Essay: Corporate Scandals and Frauds

Essay: Corporate Scandals and Frauds
08/06/2011 Comments Off on Essay: Corporate Scandals and Frauds Academic Papers on Business Studies,Sample Academic Papers admin

Sample Essay

The key question that was on the minds of every investor after a series of corporate scandals and frauds was whether the accounting profession was dependable or not. The major frauds that surfaced were in the three years from 2000 to 2002. This period was marked as a crises period for investor trust in U.S. entrepreneurships and the accounting profession itself.

Many publicized business failures during this period such as that of Enron, Tyco and WorldCom highlighted the mischief which was mainly due to embezzlement of funds, false declaration of profit by overstating revenues and understating expenses, amplifying the value of assets or understatement of liabilities. This typically involved companies’ defying directors with the assistance of offices in other corporations or affiliates (Parles, O’Sullivan and Shannon 2007).

Business failures and many cases of negligence in managing accounts and affairs of corporations were reported by professional accounting firms because of which several losses were reported which amounted to millions of dollars.

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