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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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Wikipedia about accounting scandals

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.

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.

In 2002, a wave of separate but often related accounting scandals became known to the public in the U.S. All of the leading public accounting firms—Arthur Andersen, Deloitte & Touche, Ernst & Young, KPMG, PricewaterhouseCoopers— and others have admitted to or have been charged with negligence in the execution of their dutyFact: date=March 2007 as auditors to identify and prevent the publication of falsified financial reports by their corporate clients which had the effect of giving a misleading impression of their client companies' financial status.Fact: date=March 2007 In several cases, the monetary amounts of the fraud involved are in the billions of USD.

Big Four major audit firms

(Audit firms are listed, followed by select clients ensnarled by accounting scandals)

  • Deloitte & Touche: Adelphia, AES, Duke Energy, El Paso, Merrill Lynch, Reliant Energy, Rite Aid, Parmalat
  • Ernst & Young: AOL Time Warner, Dollar General, PNC Bank, Cendant, HealthSouth
  • KPMG: Citigroup, Computer Associates, ImClone, Lernout and Hauspie, New Century, Peregrine, Xerox, Siemens AG, Banco Nacional S.A. (Brazil), BMW Group
  • PricewaterhouseCoopers: Bristol Myers, HPL, JP Morgan Chase, Kmart, Lucent, MicroStrategy, Network Associates, NKFS, Tyco

Predecessor and other U.S. audit firms

  • Arthur Andersen: CMS, Cornell, Dynegy, Enron, Global Crossing, Halliburton, Liberate Technologies, Martha Stewart Living Omnimedia, Merck, Peregrine, Qwest, Sunbeam Products, Waste Management, Inc., WorldCom. Arthur Andersen was a former major audit firm that began to unwind its operations in 2002 after being indicted for obstruction of justice for shredding documents related to its Enron audit.
  • David Duncan
  • Coopers & Lybrand LLP: Network Associates, Phar-Mor. Former major audit firms Coopers & Lybrand and Price Waterhouse merged in 1998 to become PricewaterhouseCoopers (see above).
  • Gutierrez & Co.: Vivendi
  • Grant Thornton: Parmalat

Notable Accounting Scandals (Year First Reported -- Principal Participants)

  • Nugan Hand Bank (1980)
  • ZZZZ Best (1986)
  • MiniScribe (1989)
  • Polly Peck (1990)
  • Bank of Credit and Commerce International (1991)
  • Phar-Mor (1992)
  • Q. T. Wiles
  • Bio Clinic (1994 to 1995)
  • Sunrise Medical (1994 to 1995)
  • Cendant (1998)
  • Microstrategy (2000 - Michael Saylor, Sanju Bansal, Mark Lynch)
  • Xerox (2000)
  • Unify Corporation (2000)
  • One.Tel (2001) (Australia)
  • Enron (2001 - Jeffrey Skilling, Kenneth Lay, Andrew Fastow)

Search results for Accounting Scandals

Accounting Scandals

Accounting Scandals and Scams ... Scandal Articles. Whistle Blowers. Drug Scams and Scandals. Accounting Scandals. For Consumers ...www.corporatenarc.com/accountingscandals.php

Xerox Accounting Scandal

Home. Scandal Articles. Whistle Blowers. Drug Scams and Scandals. Accounting Scandals ... an Article. Links. Site Map. Back to Our Scandal Archives. Home ...www.corporatenarc.com/xeroxscandal.php

CORPORATE ACCOUNTING SCANDALS

You asked about the major corporate accounting scandals. ... Oxley Act of 2002 (P. L. 107-204) in reaction primarily to the Enron scandal. ...www.cga.ct.gov/2006/rpt/2006-R-0122.htm

Corporate Governance and Accounting Scandals

Corporate Governance and Accounting Scandals. Anup Agrawal and Sahiba Chadha ... Recent accounting scandals at prominent companies such as Enron, HealthSouth, ...www.afajof.org/pdfs/2004program/UPDF/P666_Corporation_Financ...

Closing Another Door on Accounting Scandals?

The Enron trial has terminated, but it is too soon to relax. Accounting scandals have afflicted us in the past and have every reason to come calling in the future.accounting.smartpros.com/x53211.xml

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News about Accounting Scandals

Deloitte & Touche LLP

Ottawa Business JournalCHIEF EXPERTISE: Deloitte, Canada's leading professional services firm, provides audit, tax, financial advisory and consulting services through more than 6,100 people in 47 locations across the country. As far back as 1845, our founders began pioneering the development of professional standards.http://www.ottawabusinessjournal.com/327250472410158.php

Fannie, Freddie may avoid US bailout

StuffFears a government takeover would wipe out shareholders at US mortgage finance companies Fannie Mae and Freddie Mac battered the price of their stock last month, but a rescue may yet be avoided.http://www.stuff.co.nz/4679490a6026.html

Worker Assets Shrink at Fannie and Freddie

New York TimesFannie Mae ’s workers had $116 million in the employee stock ownership plan at the end of 2006. Today, it’s more like $17.5 million. Ouch.http://dealbook.blogs.nytimes.com/2008/08/29/worker-assets-s...

U.S. Lifts a Policy in Corporate Crime Cases

New York TimesThe Justice Department announced on Thursday that it was backing away from the practice of pressing companies to share secrets with prosecutors and not pay the legal fees of employees accused of crimes.http://dealbook.blogs.nytimes.com/2008/08/29/us-lifts-a-poli...

Are we better off than we were?

Potomac NewsAre Americans better off financially than they were five years ago? Yes and no.http://www.insidenova.com/isn/news/opinion/article/are_you_b...

News about Accounting Scandals

Still being bullish on blogs

Baltimore SunAnd many ultimately never did, leading to the previous meltdown on Wall Street (or maybe that was two "meltdowns" ago given the accounting scandals of the Enrons and WorldComs that followed). Those dot-coms were like the hare; blogs are more like the ... http://www.baltimoresun.com/technology/bal-to.ratner14oct14,...

Steve Forbes' Take on Future of Markets

FOX NewsThey really hyped the subprime mortgage market, trying to rehabilitate themselves from the accounting scandals in the early part of the decade. So on that both the Bush administrations and McCain get high marks. However, a couple of other big mistakes ... http://www.foxnews.com/story/0,2933,435901,00.html

How Congress set the stage for a fiscal meltdown

USA TodayIn 2003 and 2004, both companies were wracked by accounting scandals that led to the ouster of top managers. In 2005, Sen. Richard Shelby, R-Ala., sponsored legislation to shrink the agencies' portfolios. McCain later added his name as a co-sponsor ... http://www.usatoday.com/money/economy/2008-10-12-congress-me...

Community Reinvestment Act had nothing to do with subprime crisis

BusinessWeekFresh off the false and politicized attack on Fannie Mae and Freddie Mac, today we’re hearing the know-nothings blame the subprime crisis on the Community Reinvestment Act — a 30-year-old law that was actually weakened by the Bush administration ... http://www.businessweek.com/investing/insights/blog/archives...

Anti-Obama Boomerang?

SlateWe helped bankrupt the banks. Now we're doing the same thing for health care! What does mental health "parity" legislation, which has now been incorporated into the big "rescue" bill passed by the Dem-controlled Senate,, have to do with the nation's ... http://www.slate.com/id/2201412/

Search results for Accounting Scandals

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Debunking the Supposed Link Between Rules and Accounting Scandals

Some accountants believe the United States should go to a principles-based accounting system like other countries. Unfortunately, this argument ignores large cultural and ... http://accounting.smartpros.com/x51840.xml

Accounting Scandals: Not a Problem? - WSJ.com

Face it: Nobody cares much about accounting scandals anymore. Proof is the stock market's reaction (or lack, thereof) to the continuing saga surrounding "accounting irregularities ... http://online.wsj.com/article/SB118377264906359773-search.ht...

Government Accounting Scandals

Liberals are hoping to use the issues of corporate crime and Bush/Cheney contacts with big business to score gains in the November elections. But the federal programs and agencies ... http://www.aim.org/media-monitor/government-accounting-scand...

Accounting scandals and stigma by association via director interlocks

Title: Accounting scandals and stigma by association via director interlocks: Author: Kang, Soon Lee Eugene, 1970-Abstract: This dissertation examines the phenomenon of stigma by ... http://repository.tamu.edu/handle/1969.1/4349
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Answers for Accounting Sc...

Taylor

What effect did the Enron scandal have on the accounting world?

TaylorOne specific result was the passage of the Sarbanes-Oxley Act of 2002. Here's a couple cut and paste answers I've given regarding this act: --------------------------------------------- This act was...
btownridgerunner

What indictments were handed down in the WorldCom Accounting Scandal?

btownridgerunnerSounds like a homework report.....you mean you can find this info googling it? DOn't skimp on your education!!
dude6065

I need to research an accounting fraud case? Any ideas?

dude6065Yes, Enron and WorldCom are 2 prime examples
mobiuslemniscus

Accounting class: money fraud/scandal- please explain?

mobiuslemniscus
Jack C

What famous accounting firm was involved in a scandel with the company it audited?

Jack CArthur Andersen - now called Ascensure. They used to be the #1 auditing company and suffered badly from the scandal but they did not liquidate. They sacked a whole pile of people, restructured and...

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