Accounting Fraud

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Accounting Fraud

Any act or attempt to falsify an accounting statement for financial gain. A clear example of accounting fraud is the act of deliberately overpricing a company's assets in order to drive up its share price. Another example is filing bankruptcy to avoid debt, rather than because of financial hardship. One of the biggest accounting frauds in history occurred during the Enron scandal in 2001.
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Tokyo stocks finished lower Tuesday for the first time in seven trading days, hit by accounting scandals involving major listed firms and selling after recent rapid gains.
Paulson said he did not believe new legislation was needed to change the 2002 Sarbanes-Oxley Act, but he said changes were needed in the enforcement of that law, which was passed in response to a wave of corporate accounting scandals.
One result of the accounting scandals of recent years is the enormous attention given to audit committees of public companies and the subsequent change in the committee's role and practices.
Ironically, though, these same accounting scandals have increased interest in accounting as a profession, resulting in an increase in accounting majors.
As a response to the spectacular corporate accounting scandals kicked off by the 2001 collapse of energy trader Enron Corp.
He theorizes that the accounting scandals that led to Sarbanes-Oxley also made a difference.
However, in the UK, the government recently said it would not limit the liability of auditors in large accounting scandals.
The ruling is called a setback for the Bush administration, which tackled the former Big 5 accounting firm first in its efforts to prosecute white collar criminals following accounting scandals at several major corporations.
Furthermore, when asked whether CPAs and the accounting profession have taken steps to fix the problems that had led to past accounting scandals, fully 80% of business decisions and 70% of executives said "yes.
WITH THE RECENT AND VERY PUBLIC RESIGNATION OF TWO TIAA-CREF trustees for tripping over federal auditor independence statutes, the corporate accounting scandals have officially crossed into higher education.
The issuance of FASB's new rule marks a victory in the decade-long battle to reform an egregious accounting practice that contributed to the worst corporate accounting scandals in our nation's history.
The seemingly endless accounting scandals associated with Halliburton--the contractor in charge of feeding troops and providing overall logistics services in Iraq--could have been prevented if the Army had not restricted industry competition so rigorously, lamented a former commander of U.

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