Accounting‚ or accountancy‚ is the measurement‚ processing and communication of financial information about economic entities. Accounting‚ which has been called the "language of business"‚ measures the results of an organization ’s economic activities and conveys this information to a variety of users including investors‚ creditors‚ management‚ and regulators. Practitioners of accounting are known as accountants. Accounting can be divided into several fields including financial accounting‚ management
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"Corporate Fraud" when you hear those words the first‚ most recent incident‚ many think of is The Enron Scandal. This same scandal produced the Public Company Accounting Reform and Investor Protection Act of 2002. This much needed act created the Public Company Accounting Oversight Board under the Security Exchange Commission ’s supervision. This board sets accounting standards and investigates Certified Public Accountants and companies to ensure they are following the guidelines set forth. This
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journey of Richard Nixon(Frost/Nixon) and Joe Keller(all my sons). Firstly both Joe Keller and Richard Nixon have the tragic characteristic of ’greed’‚ or always wanting something more than they already have‚ Nixon being involved in the watergate scandal and trying to cover up his part in all of it‚’ it’s true‚ I made mistakes. Horrendous ones- ones which are not worthy of a president’. Similarly‚ Keller‚ was greedy when he didn’t want to lose his contract of selling parts of a plane‚ therefore he
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about him is that shareholders did not get to claim that money because at the time he left the company there was no way to truly investigate his motions and became the least harmed executive by the collapse of Enron. The movie focuses on the scandal after scandal that different employees involved in each. Ken Lay was depicted as a do gooder while looting the shareholders right under their noses. Although the movie doesn’t make any clear allegations of political wrong doing it did highlight some interesting
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Satyam Computer’s “creative-accounting” scandal‚ which brought to limelight the importance of “ethics and corporate governance” (CG). The fraud committed by the founders of Satyam in 2009‚ is a testament to the fact that “the science of conduct is swayed in large by human greed‚ ambition‚ and hunger for power‚ money‚ fame and glory”. Unlike Enron‚ which sank due to “agency” problem‚ Satyam was brought to its knee due to ‘tunneling’ effect. The Satyam scandal highlights the importance of securities
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concerning its audit on Enron which had filed bankruptcy in late 2001. The destroyed documents had led to an indictment for obstruction of justice on March 14‚ 2004. Further scandals surfaced and this time is WorldCom where they blame Andersen for failing to find the accounting irregularities however Andersen blame for the scandal insisting that the expense irregularities had not been
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the Financial Accounting Standards Board (FASB) was established. The industry thrived in the late 20th century‚ as the large accounting firms expanded their services beyond the traditionalauditing function to many forms of consulting. The Enron scandals in 2001‚ however‚ had broad repercussions for the accounting industry. One of the top firms‚ Arthur Andersen‚ went out of business and‚ under the
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Journey from Enron corporationTo Enron creditors recovery corporation | 10-14 | 4 | Enron’s injured parties | 14 | 5 | Lessons to be learnt | 15-16 | 6 | Satyam – An overview | 17-21 | 7 | The Satyam Scandal | 21-27 | 8 | Satyam Scam Parties Responsible | 27-32 | 9 | Aftermath of the scam | 32-34 | 10 | People affected from it | 35-37 | | Bibliography | | CORPORATE
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inflated their prices by as much as 348%. The scandal they soon became associated with arose when they bribed congressmen with stock to make them look the other way. This was common behind closed doors of the Gilded Age but what made it so known is that politicians got caught in the mess. Credit Mobilier is scored as the least bad because it wasn’t particularly exceptional as most businesses were involved in similar ethical corruption. What made it a scandal was the revealing of the involvement of congressmen
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"All The President ’s Men" By: Jackie Mikolajczyk 11-07-00 What is Watergate? Watergate is the biggest political scandal in The United States history. It included various activities to help President Richard Nixon win re- election in 1972. Watergate also resulted in Nixon ’s resignation from presidency in 1974. June 17‚ 1972 a security guard notified the police that a door lock was taped at the Washington ’s Watergate. Three officers responded to the call and found five
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