Accounting Scandals

WorldCom - What Went Wrong

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Duration: 4:50
Updated: 26 Jul 2013

A brief documentary dealing with the largest corporate scandal in history. Created for a second year college accounting class.

http://wn.com/WorldCom_What_Went_Wrong

Financial Reporting: Impact on the Stock Market, Investor Confidence, Accounting Regulations (2002)

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Duration: 55:15
Updated: 25 Aug 2013

The Enron scandal turned in the indictment and criminal conviction of one 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. The Enron scandal was defined as being one of the biggest audit failures. The scandal included utilizing loopholes that were found within the GAAP (General Accepted Accounting Principles). For auditing a big sized company such as Enron, the auditors were criticized for having brief meetings a few times a year that covered large amounts of material. By January 17, 2002, Enron decided to discontinue its business with Arthur Andersen claiming they had failed in accounting advice and related documents. Arthur Andersen was judged guilty of obstruction of justice for getting rid of many emails and documents that were related to auditing Enron. From this incident little less than 100,000 employees lost their jobs. Although later the ruling was overturned by the U.S. Supreme Court, the image of the auditing firm have been damaged beyond repair, and was never able to come back to its full operation capacity. On July 9, 2002 George W. Bush gave a speech about recent accounting scandals that had 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.This also led to the establishment of Sarbanes-Oxley. 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 2003, Nortel made a big contribution to this list of scandals by incorrectly reporting a one cent per share earnings directly after their massive layoff period. They used this money to pay the top 43 managers of the company. The SEC and the Ontario securities commission eventually settled civil action with Nortel. However, a separate civil action will be taken up against top Nortel executives including former CEO Frank A. Dunn, Douglas C. Beatty, Michael J. Gollogly and MaryAnne E. Pahapill and Hamilton. These proceedings have been postponed pending criminal proceedings in Canada, which opened in Toronto on January 12, 2012. Crown lawyers at this fraud trial of three former Nortel Networks executives say the men defrauded the shareholders of Nortel of more than $5 million. According to the prosecutor this was accomplished by engineering a financial loss in 2002, and a profit in 2003 thereby triggering Return to Profit bonuses of $70 million for top executives. In 2005, after a scandal on insurance and mutual funds the year before, AIG was investigated for accounting fraud. The company already lost over 45 billion US dollars worth of market capitalisation because of the scandal. Investigations also discovered over a billion US dollars worth of errors in accounting transactions. The New York Attorney General's investigation led to a $1.6 billion fine for AIG and criminal charges for some of its executives. CEO Maurice R. "Hank" Greenberg was forced to step down and is still fighting civil charges being pursued by New York state. http://en.wikipedia.org/wiki/Accounting_scandals Image By Alex (originally posted to Flickr as Enron Complex) [CC-BY-2.0 (http://creativecommons.org/licenses/by/2.0)], via Wikimedia Commons

http://wn.com/Financial_Reporting_Impact_on_the_Stock_Market,_Investor_Confidence,_Accounting_Regulations_2002

25 Biggest Corporate Scandals Ever

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Duration: 11:41
Updated: 17 Aug 2013

Tweet this video! - http://clicktotweet.com/50l3R Scandals in the corporate world, whether centered around corruption, bribery, fraud, or other greed tend to...

http://wn.com/25_Biggest_Corporate_Scandals_Ever

Enron - Real Accounting Fraud

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Duration: 6:31
Updated: 06 Aug 2013

Enron, the real story of corruption, lies, fraud and the consequences of sin in a free market (capitalist) economy. But have you ever thought about where the...

http://wn.com/Enron_Real_Accounting_Fraud

Ghost of Scandals Present: Modern Pitfalls - Professor Mike Jones

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Duration: 28:58
Updated: 25 Jun 2013

The litany of great financial scandals is long, and sadly unending. Dickens himself covers scandals we would recognise today in Little Dorrit and Nicholas Ni...

http://wn.com/Ghost_of_Scandals_Present_Modern_Pitfalls_Professor_Mike_Jones

1. Accounting Scandals Rock the Financial World

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Duration: 3:16
Updated: 25 Oct 2012

An introduction to Ethics, Business Ethics and an exploration of unethical business practices.

http://wn.com/1_Accounting_Scandals_Rock_the_Financial_World

Biggest Accounting Fraud Scandal

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Duration: 3:01
Updated: 22 May 2013

The sensational Carroll Foundation Trust and parallel Carroll Maryland Trust billion dollars offshore tax evasion fraud scandal which is now encircling 10 Do...

http://wn.com/Biggest_Accounting_Fraud_Scandal

Olympus - The Story of Japan's Accounting Fraud

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Duration: 6:27
Updated: 03 Aug 2013

BBC News Content 7 July 2013 http://www.bbc.co.uk/programmes/b0368nzj Michael Woodford, former President and CEO of Olympus. Two weeks into his new position ...

http://wn.com/Olympus_The_Story_of_Japan's_Accounting_Fraud

HealthSouth CFO Aaron Beam on Accounting Scandal

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Duration: 2:16
Updated: 04 May 2012

Downloaded for trimming for a class project.

http://wn.com/HealthSouth_CFO_Aaron_Beam_on_Accounting_Scandal

9-19-12 Detecting Accounting Fraud part I

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Duration: 37:14
Updated: 25 Jun 2013

http://wn.com/9-19-12_Detecting_Accounting_Fraud_part_I

Accounting Fraud

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Duration: 5:26
Updated: 02 Dec 2013

Focus on Business is pleased to present Houston, Texas criminal defense attorney Richard Kuniansky; in this video Mr. Kuniansky offers a brief overview of accounting fraud and its economical impact, including the recent scandal at Enron.

http://wn.com/Accounting_Fraud

Accountants sued over Lehman accounting fraud (28Dec10)

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Duration: 2:24
Updated: 10 Oct 2012

Ernst and Young are charged in the USA of accounting fraud over the Lehman Brothers bank collapse. But they are not the only such company that cooked books f...

http://wn.com/Accountants_sued_over_Lehman_accounting_fraud_28Dec10

The Largest Accounting Scandal in the History of the United States: Enron

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Duration: 5:02
Updated: 28 Jun 2013

The Largest Accounting Scandal in the History of the United States: Enron http://www.screenr.com/IudH.

http://wn.com/The_Largest_Accounting_Scandal_in_the_History_of_the_United_States_Enron

Jacob Frenkel on US-China Accounting Fraud

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Duration: 3:55
Updated: 01 Jul 2013

Shulman Rogers Attorney Jacob Frenkel discusses the reasons behind the US-China Accounting discrepancy.

http://wn.com/Jacob_Frenkel_on_US-China_Accounting_Fraud

What is Accounting Fraud?

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Duration: 2:03
Updated: 15 Nov 2013

Accounting fraud is a deliberate and improper manipulation of the recording of sales revenue and/or expenses in order to make a company's profit performance appear better than it actually is. Accounting fraud habits seem to be popping up everywhere these days. Many small business owners feel that their companies are immune to accounting fraud for two basic reasons: they don't have many employees, and the ones who deal with money are usually close to the owners. But regardless of size, any business is vulnerable to fraudulent activities by employees. Dishonest people in large businesses can find numerous ways to misrepresent the financial condition of a company, including accounting for stock options, pension plans, derivatives and more. Just because small companies such as screen printing or embroidery shops don't face these technical accounting challenges doesn't mean there's no potential for accounting fraud. With this in mind, it's a good time to ask yourself, "What's protecting my business?" Signs of Accounting Fraud * Someone insists that he or she handle activities for which other departments are normally responsible. Including picking up the daily mail, acting as the sole responsible person with the company's financial contacts and working with police if items or money are found missing * Someone continually works after hours, comes in frequently on weekends or insists on taking work home. Fraudulent activities are easier to accomplish when work is unobserved and unsupervised * Someone refuses to follow recently established accounting guidelines. Owners should demand that guidelines be strictly followed and investigate financial and payroll records for up to several years in the past * Someone works without direct supervision on all company's financial operations. When one trusted bookkeeper is responsible for records, payroll, receivables, deposits, payments and so on and you notice that at the end of the month or year the numbers don't match, this is the first place you should look at * Someone refuses to take a vacation. This individual may be thought of as a highly dedicated and hard-working employee, but it could be that he or she simply doesn't want anyone to discover any fishy documents Owners should always carefully monitor income and deposits, comparing sales receipts against actual amounts put into the bank. There are no sure-fire tips for accounting fraud. But by being on the lookout a small business can avert a potentially disastrous and embarrassing financial loss. http://youtu.be/KD4k_IIn8pk

http://wn.com/What_is_Accounting_Fraud?

Balfour Beatty Plc Construction Corruption Bribery Files Biggest Accounting Fraud Scandal

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Duration: 2:08
Updated: 21 May 2013

The sensational Carroll Foundation Trust and parallel Carroll Maryland Trust billion dollars offshore tax evasion fraud scandal which is now encircling 10 Do...

http://wn.com/Balfour_Beatty_Plc_Construction_Corruption_Bribery_Files_Biggest_Accounting_Fraud_Scandal

Accounting Fraud

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Duration: 4:11
Updated: 09 Oct 2012

Malecki Law http://www.aboutsecuritieslaw.com/ Discusses shareholder rights when a company finds itself in a reporting scandal.

http://wn.com/Accounting_Fraud

[66] Enron Style Accounting Fraud and Congress' Sequester Squad

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Duration: 28:05
Updated: 08 Aug 2013

check us out on Facebook http://www.facebook.com/PrimeInterest Follow us @ http://twitter.com/EnglishPI http://twitter.com/PerianneRT Here's what's in your P...

http://wn.com/_66_Enron_Style_Accounting_Fraud_and_Congress'_Sequester_Squad

Accounting Fraud Case

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Duration: 1:33
Updated: 20 Aug 2013

The sensational Carroll Foundation Trust and parallel Carroll Maryland Trust billion dollars offshore tax evasion fraud scandal which is now encircling 10 Downing Street and the Conservative Party has revealed that the new explosive FBI Scotland Yard prosecution files have named a startling litany of former partners of PWC PricewaterhouseCoopers the international accountancy and audit firm in this case of international importance. Sources have confirmed that former partners of PWC PricewaterhouseCoopers have been named in the dossiers which include Peter Dickinson Derek Jenkins and Christopher Relleen. Further sources have revealed that these PWC named partners directly participated in the fraudulent incorporation of twenty eight UK Companies House and State of Delaware "registered" Carroll Trust Corporations that are "directly linked" to forged and falsified Barclays HSBC International offshore accounts and Queen's bankers Coutts & Co Gerald Carroll Trust banking arrangements that effectively impulsed this massive tax fraud heist operation which stretches the globe over a staggering sixteen years. A ICAEW Institute of Chartered Accountants England and Wales leaked source has disclosed that the PWC PricewaterhouseCoopers firm were the primary auditors to the Carroll Global Corporation industrial empire that embraced more than eighty five corporations world wide. It is understood that PWC were represented by respectively Peter Dickinson a main board director of "realco" Carroll Industries Corporation Plc. Christopher Relleen audit partner of the Carroll Global Corporation group of companies and Derek Jenkins a close advisor to various board members of the Carroll Foundation Charitable Trust. In a stunning twist it has emerged that the files also contain a compelling forensic paper trail surrounding the fraudulent incorporation of a dummy shell holding structure known as Carroll Holdings Corporation Ltd. (co.no.2566593) which was utilised within a multiple name switch operation to effectively provide a diversionary corporate smokescreen for the embezzlement of a mind boggling one hundred and fifty million dollars of the Carroll Foundation's huge treasury investment holdings that are believed to have been held at Coutts & Co and Barclays International. The Carroll Foundation Maryland Trust case is known to be held within a complete "lockdown" at the FBI Washington DC field office and the Metropolitan Police Scotland Yard London under the supervision of the commissioner Sir Bernard Hogan-Howe who has an intimate knowledge of this great political scandal of the decade. International News Networks: http://pwc-uk.blogspot.co.uk/

http://wn.com/Accounting_Fraud_Case

Cash Receipt Fraud - Accounting Ethical

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Duration: 10:15
Updated: 04 May 2013

Cash Receipt Fraud is one of the most common ethical issues in Accounting. This video is done by MBA students of International Business School, UTM Malaysia.

http://wn.com/Cash_Receipt_Fraud_Accounting_Ethical

Accounting Scandals!

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Duration: 0:54
Updated: 02 Nov 2012

Maplewood HS students take a quick peek at Enron and WorldCom scandals as they relate to accounting and business ethics.

http://wn.com/Accounting_Scandals!

Satyam boss Raju admits accounting fraud 2

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Duration: 2:24
Updated: 24 Aug 2010

Satyams Rs 5000-crore fraud 2.

http://wn.com/Satyam_boss_Raju_admits_accounting_fraud_2

Vince Cable MP Minister Accounting Fraud Scandal - HMRC Biggest Offshore Tax Evasion Case

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Duration: 4:41
Updated: 27 Feb 2013

The sensational Carroll Foundation Trust and parallel Carroll Maryland Trust billion dollars offshore tax evasion fraud scandal which is now encircling 10 Do...

http://wn.com/Vince_Cable_MP_Minister_Accounting_Fraud_Scandal_HMRC_Biggest_Offshore_Tax_Evasion_Case

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Related Topics

WorldCom - What Went Wrong

Financial Reporting: Impact on the Stock Market, Investor Confidence, Accounting Regulations (2002)

25 Biggest Corporate Scandals Ever

Enron - Real Accounting Fraud

Ghost of Scandals Present: Modern Pitfalls - Professor Mike Jones

1. Accounting Scandals Rock the Financial World

Biggest Accounting Fraud Scandal

Olympus - The Story of Japan's Accounting Fraud

HealthSouth CFO Aaron Beam on Accounting Scandal

9-19-12 Detecting Accounting Fraud part I

Accounting Fraud

Accountants sued over Lehman accounting fraud (28Dec10)

The Largest Accounting Scandal in the History of the United States: Enron

Jacob Frenkel on US-China Accounting Fraud

Make changes yourself !

WorldCom - What Went Wrong

Financial Reporting: Impact on the Stock Market, Investor Confidence, Accounting Regulations (2002)

25 Biggest Corporate Scandals Ever

Enron - Real Accounting Fraud

Ghost of Scandals Present: Modern Pitfalls - Professor Mike Jones

1. Accounting Scandals Rock the Financial World

Biggest Accounting Fraud Scandal

Olympus - The Story of Japan's Accounting Fraud

HealthSouth CFO Aaron Beam on Accounting Scandal

9-19-12 Detecting Accounting Fraud part I

Accounting Fraud

Accountants sued over Lehman accounting fraud (28Dec10)

The Largest Accounting Scandal in the History of the United States: Enron

Jacob Frenkel on US-China Accounting Fraud

What is Accounting Fraud?

Balfour Beatty Plc Construction Corruption Bribery Files Biggest Accounting Fraud Scandal

Accounting Fraud

[66] Enron Style Accounting Fraud and Congress' Sequester Squad