Accounting Fraud

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.
References in periodicals archive ?
Prosecutors suspect Ko committed accounting fraud worth 5.4 trillion won by underreporting production costs and exaggerating profits expected from the company's overseas plant building and shipbuilding projects during his three-year term.
Accounting fraud, or fraudulent financial reporting, has been an ongoing concern for U.S.
Bangalore, Dec.3 (ANI): Satyam Computer Services has said recent media reports on the magnitude of the accounting fraud at the company don't reflect its current financial position and liabilities.
The Tokyo High Court sentenced a former certified accountant Friday to 12 months in prison, suspended for four years, for his involvement in accounting fraud by Internet firm Livedoor Co.
The crimes included asset misappropriation, accounting fraud, bribery and corruption, money laundering, intellectual property infringement, and more.
The franchise doughnut firm, based in Winston-Salem, N.C., was walloped last year and earlier this year with charges of accounting fraud and inflated earnings reports.
Cardin - under investigation in France for alleged accounting fraud - will split his firm by selling fashion for pounds 260m and restaurants and food for another pounds 260m.
The committee also discussed the use of forensic accountants by independent auditors and others to increase the effectiveness of financial statement audits and investigate accounting fraud. The paper poses nine questions, including whether Statement on Auditing Standards no.
WEDNESDAY: THE accounting fraud at US giant WorldCom ripped through the City as close to pounds 24bn was wiped from the value of leading stocks.
This potential accounting fraud, which is currently being probed by the financial regulators, will not only further worsen KAI's credibility, but also its other overseas deals in emerging markets of Southeast Asia and South America, observers say.
With the disclosure of what became a $500 million accounting fraud, Phar-Mor filed for Chapter 11 bankruptcy, closed 167 of 310 stores, and laid off 15,000 employees (www.fundinguniverse.com).