Bizcovering

Very recently, the scandal of Satyam Computer Services stunned the corporate world. This is the first major accounting scandal in India and one of the major accounting scandals in the world. There are many such accounting scandals in history. The following are some of the major accounting scandals.

Sometimes, corporate scandal may involve some sort of accounting fraud. Integrity is a quality that all practicing accountants should possess. An accountant should make sure that the financial statements he or she has prepared, fairly and accurately reflect a company’s financial condition as these information will influence decisions made by both internal (owners and management) and external parties (creditors, investors, government agencies). Here are just three of the many major accounting scandals that had plagued the corporate landscape in the past decade and how these indiscretions have affected the lives of thousands.

Allegations of misconduct abound in the corporate world nowadays. Corporate executives commit offenses that are markedly different from ordinary criminals. They do not hold up stores, steal cars, or shoplift; instead, they engage in frauds, receive kickbacks, trade stocks on inside information, and deliberately fail to pay government loans. The impact of their misdeeds can be tremendous, affecting the lives of people by the thousands. Here are five notable corporate scandals in history.