2008 Chinese Milk Scandals 2008 Chinese milk scandal was one of the major events that happened in China. June 28‚ 2008‚ the first case of infant with kidney stone occurred in Lanzhou. In the following two months‚ the number of infants diagnosed with kidney stones had increased to 14 in one of the hospitals in Lanzhou. The only thing in common before those infants got sick was that they had fed on milk powder produced by Sanlu Group for a long time. Gradually‚ the same cases happened in the other
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Corporate Finance AIG Accounting Scandal Explained December 8th‚ 2012 ________________________________________________________________________________ On February 9th‚ 2006‚ the SEC and the Justice Department settled with AIG for an amount in excess of $1.6B related to alleged improper accounting‚ bid rigging (defined by Investopedia as a scheme in which businesses collude so that a competing business can secure a contract for goods or services at a pre-determined price)‚ and practices involving
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Chicago Black Sox Scandal Baseball‚ like many other things in the early nineteen hundreds‚ was quickly becoming popular. Almost every American at was a fan of baseball‚ which meant that any gamblers who were excellent at guessing could make a very large sum of money by picking the winning team. Some people‚ however‚ did not feel the need to guess‚ but simply rig the game‚ which is how the Chicago Black Sox Scandal of 1919 came about. It started out with a group of gamblers who came up with the
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Mrs. Chenfant English 12 25 October 2011 1919 World Series: Black Sox Scandal Impact or decision would be the most contemplated ideas formed upon the events that happened during the 1919 World Series. What happened was better known as the Black Sox Scandal making the impossible a reality even with the stakes‚ buried in the truth‚ everyone involved concluded to risk. One of the darkest most shadowed events that ever had a negative effect on the sport for the entire history of baseball simply
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The 1919 World Series is the most notorious scandal in baseball history. Eight players from the Chicago White Sox were accused of throwing the series against the Cincinnati Reds. Details of the scandal and the extent to which each man was involved have always been unclear. It was‚ however‚ front-page news across the country and‚ despite being acquitted of criminal charges‚ the players were banned from professional baseball for life. The players on Charles Comiskey’s 1919 Chicago White Sox team were
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Throughout the course of American history‚ scandals have shaped the way the people view the government. Unforeseen consequences from scandals often present themselves years later‚ which prompts the question: which American political scandals have had the biggest impact on American history? A scandal‚ as defined by Cambridge Dictionary‚ is an action or series of actions that are considered wrong or immoral‚ often leading to public anger. There have been countless scandals in American history‚ many kept private
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auditor did all they could to detect the fraud? Evaluate whether auditors exercised due care and the level of professional skepticism to be expected in an audit the size of Parmalat. After review the material‚ it is apparently the auditors did not do all they could to detect the fraud Parmalat and its management conducted. Parmalat eliminated billions of its debt through various techniques‚ such as fictitious loan participation agreement; mischaracterize its bank loan as intercompany debt‚ etc. Since
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Parmalat Finanziaria‚ S.p.A. Case Brief Summary: Case Questions: 1). Identify key factors or circumstances that complicate an independent audit of a multinational company One thing to always keep in mind is that the culture is different across the globe. Auditors of multinational companies may face cultural and communication barriers with their clients‚ which can complicate audit tasks. We also have to account for different currency across different countries and any transactions involving them
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structure creates economic incentives for managers to focus on their own interests and neglect those of shareholders. Following decades of exponential organic growth Parmalat stepped up its acquisition programme in the 1990s crossing many time zones using an aggressive and heavily leveraged strategy. By the end of the decade Parmalat was a complex web of 170 companies which had hid losses overstated assets/sales‚ understated its debt‚ and diverted company cash to Tanzi family members. In their 2004
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Parmalat Finanziara‚ the Italian dairy and food giant‚ is fast joining Enron and WorldCom as a household name for corporate scandal. The alleged financial fraud at Parmalat spans more than a decade and involves sums whose estimates have ballooned from EUR 4 billion to more than EUR 8 billion. Founder‚ chairman‚ and chief executive Calisto Tanzi has been ousted from the company and board and is under arrest. Enrico Bondi‚ who replaced Tanzi in December‚ has been given new authority to act as sole
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