Re
Accounting scandals
In 2002, a wave of accounting scandals broke in the United States. A number of leading companies have admitted to mis-stating their accounts, giving a misleading impression of their status. In public companies, this type of creative accounting can amount to fraud, and a series of investigations have been launched by the U.S. Securities and Exchange Commission. In several cases, the sums involved are in the billions of dollars.
Reported accounting scandals in 2002 to date:
Computer Associates --
Enron -- Kenneth Lay,
WorldCom -- Bernard Ebbers
Global Crossing --
Tyco --
Xerox
Halliburton -- Dick Cheney,
Bristol-Myers Squibb
Qwest Communications
ImClone Systems
Harken Energy / Published report 10-9-2002
Kmart
Lucent Technologies
HealthSouth
Freddie Mac
list others here
Some scandals in 2003 involving non-US companies:
Ahold
Parmalat
The Enron scandal has so far resulted in the criminal conviction of the Big Five auditor......
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