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Topic: Corporate accounting scandals

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Accountancy scandals

Corporate scandal

Financial Accounting Standards Board

Arthur Andersen

US GAAP

Harken Energy Scandal

Enron

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ImClone Systems

Parmalat

Fannie Mae

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Timeline of the Enron scandal

	Corporate Governance and the Forensic Accountant
		The scandals of the last few years came as a shock not just because of the enormity of failures like Enron and WorldCom, but because of the discovery that questionable accounting practice was far more insidious and widespread than previously envisioned.
		Corporations and regulatory bodies are now trying to analyze and correct any existing defects in their reporting system.
		Corporations can rely on these skills for developing a consistent system of corporate governance, disseminating such information within and outside the company, ensuring that governance policies and objectives are interwoven into the internal control system, setting up fraud prevention systems, and investigating any existing fraud.
	www.nysscpa.org /cpajournal/2005/305/essentials/p68.htm (1979 words)

	Accounting - Encyclopedia.WorldSearch (Site not responding. Last check: 2007-11-02)
		After the corporate accounting scandals including the Enron fiasco, the provincial government of Ontario passed a new Public Accounting Act allowing qualified CAs, CGAs and CMAs to audit.
		Application of International Accounting Standards originating in International Accounting Standards Board headquartered in London and bearing more resemblance to UK than current US practices is often advocated by those who note the relative stability of the U.K. accounting system (which reformed itself after scandals in the late 1980s and early 1990s).
		Accounting reform of a far more comprehensive sort is advocated by those who see issues with capitalism or economics, and seek ecological or social accountability.
	encyclopedia.worldsearch.com /accounting.htm (1678 words)

	Accounting scandals - Wikipedia, the free encyclopedia
		Accounting scandals, or corporate accounting scandals are political and business scandals which arise with the disclosure of misdeeds by trusted executives of large companies and corporations.
		In public companies, this type of "creative accounting" can amount to a legal fraud, and investigations are typically launched by government oversight agencies, such as the Securities and Exchange Commission (SEC) in the United States.
		In 2005, after a scandal on insurance and mutual funds the year before, AIG is under investigation for accounting fraud.
	en.wikipedia.org /wiki/Corporate_accounting_scandals (531 words)

	Scandal - Wikipedia, the free encyclopedia (Site not responding. Last check: 2007-11-02)
		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.
		A wave of corporate accounting scandals swept United States companies in 2002 (see accounting scandals of 2002).
	www.bucyrus.us /project/wikipedia/index.php/Scandal (202 words)

	Real Accounting Fraud - Mises Institute
		New accounting industry and corporate financial reporting rules are being imposed with reckless abandon in Washington, D.C. Yet the political class that seeks to grant itself sweeping new power over the private sector lacks even a basic understanding of business.
		The "matching principle" of accounting says that expenses should be recognized in the period when the revenue they generate is recognized, unless the expenses cannot be reasonably estimated yet.
		Corporate assets are becoming increasingly difficult to value, since they consist of intangibles such as intellectual content, goodwill, and network advantages.
	www.mises.org /story/1012 (1389 words)

	Stronger Than Dirt - CFO.com
		Appointing a corporate governance officer can be worthwhile, adds Diane Frankle, a partner with Palo Alto-based law firm Gray Cary, but only if the CGO has the authority to revise policies and provide governance training.
		Accounting scandals gnaw at the heart of a company because accounting is the basic fiber of a corporation, asserts branding expert James Bell, a senior partner with Lippincott Mercer.
		Unsurprisingly, a new corporate name may come across simply as a further insult, as if the company were trying to sell the public a bill of goods.
	www.cfo.com /printable/article.cfm/3010627?f=options (1761 words)

	CEOs Predict More Accounting Scandals (Site not responding. Last check: 2007-11-02)
		According to the survey, which took place the week of July 8, 69 percent said corporate CEOs are directly responsible for recent accounting scandals, and 50 percent believe current accounting and securities regulations are adequate, but simply need to be followed and enforced.
		While 82 percent of CEOs surveyed believe the recent wave of business financial scandals is the work of a few highly visible CEOs and does not represent the behavior of the vast majority of CEOs, 75 percent of CEOs expect to see many more examples of corporate misconduct this year.
		Regarding corporate reform, 93 percent of CEOs believe no matter how much regulation is in place, it is the integrity and the values of the leadership that keeps behavior ethical in a company.
	www.accountingnet.com /x34773.xml (431 words)

	Closing the Credibility Gap by Disclosing Corporate Returns (Copyright, 2002, Tax Analysts)
		Accounting reform efforts have to address closing the gap from both ends, he suggested.
		Corporate returns were publicly disclosed in 1936 and 1937, and before that briefly when the corporate tax was introduced into the code in 1910.
		While his first inclination was to "hang onto corporate privacy," he recalled the time when the primacy of tax return confidentiality was first put into section 6103 of the code.
	www.taxhistory.org /thp/readings.nsf/cf7c9c870b600b9585256df80075b9dd/d90290b30739611085256dfe005981f7?OpenDocument (1032 words)

	Accounting Education: Response to Corporate Scandals
		The intent was to obtain anecdotal evidence of the academic response to the corporate upheaval.
		Because the Enron and WorldCom news was emerging in the fall of 2001 and the spring and summer of 2002, we excluded data from this period from the analysis.
		Accounting graduates should receive instruction that improves their knowledge of publicized frauds and promotes increased awareness of the antecedents and indicators of fraud as well as the appropriate actions to take when faced with ethical dilemmas.
	www.aicpa.org /pubs/jofa/nov2004/titard.htm (2602 words)

	CEOs Predict More Accounting Scandals (Site not responding. Last check: 2007-11-02)
		According to the survey, which took place the week of July 8, 69 percent said corporate CEOs are directly responsible for recent accounting scandals, and 50 percent believe current accounting and securities regulations are adequate, but simply need to be followed and enforced.
		While 82 percent of CEOs surveyed believe the recent wave of business financial scandals is the work of a few highly visible CEOs and does not represent the behavior of the vast majority of CEOs, 75 percent of CEOs expect to see many more examples of corporate misconduct this year.
		Regarding corporate reform, 93 percent of CEOs believe no matter how much regulation is in place, it is the integrity and the values of the leadership that keeps behavior ethical in a company.
	accounting.smartpros.com /x34773.xml (431 words)

	Accounting scandals Information
		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.
		The Enron scandal resulted in the indictment and criminal conviction of the Big Five auditor Arthur Andersen on June 15, 2002.
		In 2005, after a scandal on insurance and mutual funds the year before, AIG is under investigation for accounting fraud.
	www.bookrags.com /Corporate_accounting_scandals (669 words)

	The Corporate Scandals Page
		The mother of all financial scandals: Fannie Mae and Freddie Mac are faceless, government-sponsored enterprises in a complex, loosely regulated, highly leveraged monopoly business that has engaged in questionable accounting practices and put billions of taxpayer dollars at risk.
		President Bush and members of Congress may have come out strongly against corporations that mislead the public with creative accounting methods, but their silence on the same type of misbehavior going on at government agencies is deafening.
		The Fraud of Corporate "Reform": [The federal government has played a] role in the market meltdown: that of the tax code and federal investment guidelines in encouraging many of the accounting practices now blamed for ruining investor confidence.
	www.akdart.com /corp.html (2781 words)

	Harris Interactive \| News Room - The Harris Poll—Most People Don’t Blame President Bush for Corporate Fraud ...
		Large majorities blame the greed and dishonesty of many senior company executives, the greed and dishonesty of many auditors and accountants, the failure of government regulators and agencies to enforce existing laws, and the absence of appropriate laws to make such behavior illegal.
		Two-thirds of all adults (68%) say they are at least somewhat familiar with reports of recent corporate frauds and accounting scandals such as those at Enron and WorldCom.
		Fully 90% of the population blames the corporate scandals on the greed and dishonesty of many senior corporate executives.
	www.harrisinteractive.com /news/printerfriend/index.asp?NewsID=482 (730 words)

	Corporate Cleanups -- CFO.com (Site not responding. Last check: 2007-11-02)
		Even if the company's accounting scandal was a one-off occurrence, Kmart must still overcome the legacy of what many see as major strategic misstep.
		After more than a year of scandal and public penance, Citigroup CFO Todd Thomson is determined to rebuild the reputation of the financial-services giant.
		Federal investigators are on a crusade to elevate corporate misdeeds to criminal offenses.
	www.cfo.com /guides/guide.cfm/3036074?f=insidecfo&origin=archive (579 words)

	Example Of Corporate Scandals \| Corporate
		The results of this tendency were clearly seen in the many corporate scandals of the late twentieth and example of corporate scandals.
		The lists of corporate accounting scandals collected by bbc, forbes and others reads like a rap sheet on Fortune 500 companies.
		After years of ethics scandals and competitive setbacks, aerospace giant Boeing is on a winning streak.
	corporate.padina.org /example-of-corporate-scandals.html (417 words)

	Accounting Scandals
		What was going on in the corporation is that they used partners to keep some of the $500 million debt off the books so it could still receive cash and credit to run their business.
		The corporation was the result of the merger of WorldCom, formerly known as MCI Communications, and used the name MCI WorldCom followed by WorldCom before taking its final name on April 14, 2003 as part of the corporation's emergence from bankruptcy.”
		Pro forma accounting is accounting that is not standard, but designed to explain how the company is performing.
	mysite.verizon.net /vzeq4ql8/accountingscandals.html (391 words)

	The Shorthorn Online \| NEWS \| Enrollment up 16 percent (Site not responding. Last check: 2007-11-02)
		She helped her uncle keep the books in Puerto Rico as a child, and the accounting sophomore said she could never consider another career — no matter the accounting and corporate scandals.
		Faculty members and students said the prominence given to the accounting scandals in news coverage has not affected interest in accounting as a profession.
		Accounting sophomore Pamela Iannaccon said the need for dedicated accountants is one of the reasons she chose the profession and said a few greedy people should not tarnish a whole group.
	www.theshorthorn.com /archive/2002/fall/02-aug-29/n082902-07.html (430 words)

	CORPORATE SCANDALS WIDEN: KMART: Retailer is told to turn over documents
		After reviewing how the company accounted for vendor rebates and allowances in the first three quarters of fiscal 2001, Kmart officials found the company's financial records had to be restated to reflect an additional $501-million loss.
		Russell Lundholm, an accounting professor at the University of Michigan, wasn't surprised at the congressional inquiry.
		For each board member, a resume listing all other board memberships and corporate management positions, a statement of all holdings and transactions in all securities of the company, an accounting of all compensation since 1997, and any other benefits received from Kmart, such as loans, access to corporate transportation or lodging.
	www.freep.com /money/business/kmart9_20020709.htm (756 words)

	washingtonpost.com: Corporate Scandals Taking Toll On Markets
		Now, according to economists and market analysts, these still-unfolding corporate and accounting scandals have begun to weigh heavily on the stock market, the dollar and the U.S. economy.
		Desperate to reassure nervous investors about their balance sheets, corporate executives are slashing costs, selling divisions and using free cash to pay down debt.
		Although such strategies are helping to restore corporate profits, they tend to come at the expense of rebuilding inventories, hiring new workers and investing in new equipment -- activities that contribute directly to economic growth.
	www.washingtonpost.com /ac2/wp-dyn/A44973-2002Jun25?language=printer (1235 words)

	How a foe of accounting reform changed his tune (Site not responding. Last check: 2007-11-02)
		The Sarabanes-Oxley Act was enacted in the wake of corporate accounting scandals.
		As more accounting scandals surfaced and pressure mounted, Oxley did an about-face and accepted many of the ideas from the bill he had opposed -- ideas he now takes credit for -- and included them in the final legislation that bears his name.
		Introduced as a "vision of integrity" who "bravely challenged the corporate world," Oxley told the packed auditorium how he had helped craft legislation that would prevent corporate scandals and was on hand last year when President Bush signed into law the Sarbanes-Oxley Act of 2002.
	www.post-gazette.com /pg/03341/248306.stm (2670 words)

	Legitimation crisis in accounting and beyond - Minnesota Daily
		In the wake of a seemingly endless wave of corporate accounting scandals, many people are beginning to realize accounting practices have important social consequences.
		I am proud to be an accounting professor, but it greatly disturbs me that accounting and other business practices sometimes violate their own norms, and in some cases turn into their opposites.
		Our accounting and auditing standards, executive stewardship and fiduciary responsibilities, and legal systems are supposed to provide reasonable assurance that violations will not occur and that any violators will be caught and punished.
	www.mndaily.com /articles/2002/07/22/8063 (882 words)

	Research Examines Effects of Corporate Accounting Scandals on CPA Brand (Site not responding. Last check: 2007-11-02)
		As part of its efforts to address the crisis in confidence the profession faces, the AICPA conducted a national research initiative using Penn, Schoen and Berland Associates.
		Blame for the corporate accounting scandals focuses most intensely on CEOs, CFOs and boards of directors, not CPAs.
		Over 85% of both business decision makers and investors agree "the corporate accounting scandals reflect poorly on a few bad apples in the accounting profession but not on the large majority of CPAs who are ethical and competent."
	www.ohioscpa.com /article.asp?article=1012-1 (446 words)

	CNN.com - McCain slams 'crony capitalism' - July 11, 2002
		"To love the free market is to loathe the scandalous behavior of those who have betrayed the values of transparency, trust, contract and faith that lie at the heart of a healthy and prosperous free enterprise system, and the patriotism that sustains an aspiring and confident free society," he said.
		The bill calls for an accounting oversight board to "establish and enforce the standards for audits of publicly traded companies." McCain said disciplinary hearings before the board should be public.
		Noting that many public companies are owned by corporate pension funds that are controlled by top management of those firms, he said "corporate pension fund committees, and the funds they manage, should function independently of management and be appointed in the same manner as directors of mutual funds."
	archives.cnn.com /2002/ALLPOLITICS/07/11/mccain.speech (812 words)

	Beyond The Oxley-Sarbanes Bill - Entwistle & Cappucci LLP Legal Firm - Attorneys at Law - Legal Representation
		What has been made quite clear from the recent accounting scandals is that the routine financial reports and narrative disclosures that are required under today's reporting requirements, have become inadequate to report sufficiently on sophisticated corporate structures, financial devices, capitalizations and accounting nuances.
		Financial accounting and the reliability of financial statements may only be enhanced with an expansion of the certification requirement to include the chairman and audit committee members of the board of directors, as well as the outside auditors.
		Under the new corporate responsibility legislation, which by the date of publication of this article will have been signed into law by the President, the government will be afforded new powers to police corporate executives and the accounting profession.
	www.entwistle-law.com /law_firm/legal-assistance/oxley_sarbanes_bill.htm (1731 words)

	Ignoring Enron's Lessons, Bush Rollbacks Continue - Executive Report - OMB Watch
		There were insufficient protections to ensure independent, objective accounting, and little in the way of government oversight, with the Securities and Exchange Commission (SEC) woefully underfunded and understaffed.
		With a banner reading “Corporate Responsibility” as a backdrop, Bush unveiled a proposal on July 9 that he claimed would restore integrity to corporate accounting, mostly by increasing penalties for executives found guilty of financial fraud.
		The accounting industry sets its own standards for accounting through an umbrella organization; private accounting firms audit corporate financial statements for consistency with these standards; and corporate boards of directors -- which have a legal responsibility to shareholders, creditors, and the investing public -- must review and sign off on financial filings with the SEC.
	www.ombwatch.org /article/articleview/1174 (2800 words)

	USATODAY.com - Scandals make it harder for companies to raise cash (Site not responding. Last check: 2007-11-02)
		WASHINGTON — The investor confidence sag stemming from corporate accounting scandals is making it harder for companies, even those unrelated to the firms in question, to raise cash in the key corporate bond market.
		A key gauge of how costly it is for firms to raise money — the spread between the yields on corporate bonds and the 10-year Treasury note — is rapidly nearing the width seen shortly after Sept. 11.
		Economists say most of the blame for the spread increase goes to the accounting scandals.
	www.usatoday.com /money/general/2002/07/05/2002-07-05-corp-bonds.htm (514 words)

	Articles - Scandal (Site not responding. Last check: 2007-11-02)
		A scandal is a widely publicized incident involving allegations of wrong-doing, disgrace, or moral outrage.
		A scandal may be based on reality, or the product of false allegations, or a mixture of both.
		The United States in the 1950s was swept by a wave of quiz show scandals.
	www.lastring.com /articles/Scandal (186 words)

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