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Accounting scandals are business scandals which arise from intentional manipulation of financial statements with the disclosure of financial misdeeds by trusted executives of corporations or governments. Such misdeeds typically involve complex methods for misusing or misdirecting funds, overstating revenues, understating expenses, overstating ...
WorldCom scandal. The WorldCom scandal was a major accounting scandal that came into light in the summer of 2002 at WorldCom, the USA's second-largest long-distance telephone company at the time. From 1999 to 2002, senior executives at WorldCom led by founder and CEO Bernard Ebbers orchestrated a scheme to inflate earnings in order to maintain ...
Enron scandal. The Enron scandal was an accounting scandal involving Enron Corporation, an American energy company based in Houston, Texas. When news of widespread fraud within the company became public in October 2001, the company filed for bankruptcy and its accounting firm, Arthur Andersen —then one of the five largest audit and ...
Afterward, HP accused Lynch and others of accounting fraud, which Lynch denied. He was cleared of all charges in June. In a sad coincidence, Lynch’s co-defendent in the fraud case was hit by car ...
An "Accounting Gimmick" According to the bankruptcy examiner, a strong argument can be made that the only reason Lehman Brothers used Repo 105 transactions was to manipulate the balance sheet.
Enron Corporation was an American energy, commodities, and services company based in Houston, Texas. It was founded by Kenneth Lay in 1985 as a merger between Lay's Houston Natural Gas and InterNorth, both relatively small regional companies. Before its bankruptcy on December 2, 2001, Enron employed approximately 20,600 staff and was a major ...
The Daewoo dissolution and corruption scandal was a 1999–2006 scandal in South Korea involving the bankruptcy of Daewoo, then-country's second largest company, and a subsequent corruption investigation, involving arrests, escapes and eventual conviction of dozens of company's top executives. The resulting scandal has been described as one of ...
Forensic accounting, forensic accountancy or financial forensics is the specialty practice area of accounting that investigates whether firms engage in financial reporting misconduct, [ 1] or financial misconduct within the workplace by employees, officers or directors of the organization. [ 2] Forensic accountants apply a range of skills and ...