Recent Accounting Scandals

Financial Reporting ethics\n\nAdelphia\n1. John Rigas, former(a) Rigas family members, Michael Mulcahey\n2. Adelphia O.K. impinge on-the-book loans for the Rigas family totaling 3.1 billion dollars. The caller alike overstated earnings and purchased high life sentence items for the Rigas family.\n3. Companies are supposed to operate the stock(a)holders interests and not the founders interests. The Rigas family illegally used the notes and the resources of the fellowship for their own gain.\n4. notes was stolen from the concern and the stock impairment fell and was taken wrap up the charts.\n5. The Rigas family wanted to use the company resources for their own gain and were helped by people in the company.\n6. Shareholders had notes stolen from them and bewildered money when the stock wrong fell.\n\nArthur Anderson\n1. David B. Duncan\n2. Signed off on Enrons wrong(p) accounting and then rip up related documents after the moment launched an investigation into Enro ns accounting.\n3. An tender must look at a companies financial statements objectively. It is in addition illegal to destroy entropy that is part of an investigation.\n4. Arthur Anderson and Enron went discover of business.\n5. Anderson knew if they confronted Enron about(predicate) their faulty accounting they would overlook their account.\n6. Arthur Anderson went out of business and their employees had to check jobs elsewhere. Owners of stock in Enron and Arthur Anderson lost money.\n\nEnron\n1. CEO Kenneth Lay, chief financial officer Andrew Fastow\n2. high-sounding shoot for with off-the-books partnerships. Illegally manipulated the zip fastener commercialises in Texas and California.\n3. Enron fraudulently make it appear that they were making lots money than they actually were. They alike forced energy prices up using questionable and in some cases illegal methods.\n4. Enron filed the largest loser in history and took their auditor, Arthur Anderson drink down wit h them. Their collapse brought the stock market down and brought the accounting practices of some a(prenominal) other companies under scrutiny.\n5. caution wanted to increase profits and Enrons stock price using any and all method available.\n6. Employees lost their life savings in 401k plans. entirely stockholders lost money.\n\n\n orbicular crossover voter\n1. Ex-CEO Robert Annunziata\n2. Inflated revenue by swapping network capacity with other providers. Provided excess compensation to management.\n3. Swapping set abouts make it look like Global Crossing was doing more business than they actually were. Their CEO contract was also criticized by many for giving too much compensation to the CEO, this may deport been a result of a lack of proper incorporated governance.\n4. Global Crossing went out of business.\n5. Management wanted the company to look more enchanting to investors.\n6. Stockholders and employees.\n\nHealthSouth\n1. Chairman and CEO Richard Scrushy, CFO Will iam T. Owens\n2. Overstated earnings by 1.4 billion dollars.\n3. Not adhering to GAAP, fraud.\n4. smart set stock price...If you want to get a full essay, enjoin 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.