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Topic: Accounting scandal

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Accounting scandals of 2002

Corporate accounting scandals

Corporate scandal

List of accounting topics

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Enron

Arthur Andersen

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WorldCom

Financial Accounting Standards Board

	Careers accounting scandal Accounting
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	accounting.boom.ru /accounting_scandal.html (187 words)

	The Most Complete Accounting Resource (Site not responding. Last check: 2007-08-19)
		Accountancy (British English) or accounting (American English) is the measurement, disclosure or provision of assurance about information that helps managers and other decision makers make resource allocation decisions.
		Financial accounting is one branch of accounting and historically has involved processes by which financial information about a business is recorded, classified, summarized, interpreted, and communicated.
		Accounting reform measures of some kind have been taken in each generation to attempt to keep bookkeeping relevant to capital assets or production capacity.
	www.infocomm.ca /dxl/accounting-scandal.html (322 words)

	washingtonpost.com: Accountant Says Fannie Mae Pressured Him
		Barnes, who did not testify in person at the hearing, alleged that Fannie's internal auditors only reluctantly addressed his concerns and that the internal investigation of the accounting was inadequate.
		The job required particular knowledge of Financial Accounting Standard 91, which deals with complex calculations of estimating how and when expenses and fees, incurred when a mortgage is bought or originated, are booked over the life of the loan.
		For Fannie, with more than $900 billion in mortgage-related assets, implementation of FAS 91 was a critical accounting policy that, when the expected life of a mortgage asset changed, resulted in recalculations of expenses and income.
	www.washingtonpost.com /ac2/wp-dyn/A13346-2004Oct6?language=printer (431 words)

	The WorldCom Accounting Scandal \| Finance Case Studies Collection
		The case discusses the accounting frauds committed by the leading US telecommunications giant, WorldCom during the 1990s that led to its eventual bankruptcy.
		The company admitted that it had resorted to fraudulent accounting practices for five quarters (four quarters of 2001 and the first quarter of 2002).
		The company's auditors held Sullivan responsible for the accounting mess and Sullivan was soon arrested on charges of fraud and misrepresentation.
	www.icmr.icfai.org /casestudies/catalogue/Finance/FINC022.htm (517 words)

	How to Avoid an Accounting Scandal - - CFO.com
		In fact, accounting-fraud cases accounted for about 20 percent of the SEC's roughly 500 enforcement cases last year.
		He accedes that pressures from Wall Street are intense, but stresses that at the end of the day, a CFO who pushes the edge with creative accounting practices will pay a steep price.
		Accounting abuses can tarnish and even ruin a CFO's career, say Scroggins and Williams.
	www.cfo.com /article.cfm/2995202 (652 words)

	Bob Jensen's Links to Fraud Documents
		The Andersen, Enron, and WorldCom Scandals - http://www.trinity.edu/rjensen/FraudEnron.htm
		This is a hilarious tongue-in-cheek account by Wharton and Harvard MBAs who thought they were starting out as stock brokers for $200,000 a year until they realized that they were on the phones in a bucket shop selling sleazy IPOs to unsuspecting institutional investors who in turn passed them along to widows and orphans.
		Richard Causey, the former chief accounting officer who was embroiled in many of the business deals named in the indictments of other Enron executives, made an unfortunate joke later on the tape.
	www.trinity.edu /rjensen/fraud.htm (8016 words)

	KPMG Accounting Scandal
		Before the scandal of Arthur Anderson there were known as the big 5.
		In 2003, KPMG was under investigation by the U.S. attorneys' office for accounting frad.
		In the face of yet another accounting scandal, by one of the remaining, "Big 4", we see a high profile company getting away with a mere slap on the wrist.
	www.corporatenarc.com /kpmgaccountingscandal.php (259 words)

	Xerox Accounting Scandal
		The SEC further charged that the accounting irregularities increased fiscal year 1997 pretax earnings by $405 million, 1998 pretax earnings by $655 million, and 1999 pretax earnings by $511 million (in each quarter of each year, earnings were inflated just enough to exceed the Wall Street's First Call Consensus EPS).
		The SEC also alleged that Xerox's senior management was aware of, either by directing or approving, the accounting actions that were taken for the purpose of what management called "closing the gap" to meet revenue and profit goals.
		The "accounting tricks" employed by Xerox were a double-edged sword: by accelerating future revenues into present periods, it became increasingly difficult for management to meet investors' expectations in future periods, especially as the economy began to worsen in 1999 and later years.
	www.corporatenarc.com /xeroxscandal.php (585 words)

	CanadianDriver: Accounting scandal hits Delphi
		The accounting probe is not complete and the company has identified more irregularities, including more than US$322 million in payments between it and General Motors.
		Previously, the problem was thought to be limited to US$90 million in information-technology contracts between Delphi and Electronic Data Systems Corp. But Friday's release disclosed improper accounting of rebates given to customers in 2001, and improper recording of sales of unwanted materials to a third party.
		Accounting experts say these are the type of deals that Enron was accused of making.
	www.canadiandriver.com /news/050308-3.htm (357 words)

	CNN.com - Suit accuses Cheney, firm of fraudulent accounting - July 11, 2002
		The suit claims accounting practices resulted in the overvaluation of the company's shares, which resulted in investors being deceived.
		The latest major improper financial disclosure was made last month by the telecommunications giant, WorldCom, which said it had improperly accounted for $3.8 billion in expenses, inflating its earnings.
		The report sent its stock plummeting, prompted the SEC to file fraud charges, and triggered widespread criticism from politicians, investors and employees, thousands of whom were laid off.
	edition.cnn.com /2002/LAW/07/10/cheney.suit (790 words)

	Scandal - Wikipedia, the free encyclopedia
		A scandal may be based on reality, or the product of false allegations, or a mixture of both.
		Some scandals are broken by a whistle-blower revealing wrongdoing within an organization or a group.
		Another major type of scandal is a corporate scandal, especially corporate accounting scandals.
	en.wikipedia.org /wiki/Scandal (180 words)

	Fool.com: Revisiting Cendant [Fool on the Hill] January 22, 2001
		The accounting scandal that rocked this company in 1998 might never be completely forgotten by the market or by investors, especially those who suffered large losses at the company's hands.
		As a consequence, much of the accrual accounting elements that existed in Cendant circa 1998, particularly the cash flow accounts for membership acquisition costs and the amortization of those same costs that caused so much consternation around the time of the scandal, have disappeared.
		Even though its share price is roughly unchanged from where it was after the accounting scandal in late 1998, Cendant still sports a market capitalization close to $10 billion, making a potential double or triple over the next few years a pretty steep challenge.
	www.fool.com /news/foth/2001/foth010122.htm (1019 words)

	Accounting fraud on the rise - Jan. 11, 2002
		NEW YORK (CNN/Money) - As details unfold about the accounting shenanigans that led to Enron's collapse, federal regulators note the case is simply the latest in a growing string of high profile scandals at major U.S. corporations in recent years.
		The number of fraud cases investigated by the Securities and Exchange Commission jumped 41 percent in the last three years, according to agency data, resulting in tens of millions of dollars in fines to settle the charges.
		Pressure from clients on their accountants to make the numbers add up is so great that accountants are faced with a dilemma when there's a problem, betray the client, or overlook it, hoping no one notices and risk getting caught, industry watchers said.
	money.cnn.com /2002/01/11/companies/acct_scandals (757 words)

	Guardian \| WorldCom accounting scandal
		WorldCom has revealed a further $3.3bn in accounting errors, doubling the size of the accounting scandal at America's second largest long distance phone company to more than $7bn.
		The company said an internal audit had discovered that $3.3bn in profits were improperly recorded on its books from 1999 to the first quarter of 2002.
		The revision will reduce 2000 profits by more than $3.2bn, but this may not be the end of accounting horrors as the company warned it may find more problems.
	www.guardian.co.uk /print/0,3858,4478810-110816,00.html (553 words)

	CorpWatch : USA: WorldCom, The Latest Corporate Accounting Scandal
		But experts on accounting say this case is extraordinary because of the amount of money involved and because of the relative simplicity of the accounting maneuvers used to disguise the truth.
		Rather than forcing companies to recognize such large expenses all in one year, accounting rules effectively allow them to recognize a portion of the cost over the many years in which the items will be used.
		No single account received the bulk of the expenses; rather, they were spread out in what appeared to be an effort to keep them from being more easily detected, said a person briefed on the situation.
	www.corpwatch.org /article.php?id=2869 (1266 words)

	Accounting Scandal and the Economy - Conservative Monitor
		Ed Eboch PhD/SEATTLE/ Conservative Monitor -- Just when it appeared the recession was milder than thought and that the economic recovery was underway, a decline in consumer confidence and weak capacity utilization indicate that the downturn might linger and a recovery may be slow to materialize.
		Added to unexciting economic data, the accounting scandal is raising investor concern and confidence about a recovery, particularly a profit recovery.
		This might be the time to do what is called bottom fishing, picking from among beaten-down stocks that have a chance for large gains in the future, keeping in mind that bankruptcy is a real possibility for some of these firms.
	www.conservativemonitor.com /finance/2002003.shtml (854 words)

	The Corporate Scandal Sheet - Forbes.com (Site not responding. Last check: 2007-08-19)
		We believe that the accounting treatment of the domestic wholesaler inventory buildup has been completely appropriate.
		Our accounting practices accurately reflect the results of Medco's business and are in accordance with GAAP.
		Nicor restated results to reflect proper accounting in the first half of this year.
	www.forbes.com /2002/07/25/accountingtracker.html (1772 words)

	Delphi retiree sues over accounting scandal
		That Delphi pension fund invested hundreds of millions in Delphi stock over the last few years and required Saginaw, Mich., resident Mary Brewer and others to put much of their savings in Delphi stock, according to the lawsuit.
		Delphi shares have tumbled 21 percent since the company announced Friday a series of accounting irregularities that cover every year of Delphi’s six-year existence and cost the supplier the only chief financial officer in its history.
		The lawsuit brought by Brewer charges that the Delphi’s stock-savings program required that 50 percent of her contributions be invested in a stock fund that primarily held Delphi shares, which were falling even before the announcement of the accounting problems.
	archive.columbiatribune.com /2005/Mar/20050309Busi008.asp (156 words)

	BBC NEWS \| Europe \| Ukrainian missiles 'gone missing'
		This is being blamed on accounting problems during the period of transition that followed the country's independence in 1991.
		The revelations follow a recent audit carried out by the Defence Ministry during which it is claimed officials were unable to discover any evidence that these weapons were destroyed.
		Mr Marchuk believes that accounting problems are to blame because a proper accounting system was not used by his department until summer 2003, around the time that he was appointed.
	news.bbc.co.uk /2/hi/uk_news/wales/3568139.stm (302 words)

	CRN \| Breaking News \| Revised Indictment Details Case Against Ex-CA CEO Kumar (Site not responding. Last check: 2007-08-19)
		In response to the threat, Kumar authorized CA to enter into a consulting agreement with Individual #1 to the tune of $3.7 million, according to the indictment.
		Kumar arranged the offer while CA's accounting practices were already under investigation by the government, the indictment alleges.
		CA was also ordered to set up a restitution fund of $225 million to repay past and present shareholders for losses caused by improper accounting activities.
	crn.com /sections/breakingnews/breakingnews.jhtml?articleId=165600181 (561 words)

	WorldCom finances in upheaval; CFO fired \| CNET News.com
		Taking the new information into account, the company said it would have reported a net loss for 2001 and the first quarter of 2002.
		"As a result of an internal audit of the company's capital expenditure accounting, it was determined that certain transfers from line cost expenses to capital accounts during this period were not made in accordance with generally accepted accounting principles," the company said.
		Worldcom's revelation is only the latest and most dramatic example of the financial chaos in a sector crumbling into bankruptcy and confusion.
	news.com.com /2100-1033-939344.html (742 words)

	IT-Director.com - Qwest caught in accounting scandal (Site not responding. Last check: 2007-08-19)
		It is said that the company improperly accounted for more than billion worth of sales from its optical capacity and equipment unit.
		Qwest had fired Arthur Andersen as its auditor after the turmoil of the Enron scandal and hired in its place KPMG in June of this year.
		Speaking to the press yesterday the CEO of Qwest, Dick Notebaert, said, We would rather it happen sooner than later, and we have a great sense of urgency.
	www.it-director.com /article.php?id=3062 (428 words)

	Accounting Scandal: Liberate, Charter Fire Execs
		Liberate also said chief executive Mitchell Kertzman, who was due to give up the CEO title and become executive chairman by yearend, would now retain the posts to oversee the filing of the amended financial reports.
		In the midst of a federal grand jury probe into its accounting procedures, the cable television firm announced that fired CFO Kent Kalkwarf would be replaced on an interim basis by VP Steven Schumm on an interim basis.
		Accounting scandals at many major U.S. firms hogged the headlines in 2002.
	www.internetnews.com /bus-news/article.php/1562131 (504 words)

	Accounting Fraud (Site not responding. Last check: 2007-08-19)
		The state of the accounting and auditing systems which we have so confidently set out as a standard for all the world is, in fact, deeply troubled.
		Moreover, accounting firms themselves were caught up in the environment – - to generate revenues, to participate in the new economy, to stretch their range of services.
		The professional service accounting firm is being threatened by a variety of factors: new technology, intense competition, consolidation, an inability to incorporate new services into a business strategy, and the erosion of public trust, just to name a few.
	www.trinity.edu /rjensen/fraudFirms.htm (8560 words)

	Plastic: Xerox - A Carbon Copy Accounting Scandal
		Although this scandal probably won't have the same economic effect as Enron and WorldCom by itself, it does seem to add weight to the notion that the economic system in America is far more rotten than anyone thought 6 months ago.
		The House Energy and Commerce Committee is already planning public hearings on a scandal, while Senate Leaders have indicated that they will intensify their push for new laws to reform accounting standards that will likely pass with a great deal of bipartisan support.
		Giving up on the stock market because of one downturn and a handful of corporate scandals is like giving up on democracy because the Justice Department has violated some people's constitutional rights and the Supreme Court has made a few bad decisions.
	www.plastic.com /article.html?sid=02/06/28/15024800 (2993 words)

	Accounting scandal!
		The international accounting firm Farther Slanderson today announced the discovery of 500 million tons of carbon.
		The element -- in the form of carbon dioxide -- was found emerging from rivers in South America's Amazon Basin.
		To document the movement of carbon dioxide, Jeffrey Richey, a professor of oceanography at the University of Washington, and colleagues took 1,800 samples in the Central Amazon basin, a huge potential sink for atmospheric carbon.
	whyfiles.org /shorties/102carbon_cycle (877 words)

	Accounting Scandal Ripples Overseas, Korea Arrests Execs, Japanese Accountants Plan Reforms - CBS News
		(CBS) The accounting scandal in the U.S. is being felt in Asia, where Japanese accountants are reacting in shock and planning their own reforms, while in South Korea, five oil company executives are facing arrest.
		In Tokyo, the head of a Japanese auditors' group is playing down the risk of Japan facing fraud scandals similar to the ones that have rocked corporate America, but warns at the same time that Japan still has much to do to ensure accounting transparency.
		"The recent huge losses reported by Japanese firms for restructuring or tighter accounting rules could mean auditors tightened their checks and corporate managers accepted that," he said.
	www.cbsnews.com /stories/2002/07/18/world/main515516.shtml (975 words)

	Enron Accounting Scandal
		The financial press discusses the accounting treatment as if that's the core issue, while assuming that laypeople have detailed knowledge of the Enron accounting scandal intricacies.
		The accounting scandal, of course, was the means by which Enron hid its poor performance, but that's only one of three major issues swirling around the story.
		While that threat does provide a powerful motivation for companies to stay on top of their markets, and to deliver the performance necessary to fulfill expectations, the 'no excuses' mentality of the market easily leads to destructive short-term practices.
	www.corporatenarc.com /enronaccountingscandal.php (552 words)

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