Accounting scandals

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    MGMT 512 – Exam I Naci Yüksel - 0037094 Page 1 of 2 Toshiba’s Accounting Scandal Toshiba is a leading Japanese multinational conglomerate which provides diversified products and services such as electronics, home appliances, information & communications systems, medical equipment and power systems. The company was founded in 1875 to pioneer in high technology not only in Japan but also anywhere in the world (“About Toshiba”). Unfortunately, an independent investigation had revealed one of Japan’s biggest accounting scandals in 2015 just after the 2011 Olympus scandal – another major technology company concealed $1.7 billion losses starting from the early 1990s. It was also a surprising news in the face of Japanese Prime…

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    Enron Accounting Scandal

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    When discussing two of the world’s major accounting scandals, it’s important to first define what a “scandal” is. The most applicable definition is as follows: “an action or event regarded as morally or legally wrong and causing general public outrage.” Enron and WorldCom have certainly caused public outrage through their illegal, immoral, and unethical actions. While each scandal is in itself an expansive episode, they each have similarities and have both impacted the industry in ways that were…

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    organization have practised illicit practices and illegal acts such as intentional deception (showing skewed results), misrepresentation of accounting information which is directed to result in profit to an individual and group of people. We can say that any illegal activities done by an individual or a group with the intention of making more money for organization when caught by the authorities or by any other means comes under Accounting Scandal. There are several accounting practice, which…

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    Sherron Watkins, former vice president of Enron Corporation, plays a pronounced part in the history of whistleblowers who blew the whistle on corporate companies. Sherron Watkins blew the whistle on Enron in 2001 by sending a memo to Kenneth Lay, the founder of Enron, giving caution she knew the company was at a great risk of finding themselves in a dilemma. The dilemma would be the product of many financial accounting scandals. Enron is a company that buys and sales energy from different…

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    The purpose of this report is to explore three major corporate scandals with regard to their irresponsible ethical behaviour and the lessons that can be learned from each. The three companies examined in this report include Tyco International Ltd, HealthSouth Corporation and Nimble Pty Ltd. Results of this report show that corporate scandals occur periodically and can have an effect on other companies with the first scandal occurring in 2002 by Tyco and then followed by HealthSouth in 2003 and…

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    For employee fraud case study, I chose the Nathan John Mueller’s embezzlement scandal. As an accounting manager of ING Reinsurance Corporation (a major financial service company) in Minnesota, Mueller stole almost 8.5 million dollars from the company from 2003 to 2007 (“Mueller Gets 8 years for $8.5 million ING Fraud”). The way he orchestrated the fraud was surprisingly rather simple. Mueller accidentally found out that ING gave him and another co-worker the authorization to request and approve…

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    What Is Qwest?

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    WorldCom had recently been caught up in an accounting scandal, forcing the SEC to take a closer look into many large corporations’ accounting procedures. One of these corporations was Qwest Communications. While looking into Qwest, the SEC determined that Qwest had been improperly following the accounting guidelines and had inflated their revenue by billions. In 2004, the SEC charged Qwest Communications International Inc. with securities fraud and other violations of the federal securities…

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    What triggered the recession was the enormous increase in default on mortgages on residential property. Oesterle A 2011 stated that states like Arizona, Nevada, California and Florida were hit the most in which the default caused losses that was beyond their nominal amounts because the mortgage were in reference to the asset of numerous types of derivative which loss its value due to high default rates. Another effect of the Fannie Mae scandal was the increase in home foreclosures as subprime…

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    Satam Scam Case Study

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    SATYAM SCANDAL- INDIA’S OWN ENRON The Satyam Computer Services Limited company’s wrongdoing is a corporate scam that occurred in India in 2009 where the chairman, Mr. Ramalinga Raju revealed that the company’s accounts had been falsified. Background In 1987, Ramalinga Raju established Satyam, with his brother and brother in law, for providing software development and consultancy services to large firms. The company became public in 1991 and was listed on the Bombay Stock Exchange (Balachandran…

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    Phar Mor Fraud Case Study

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    in reality the company was losing money. Between shortages and overbilling of inventory, moving company funds for personal uses, and the embezzlement of funds from Phar-Mor into WBL, Monus was finally in the spotlight and being investigate. In 1992, Phar-Mor went bankrupt after being accused of embezzlement. Due to this investigation, it also came to light that Phar-Mor’s independent audit company, Coopers & Lybrand LLP, was also involved with the fraudulent activities; charges were also…

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