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The Enron scandal was defined as being one of the biggest audit failures of all time. The scandal included utilizing loopholes that were found within the GAAP (General Accepted Accounting Principles). For auditing a large-sized company such as Enron, the auditors were criticized for having brief meetings a few times a year that covered large ...
One of the parties identified was the role that accountants and specific accounting standards played in the crisis. The Causes of the Great Recession and "History of Fair Value Issues" [1] provide more details of the specific causes. The key accounting issues were fair value accounting and the role of auditors.
Arthur Andersen LLP was an American accounting firm based in Chicago that provided auditing, tax advising, consulting and other professional services to large corporations. By 2001, it had become one of the world's largest multinational corporations and was one of the "Big Five" accounting firms (along with Deloitte, Ernst & Young, KPMG and PricewaterhouseCoopers).
The story: Named "America's Most Innovative Company" six years in a row by Fortune magazine, Enron was a major energy player with revenues of $101 billion in 2000. In reality, much of that revenue ...
Former CEO Sanjay Kumar, who served time and paid penalties [8]; Former sales executive Stephen Richards [6]; Former CA general counsel Steven Woghin, sentenced to two years. [12]
Pages in category "2000s controversies in the United States" The following 14 pages are in this category, out of 14 total. This list may not reflect recent changes .
Although country music pushed back against The Chicks, they sold almost 900,000 tickets in the first weekend of their 2003 tour. Months later, they were declared Billboard’s top-selling country ...
Good morning. Ideally, CFOs should approach the accounting process ethically, but there are currently two high-profile scandals with finance chiefs in the spotlight—but for different reasons.