Financial Statement Fraud.Enron.AICPA

etc 2003 2005 by the aicpa largest bankruptcy

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Unformatted text preview: nt Perks: Delta, PepsiCo, AOL CEO Time Warner, Ford, Fleet Boston Financial, IBM Time (Consulting Contracts, Use of Corporate Planes, etc.) etc.) © 2003, 2005 by the AICPA Largest Bankruptcy Filings Largest (1980 to Present) (1980 from BankruptcyData.com Company Assets (Billions) When Filed 1. WorldCom $103.9 July 2002 2. Enron $63.4 Dec. 2001 3. Conseco $61.4 Dec. 2002 4. Texaco $35.9 April 1987 5. Financial Corp of America $33.9 Sept. 1988 6. Global Crossing $30.2 Jan. 2002 7. PG&E $29.8 April 2001 8. UAL $25.2 Dec. 2002 9. Adelphia $21.5 June 2002 10. MCorp $20.2 March 1989 © 2003, 2005 by the AICPA Why so many financial statement frauds all of a sudden? frauds Good economy was masking many problems Moral decay in society Executive incentives Wall Street expectations—rewards for short-term Wall behavior behavior Nature of accounting rules Behavior of CPA firms Greed by investment banks, commercial banks, Greed and investors and Educator failures © 2003, 2005 by the AICPA Good economy was masking problems… problems… With incr...
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This document was uploaded on 03/29/2014.

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