Suchergebnisse

• eBook-Kapitel aus dem Buch Accounting Fraud

  Case 27: Flowtex (Germany, 2000)

  Prof. Dr. Klaus Henselmann, Dr. Stefan Hofmann

  …to undertake a special audit by some of the lending banks that were unhappy with the figures that had been produced by Flow- tex. KPMG issued a clean… …audit report, but did not conduct a full reconciliation of the actual leased machines against the company records. Instead, they merely pre- sented… …ruled that the failure of the state of Baden-Wuerttemberg’s tax authorities to un- cover the fraud during the audit of Flowtex in 1996 and 1997 did not…

  Alle Treffer im Inhalt anzeigen
• eBook-Kapitel aus dem Buch Accounting Fraud

  Case 30: Lernout & Hauspie Speech Products (Belgium, 2000)

  Prof. Dr. Klaus Henselmann, Dr. Stefan Hofmann

  …commissioned a special midyear audit by L&H’s regular auditor, KPMG. On November 9, 2000, L&H announced that it would revise financial statements for 2…
• eBook-Kapitel aus dem Buch Accounting Fraud

  Case 32: Comroad (Germany, 2002)

  Prof. Dr. Klaus Henselmann, Dr. Stefan Hofmann

  …at all to query. On the contrary: in the years 1996, 1997, 1998, 1999 and 2000, Comroad has al- ways received an unqualified audit certificate. So we… …spokesperson, KPMG stated that “there were justified doubts about the trustworthiness of Comroad”. The audit firm gave two reasons for resigning… …American-style revolts at their annual meetings to block the rehiring of KPMG. The audit firm suffered an increase in the number of clients that switched away to… …another auditor: KPMG’s share of the German audit market dipped from 22% in 2001 to 18% in 2002, the year that the Comroad scandal unfolded. “Trust in… …account- ing firm Roedl & Partner has presented a comprehensive final report on the special audit of Comroad AG for the years 1998–2000. The report confirms… …growth in Germany, a hugely important market for the audit firm. Another question posed by the scandal concerns the role of the banks. Comroad…

  Alle Treffer im Inhalt anzeigen
• eBook-Kapitel aus dem Buch Accounting Fraud

  Case 34: Royal Ahold (The Netherlands, 2003)

  Prof. Dr. Klaus Henselmann, Dr. Stefan Hofmann

  …fiscal year 2002 audit of the company. The news prompted a 70% plunge in Ahold’s share price and the resignations of CEO Cees van der Hoeven and CFO… …, USF personnel provided side letters assuring the sup- pliers that they did not owe USF the amounts they were signing off on. Thus, the annual audit… …confirmations is an important part of the audit process, and the Commission will hold accountable those who work to subvert it.” The USF case was the largest…

  Alle Treffer im Inhalt anzeigen
• eBook-Kapitel aus dem Buch Accounting Fraud

  Case 35: Parmalat (Italy, 2003)

  Prof. Dr. Klaus Henselmann, Dr. Stefan Hofmann

  …verification carelessly through Parmalat’s internal Accounting Fraud in European Companies 210 mail system instead of following the standard audit… …legislation requiring regular rotation of audit firms led to the appoint- ment of Deloitte & Touche. Yet Grant Thornton continued to perform the audit of some… …arrested by Italian authorities. Two partners of Deloitte’s Italian affiliate were placed under investigation. In civil legislation in which both audit…

  Alle Treffer im Inhalt anzeigen
• eBook-Kapitel aus dem Buch Accounting Fraud

  Case 37: Siemens (Germany, 2006)

  Prof. Dr. Klaus Henselmann, Dr. Stefan Hofmann

  …support Debevoise in its efforts. As a further measure, the Siemens audit committee appointed Michael J. Hershman (a co-founder of Transparency…
• eBook-Kapitel aus dem Buch Accounting Fraud

  Case 40: Kanebo (Japan, 2005)

  Prof. Dr. Klaus Henselmann, Dr. Stefan Hofmann

  …misstatements in mind, the public began to doubt whether the auditors remained independent from their client in the Kanebo audit. Chuo Aoyama, Japan’s… …second-largest accountancy firm with more than 1,300 CPAs, had served as Kanebo’s audit firm for decades. The engagement partners had worked on the annual audits… …Fraud in Asian Companies 237 demand had been made to have Kanebo’s statements corrected, resulting in an audit approval. According to the… …(FSA) to suspend its operations for the two-month period July 1–August 31, 2006. In im- posing the penalty, the FSA said the audit firm’s failure to… …to ensure audit quality control was deemed insufficient by the agency. The penalty was the FSA’s first against one of Japan’s “Big Four” audit firms… …independent audit firm at all times. The suspension of Chuo Aoyama meant that the firm’s approxi- mately 800 audit clients that had listed securities on a… …lost nearly one-third of its audit clients, including more than 200 publicly listed clients and high-profile companies such as Sony Corp., Shiseido… …. 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… …establish a new independent affiliated firm in Japan that would “adopt international best practices in auditing”. Thus, in July 2006, a new audit firm… …the taint – changed its name to “Misuzu Audit Corporation” and under- went a review to strengthen its quality control functions. But already in February…

  Alle Treffer im Inhalt anzeigen
• eBook-Kapitel aus dem Buch Accounting Fraud

  Case 43: Sanyo Electric (Japan, 2007)

  Prof. Dr. Klaus Henselmann, Dr. Stefan Hofmann

  …occurred was Chuo Aoyama, which had been in hot water with Japanese regulators before. The accountancy firm had been forced to suspend its audit practice… …False Earnings Reports, www.foxnews.com, February 23, 2007 Sanyo’s Latest Setback, Business Week Online, February 23, 2007 Sanyo plunges as audit…
• eBook-Kapitel aus dem Buch Accounting Fraud

  Case 44: Satyam Computer Services (India, 2009)

  Prof. Dr. Klaus Henselmann, Dr. Stefan Hofmann

  …Beresford, a former chairman of the FASB, the U.S. accounting watchdog. “If you are an audit- ing company and your client says they have USD 1 billion in… …“appropriate audit evidence”. PwC alleg- edly was unaware of Satyam’s inflated financial figures until Ramalinga Raju re- vealed them. Nevertheless, there were… …reports was retrieved from the e-mail box of the CFO, Srinivas Vadlamani, the Bureau of Inves- tigation said. The two PwC auditors who oversaw the audit of… …auditors received an “exorbitant audit fee” several times the market rate. The two auditors were suspended from PwC and jailed in Hyderabad, charged with… …audit and consultancy firm KPMG in New Delhi. “For a long time, many found the subject boring, but that has changed now. We were busy pursuing a… …from carrying out consulting work for the companies they audit. There are numerous listed companies where the advisory arms of the audit firm earn… …York Times, January 8, 2009 Investors raise questions over PwC Satyam audit, Times Online, January 8, 2009 Scandal at Satyam: Truth, Lies and Corporate…

  Alle Treffer im Inhalt anzeigen
• eBook-Kapitel aus dem Buch Accounting Fraud

  Fraud Theories

  Prof. Dr. Klaus Henselmann, Dr. Stefan Hofmann

  …be a weak audit committee or weak internal controls, and the atti- tude/rationalization might be that “we’ll only cook the books until we get over this…