The Cendant Corporation
THE CENDANT CORPORATION ACCOUNTING SCANDAL BCOM21
TABLE OF CONTENTS
ACKNOWLEDGEMENT ………………………………………………………… 2 INTRODUCTION …………………………………………………………………. 3 SUMMARY ……………………………………………………………………….. 4-7 COMPANY PROFILE …………………………………………………………… 8 THE OFFICERS INVOLVE …………………………………………………….. 9-15 DISCUSSION ……………………………………………………………………. 16-20 THE SETTLEMENT The settlement with Cendant ………………………………………… 21-22 The settlement with Ernst & Young ……………………………….. 23 THE BREAKUP ………………………………………………………………… 24 CONCLUSION ………………………………………………………………….. 25 RECOMMENDATION ………………………………………………………….. 26 BIBLIOGRAPHY ……………………………………………………………….. 27 APPENDIX ……………………………………………………………………… 28-30
1
THE CENDANT CORPORATION ACCOUNTING SCANDAL BCOM21
ACKNOWLEDGEMENT
The researcher wish to acknowledge with gratitude the followings:
•
To Dr. Roderick M. Rupido, Dean of College of Economics, Management
and Development Studies, instructor, for his lecture given about technical writing that helps a lot to this research. • To Mrs. Ludivinia Victorino, Department of Accountancy Chairperson who
given the task to this kind of research. And guide as in making this paper. • • • • To my parents who gave moral and financial support for doing this paper. To my friends and classmates To other sources And lastly to God Almighty who gives me guidance, strength and courage
to finish this paper.
-RESEARCHER
2
THE CENDANT CORPORATION ACCOUNTING SCANDAL BCOM21
INTRODUCTION
This
research
is
about
CENDANT
CORPORATION
accounting
irregularities. Cendant Corporation was a New York-based provider of business and consumers services, primarily within the real state and travel industries. In 2005 and 2006, Cendant broke up and spun off or sold its constituent business. Although the company was base in New York City, the majority Cendant’s headquarters employees were located in Parsippany-Troy Hills, New Jersey. The last CEO of Cendant was Henry Silverman. CENDANT
TABLE OF CONTENTS
ACKNOWLEDGEMENT ………………………………………………………… 2 INTRODUCTION …………………………………………………………………. 3 SUMMARY ……………………………………………………………………….. 4-7 COMPANY PROFILE …………………………………………………………… 8 THE OFFICERS INVOLVE …………………………………………………….. 9-15 DISCUSSION ……………………………………………………………………. 16-20 THE SETTLEMENT The settlement with Cendant ………………………………………… 21-22 The settlement with Ernst & Young ……………………………….. 23 THE BREAKUP ………………………………………………………………… 24 CONCLUSION ………………………………………………………………….. 25 RECOMMENDATION ………………………………………………………….. 26 BIBLIOGRAPHY ……………………………………………………………….. 27 APPENDIX ……………………………………………………………………… 28-30
1
THE CENDANT CORPORATION ACCOUNTING SCANDAL BCOM21
ACKNOWLEDGEMENT
The researcher wish to acknowledge with gratitude the followings:
•
To Dr. Roderick M. Rupido, Dean of College of Economics, Management
and Development Studies, instructor, for his lecture given about technical writing that helps a lot to this research. • To Mrs. Ludivinia Victorino, Department of Accountancy Chairperson who
given the task to this kind of research. And guide as in making this paper. • • • • To my parents who gave moral and financial support for doing this paper. To my friends and classmates To other sources And lastly to God Almighty who gives me guidance, strength and courage
to finish this paper.
-RESEARCHER
2
THE CENDANT CORPORATION ACCOUNTING SCANDAL BCOM21
INTRODUCTION
This
research
is
about
CENDANT
CORPORATION
accounting
irregularities. Cendant Corporation was a New York-based provider of business and consumers services, primarily within the real state and travel industries. In 2005 and 2006, Cendant broke up and spun off or sold its constituent business. Although the company was base in New York City, the majority Cendant’s headquarters employees were located in Parsippany-Troy Hills, New Jersey. The last CEO of Cendant was Henry Silverman. CENDANT