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  Annäherung an das Thema und Forschungsgegenstand

  Dr. Corinna Boecker

  …1 1 Annäherung an das Thema und Forschungs- gegenstand 1.1 Relevanz von Accounting Fraud Accounting Fraud – i.S.e. Verstoßes gegen… …ein mahnendes Beispiel für die Auswirkungen fehlerhafter Prüfung bleiben. Die Gefahr von Accoun- ting Fraud ist jedoch nicht nur bei großen Konzernen… …A./Klinger, Oskar (Internes Kontrollsystem 2000), S. 1; Albrecht, W. Steve/Searcy, David I. (Increasing Fraud 2001), S. 58 ff. 5 Vgl. Klinger, Michael… …, Zabihollah (Financial Statement Fraud 2002), S. 69; Welp, Cornelius/Leendertse, Julia (Konflikt 2007), S. 112 ff.; Nölting, Andreas/Wilhelm, Winfried… …(Fehlleistungen 1994), S. 34 ff.; Gross, Gerhard (Regelungen 2005), S. 90 ff.; zu den bedeutenden Auswirkungen von Top- Management Fraud siehe auch Zahra, Shaker… …A./Priem, Richard L./Rasheed, Abdul A. (Top-Management Fraud 2005), S. 818. 8 Vgl. Ernst & Young (Wirtschaftskriminalität 2003), S. 4 und S. 13. 9 Vgl… …offensichtlich an- ders dar15. Das Themengebiet Accounting Fraud kann von zwei Seiten betrachtet wer- den. Während sich einerseits die Unternehmen zwar der… …Bedeutung des Zufalls auch Wehling, Jörg/Weiß, Christian (Abwehr 2005), S. 104. 14 Vgl. ähnlich auch Comer, Michael J. (Corporate Fraud 1998), S. 5 ff… …Verschär- fung der Vorschriften für kapitalmarktorientierte Unternehmen, um damit Ac- counting Fraud möglichst zu verhindern, zumindest jedoch die Quote… …seiner Verant- ___________________ 16 Während die Aufdeckung als der schwierigere Teil im Rahmen der Bewältigung von Accounting Fraud gilt, nimmt die…

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  Asset Tracing & Recovery

  The FraudNet World Compendium
  

  978-3-503-12471-8

  Bernd H. Klose, Jonathan Altalef, Lucas E. Barreiros, Gabrielle A. J. Beam, u.a.

  …work of reference for your daily fight against fraud.…
• eBook-Kapitel aus dem Buch Accounting Fraud aufdecken und vorbeugen

  Terminologische Abgrenzungen und relevante Grundlagen

  Dr. Corinna Boecker

  …untersuchenden Thematik Ac- counting Fraud sind zu Beginn die Erläuterung und Präzisierung wesentlicher Begriffe erforderlich. Hierzu gilt es zunächst, den in… …Fachliteratur und Praxis nicht immer einheitlich verwendeten Begriff ‚Fraud’ und daran anschließend den Terminus ‚Accounting Fraud’ zu definieren25. Dies… …geschieht nicht zuletzt auch anhand von tatsächlich aufgetretenen Beispielfällen26. Nachdem das Thema Fraud insbesondere in den letzten Jahren aufgrund… …Fraud in das Spannungsfeld zwischen Revisi- on und Corporate Governance. 2.2 Begriff und Charakteristika von Accounting Fraud 2.2.1 Begriffsbestimmung… …und -abgrenzung Die Begriffsdefinition von Fraud erfolgt für Zwecke dieser Arbeit in Anleh- nung an die Terminologie des IDW, welches in seinem… …ebenfalls zu falschen An- gaben in der Rechnungslegung führt, sind die Verstöße, die in der englischen Terminologie als ‚Fraud’ bezeichnet werden. Sie werden… …Rechnungslegung zugrunde liegende Mengen- als auch Wertgerüst beziehen. Diese Form von Fraud kann durch die gesetzlichen Vertreter, Aufsichtsorgane… …den Lagebericht47 zu verdecken48. Fraud auf dieser Ebene des Unternehmens wird auch als Top-Management Fraud bezeichnet49. Mitarbeitern unterer… …gemeint. 48 Vgl. Warncke, Markus (Zusammenarbeit 2005), S. 184; O’Gara, John D. (Corporate Fraud 2004), S. 95; zu einem Beispiel siehe Wells, Joseph T… …. (Padding 2003), S. 67 ff.; Bantleon, Ulrich/Thomann, Detlef (Fraud 2006), S. 1717. 49 Vgl. zu dieser Thematik und den diesbezüglichen Anforderungen an…

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  Case 4: MiniScribe (1989)

  Prof. Dr. Klaus Henselmann, Dr. Stefan Hofmann

  …Accounting Fraud in U.S. Companies 42 Case 4: MiniScribe (1989) The downfall of MiniScribe Corp., resulting from a major accounting fraud… …inventory and sales figures (see WSJ September 11, 1989): Accounting Fraud in U.S. Companies 43 – Although many companies accelerate shipments… …auditors had test-counted. Thus, they were able to inflate the number of items that the auditors had not sampled. Accounting Fraud in U.S. Companies… …. MiniScribe’s auditor, Coopers & Lybrand (now part of PricewaterhouseCoopers), was also sued by investors for its part in the fraud. The suits charged that the… …1992 settlement, it agreed to pay a total of USD 140 million for failing to detect the accounting fraud committed by MiniScribe. In July 1994, the… …amazing to see how close they could get to the num- Accounting Fraud in U.S. Companies 45 ber they wanted to hit.” A former MiniScribe manager… …the late 1980s. References: Albrecht, W. Steve / Albrecht, Chad: Fraud Examination & Prevention… …, pp. 5, 239, 246, 260 Schilit, Howard: Financial Shenanigans – How to detect accounting gimmicks and fraud in financial reports, 2nd… …, The Wall Street Journal, September 11, 1989 Fraud is Cited at MiniScribe, The New York Times, September 13, 1989 Large Award in MiniScribe Fraud Suit… …Trial for Fraud, Los Angeles Times, July 12, 1994 Wiles Convicted of Fraud in MiniScribe Case, Los Angeles Times, August 9, 1994…

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  Case 44: Satyam Computer Services (India, 2009)

  Prof. Dr. Klaus Henselmann, Dr. Stefan Hofmann

  …Accounting Fraud in Asian Companies 250 Case 44: Satyam Computer Services (India, 2009) Before he fell from grace, Ramalinga Raju was hailed… …based). But in January 2009, Raju had to ad- mit to the largest corporate fraud in Indian history. In a letter to Satyam’s board of directors, he… …scan- dal was quickly labelled as “India’s Enron”. “This is the saddest say for investors,” said one market analyst. “The fraud has badly shaken their… …Accounting Fraud in Asian Companies 251 stand by the company in the hour of crisis. “I am now prepared to subject myself to the laws of the land and… …face consequences thereof.” News of the fraud sent jitters through the Indian stock market. Shares in Satyam fell more than 70%, and the “Sensex”… …capital of Bombay expressed bafflement at how the fraud was not exposed earlier. Whereas Enron and other accounting frauds relied on dizzying arrays of… …off-balance-sheet partnerships and complicated circular trades with willing outside institutions to deceive investors, the Satyam fraud seemed to be absurdly simple… …earnings. Accounting Fraud in Asian Companies 252 However, there is usually little documentation associated with the number, so it is easy to… …letter to say that Sat- yam’s directors and senior executives had no knowledge of the fraud. But if there is a final lesson to be learned of accounting… …. In April 2009, a 77-page report filed by the Central Bureau of Investigation (India’s top investigation agency) detailed the scope of the Satyam fraud…

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  Case 19: Adelphia Communications (2002)

  Prof. Dr. Klaus Henselmann, Dr. Stefan Hofmann

  …Accounting Fraud in U.S. Companies 126 Case 19: Adelphia Communications (2002) The Adelphia case ranks among the biggest corporate fraud… …, Adelphia filed for Chapter 11 bankruptcy protection. Accounting Fraud in U.S. Companies 127 On July 24, 2002, federal prosecutors arrested… …. Accounting Fraud in U.S. Companies 128 Adelphia deliberately shifted liabilities onto the books of unconsolidated Rigas en- tities. The company created a… …capable” a greater percentage of its cable plant that in fact had been upgraded. Accounting Fraud in U.S. Companies 129 Third, Adelphia… …While most of the fraud took its form in hidden debt and misrepresentations con- cerning operational performance, the Adelphia case is especially notable… …: Accounting Fraud in U.S. Companies 130 – The Rigases created a special accounting system to mask their personal transactions, using the company’s… …disclosed to investors. Accounting Fraud in U.S. Companies 131 The SEC investigation found that chairman John Rigas and his sons had… …sentenced to 20 years in prison. The sentence was among the harshest handed down in any U.S. court for accounting fraud. The Rigas’s cases were low-hanging… …715 million. The funds were to be used to compensate Adelphia security holders who lost money as a result of the fraud. Adelphia and the Rigases also… …resolved civil fraud charges as part of a joint settlement with the SEC. In July 2006, the company sold substantially all of its assets, including the…

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  Case 32: Comroad (Germany, 2002)

  Prof. Dr. Klaus Henselmann, Dr. Stefan Hofmann

  …Accounting Fraud in European Companies 190 Case 32: Comroad (Germany, 2002) For audacity and scale, few cases of accounting fraud can match… …: Accounting Fraud in European Companies 191 (1) a lack of clarity about the existence of a Hong Kong company named “VT Elec- tronics Ltd.”, and (2) a… …, in the wake of that firm’s role in the Enron fraud in the United States. KPMG’s merger talks with Andersen broke down as the Comroad scandal… …was removed, and in November 2002, CEO Bodo Schnabel was ultimately jailed for seven years for criminal fraud and market manipulation. The Wall Street… …total revenues and backed them up with the name of a Accounting Fraud in European Companies 192 non-existing Asian customer. By 2000, roughly 97%… …. Still, the courts rejected most of the civil claims against Mr. Schnabel. KPMG said that it was victim of the fraud – and indeed, some observers… …thought that the “we were fooled, too” defense could be valid. “Comroad is not an account- ing issue. This is fraud,” said Hans-Georg Bruns, a member of… …series of accountings scandals in Germany that have badly damaged investors’ confidence in Accounting Fraud in European Companies 193 financial…

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  Case 21: HealthSouth (2003)

  Prof. Dr. Klaus Henselmann, Dr. Stefan Hofmann

  …Accounting Fraud in U.S. Companies 138 Case 21: HealthSouth (2003) In 2002, WorldCom, Tyco, Adelphia and several other U.S. companies joined… …2003, the SEC charged HealthSouth and its founder, chairman and CEO, Richard M. Scrushy, with accounting fraud. SEC director of enforcement Stephen… …revenues to derive net Accounting Fraud in U.S. Companies 139 revenues, which were disclosed on the periodic reports filed with the SEC. Because… …PricewaterhouseCoopers found additional fraud and concluded that HealthSouth’s cumulative earnings were overstated by at least USD 3.8 billion. PwC’s post-mortem report… …forensic experts (brought in by HealthSouth’s law firm to unravel the scheme) described the recipe for the fraud as follows: take legitimate numbers… …“Transmittal 1753”) for reduced future earnings. Transmittal 1753 Accounting Fraud in U.S. Companies 140 required certain healthcare providers to bill… …, the fraud’s impact was greater than USD 4 billion. But the fraud didn’t end there. In late 2003, federal law enforcement officials began to… …investigate Medicare fraud at HealthSouth, after a Texas jury had awarded USD 1.5 million in damages to the former medical director of a Houston hospital, Dr… …belonged in a psychiatric facility, not a rehab facility, but we had a bed available and we were encouraged to take them.” “In this sea of fraud, is it… …they exercise their fiduciary duty and responsibility to sharehold- ers?” However, the auditors, Ernst & Young, disavowed knowledge of the fraud…

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  Case 1: McKesson & Robbins (1938)

  Prof. Dr. Klaus Henselmann, Dr. Stefan Hofmann

  …25 Chapter 2: Cases of Accounting Fraud 2.1 Accounting Fraud in U.S. Companies Case 1: McKesson & Robbins (1938) “Like a torrent of… …accounting scandals. The preceding paragraph was published in February 1939 in the wake of the infa- mous accounting fraud at McKesson & Robbins, Inc. Unknown… …December 31, 1937. The mastermind of the fraud was Philip Musica. Born to poor Italian immigrants, he was raised in poverty in the streets of… …society. Philip Musica’s criminal career began early. By his 30th birthday, he had been con- victed of fraud twice. The first conviction was for… …bootleg- Accounting Fraud in U.S. Companies 26 gers who bought huge quantities of the company’s products and distilled out the alcohol to make booze… …thing. The fraud centred on the company’s crude drug division: unlike the rest of the company, only Musica and his three younger brothers had access to… …among themselves with Philip Musica, the oldest brother, getting the largest share. The fraud was not discovered until late 1938 when McKesson &… …obtained copies Accounting Fraud in U.S. Companies 27 of the Dunn & Bradstreet credit reports that had been used to satisfy McKesson & Robbins’… …circumstances of the McKesson & Robbins case gave the fraud much publicity. Hollywood set to work on a Musica movie. However, the scandal also led to major… …corporate governance and auditing reforms. Within months of the discov- ery of the fraud, a special committee of the AICPA recommended significant changes to…

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  Case 40: Kanebo (Japan, 2005)

  Prof. Dr. Klaus Henselmann, Dr. Stefan Hofmann

  …Accounting Fraud in Asian Companies 236 Case 40: Kanebo (Japan, 2005) By the late 1990s, Kanebo Ltd. ranked among Japan’s largest public… …crisis” in the United States. Japan’s business press quickly referred to the Kanebo fraud as “Japan’s Enron”. In March 2006, Takashi Hoashi pleaded… …learned of this scheme from reading the published reports of the Enron fraud.) When the executives were no longer able to sustain the scam in 2005, they… …announced that an internal inquiry had found “instances of accounting fraud” in the past. Finally, they admitted overstating oper- ating results by… …charged in connection with the Kanebo fraud admitted helping the company to hide losses. They had pointed out irregularities, but no Accounting… …Fraud in Asian Companies 237 demand had been made to have Kanebo’s statements corrected, resulting in an audit approval. According to the… …company’s poor financial health (the three defendants never admitted as much, though). During trial, the auditors testified that shortly before the fraud… …prevent the fraud was a consequence of “serious deficiencies” in its internal controls. As a result of inspect- ing Chuo Aoyama, the firm-wide management… …. Accounting Fraud in Asian Companies 238 As well as causing an exodus of audit clients, the punishment of Chuo Aoyama also helped to fuel extreme… …that it was also Accounting Fraud in Asian Companies 239 “unprecedentedly cleverly devised”. Despite these remarks, he handed suspended…

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