange Commission (SEC) in the United States.
Bernard L. Madoff Investment Securities LLC Friehling & Horowitz United States David G. Friehling was charged with securities fraud, aiding and abetting investment adviser fraud, and four counts of filing false audit reports with the Securities and Exchange Commission. He faces up to 105 years in prison on all of the charges.
Notable outcomes
The Enron scandal resulted in the indictment and criminal conviction of the Big Five auditor Arthur Andersen on June 15, 2002. Although the conviction was overturned on May 31, 2005 by the Supreme Court of the United States, the firm ceased performing audits and is currently unwinding its business operations.
On July 9, 2002 George W. Bush gave a speech about recent accounting scandals that have been uncovered. In spite of its stern tone, the speech did not focus on establishing new policy, but instead focused on actually enforcing current laws, which include holding CEOs and directors personally responsible for accountancy fraud.
In July, 2002, WorldCom filed for bankruptcy protection, in what was considered the largest corporate insolvency ever at the time.
These scandals reignited the debate over the relative merits of US GAAP, which takes a "rules-based" approach to accounting, versus International Accounting Standards and UK GAAP, which takes a "principles-based" approach. The Financial Accounting Standards Board announced that it intends to introduce more principles-based standards. More radical means of accounting reform have been proposed, but so far have very little support. The debate itself, however, overlooks the difficulties of classifying any system of knowledge, including accounting, as rules-based or principles-based.
On a lighter note, the 2002 Ig Nobel Prize in Economics went to the CEOs of those companies involved in the corporate accounting scandals of that year for "adapting the mathematical concept of imaginary numbers for use in the business world".
In 2005, after a scandal on insurance and mutual funds the year before, AIG is under investigation for accounting fraud. The company already lost over 45 billion US dollars worth of market capitalisation because of the scandal. This was the fastest decrease since the WorldCom and Enron scandals. Investigations also discovered over a billion US dollars worth of errors in accounting transactions. Future outcome for the company is still pending.


























