Recent Accounting Scandals

monetary Reporting Ethics\n\nAdelphia\n1. earth-closet Rigas, opposite Rigas family members, Michael Mulcahey\n2. Adelphia backed off-the-book loans for the Rigas family totaling 3.1 one million million million dollars. The fraternity as well exaggerate earnings and purchased luxury items for the Rigas family.\n3. Companies be supposed to serve the line of creditholders interests and non the founders interests. The Rigas family illicitly used the bullion and the resources of the company for their possess gain.\n4. Money was stolen from the stock(a) and the stock monetary value expend and was taken off the charts.\n5. The Rigas family cherished to use the company resources for their own gain and were helped by great deal in the company.\n6. Shareholders had money stolen from them and disconnected money when the stock price fell.\n\nArthur Anderson\n1. David B. Duncan\n2. Signed off on Enrons bad chronicle and then shredded colligate documents after the SEC laun ched an investigating into Enrons accounting.\n3. An auditor mustiness ensure at a companies financial statements objectively. It is also illegal to destroy information that is quit of an investigation.\n4. Arthur Anderson and Enron went come out of the closet of business.\n5. Anderson knew if they confronted Enron about their faulty accounting they would lose their account.\n6. Arthur Anderson went out of business and their employees had to find jobs elsewhere. Owners of stock in Enron and Arthur Anderson woolly money.\n\nEnron\n1. chief operating officer Kenneth Lay, CFO Andrew Fastow\n2. exalted net income with off-the-books partnerships. Illegally manipulated the energy markets in Texas and California.\n3. Enron fraudulently made it erupt that they were making more money than they truly were. They also forced energy prices up utilise questionable and in slightly cases illegal orders.\n4. Enron filed the largest bankruptcy in history and took their auditor, Arthur A nderson rout with them. Their crash brought the stock market down and brought the accounting practices of many other companies under scrutiny.\n5. oversight cute to increase profits and Enrons stock price victimization any and every method available.\n6. Employees lost their life nest egg in 401k plans. All stockholders lost money.\n\n\n spherical convergence\n1. Ex-CEO Robert Annunziata\n2. Inflated revenue by swapping interlocking capacity with other providers. Provided overindulgence wages to management.\n3. Swapping contracts made it see to it like Global Crossing was doing more business than they actually were. Their CEO contract was also criticized by many for big(p) too much compensation to the CEO, this may have been a result of a overleap of proper corporate governance.\n4. Global Crossing went out of business.\n5. Management wanted the company to look more attractive to investors.\n6. Stockholders and employees.\n\nHealthSouth\n1. prexy and CEO Richard Scrushy , CFO William T. Owens\n2. mislead earnings by 1.4 billion dollars.\n3. Not adhering to GAAP, fraud.\n4. Company stock price...If you want to get a full essay, order it on our website:

Our team of competent writers has gained a lot of experience in the field of custom paper writing assistance. That is the reason why they will gladly help you deal with argumentative essay topics of any difficulty.