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• eBook-Kapitel aus dem Buch Accounting Fraud

  Case 31: Bankgesellschaft Berlin (Germany, 2001)

  Prof. Dr. Klaus Henselmann, Dr. Stefan Hofmann

  …Accounting Fraud in European Companies 186 Case 31: Bankgesellschaft Berlin (Germany, 2001) It is a spectacular tale of incompetence… …bank insolvency), this time it did not involve any elite private bank, but the most powerful banking house in the German capital. The crisis ex- posed… …. While Berlin’s city-state government owned the majority of BGB’s shares, the new institution was also publicly listed. That made it an unusual hybrid in… …the German banking system. Moreover, the way BGB was structured and managed left it vulnerable to weak controls and conflicts of interest. Its complex… …mix of businesses made it difficult for the supervisory board of the parent institution to maintain control and insist on clear risk reporting from… …Aubis and agreed on the credit line without the usual collat- erals and checks. However, Aubis failed as it saw itself unable to rent out the refur-… …were not just businessmen, but old CDU colleagues who had sat alongside him in parliament for many years. Then it came to light that Landowsky had… …, BGB quickly became one of the leading players in the Euro- pean real estate investment fund market. However, it was buying market share by assuming… …admitted it could not complete its 2000 accounts because of the ongoing investiga- tion and deep uncertainties about the potential risk in the… …property-linked portfolio. When BGB belatedly reported its official figures for 2000 in July 2001, it had to reveal a startling EUR 1.65 billion loss. It also…

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• eBook-Kapitel aus dem Buch Accounting Fraud

  Case 40: Kanebo (Japan, 2005)

  Prof. Dr. Klaus Henselmann, Dr. Stefan Hofmann

  …corporations. It had started making cotton in the 19th century and went on to become the number two in Japan’s cosmetic market. Its principal operations… …discovery of a series of accounting frauds in companies in the Japanese IT industry, and the frauds in Japan reminded many observers of the “Enron… …guilty to falsifying Kanebo’s financial statements. He had taken over the company in 1996, and when it became clear that he couldn’t stop the… …order to improve the company’s operating results and to make it appear solvent. Another method was improperly “de-consolidating” certain Kanebo… …those entries. When they pressed the issue, Hoashi argued that Chuo Aoyama had long accepted the company’s accounting practices and said it was pointless… …auditors. The presiding judge said: “The crime significantly eroded the public trust in the auditing system. It is shameful that they have failed to… …market turmoil in its wake. In a statement, PricewaterhouseCoopers said it would assist Chuo Aoyama in its reform efforts but at the same time… …called “Aarata” (meaning “new and fresh” in Japanese) commenced operations. In the subsequent weeks, it acquired dozens of former Chuo Aoyama clients. In… …addition, about one-fourth of the employees left Chuo Aoyama and joined Aarata. (Given the dire lack of qualified auditors in Japan, it would have been… …2007, Misuzu announced that it was disbanding. In the aftermath of the Kanebo audit failure, the FSA began to investigate the audit practices of…

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• eBook-Kapitel aus dem Buch Accounting Fraud

  A Practice Aid for Company Executives: The Ethics Barometer

  Prof. Dr. Klaus Henselmann, Dr. Stefan Hofmann

  …290 Appendix: Practice Aids Appendix I A Practice Aid for Company Executives: The Ethics Barometer It is essential that the board and… …. However, it is advisable to tailor the content of the barometer to the situation in which the organization finds itself. For achieving customization… …honest and reliable: he does as he says and fulfils his responsibilities. A.11 In my immediate working environment, it is sufficiently clear how… …. A.12 It is easy for me to comply with the company’s standards of conduct because there is a strong level of commitment from top management and… …standards of conduct is provided to me when I need it and is clear and easy for me to understand. C.4 The training is effective in guiding my decisions… …first-hand knowledge about misconduct, I would feel comfortable reporting it to my colleagues or my supervisors. C.8 If I observed or had first-hand… …knowledge about misconduct, I would feel comfortable reporting it to the ethics hotline/the compliance department. C.9 As a result of the incident… …fraud awareness sessions is adequate. C.18 The company has established its compliance policy by means of a long- term integrated plan. It regularly… …standards of con- duct, I think it would be because they are trying to help the organization achieve its goals and meet its business targets. D.5 If a… …manager or a colleague does something which is not permitted, some- one in the organization will find out about it. E. Personal Data (optional)…

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• eBook-Kapitel aus dem Buch Auditing Payroll

  Payroll Run

  DIIR – Deutsches Institut für Interne Revision e. V.

  …49 7 Payroll Run 7.1 Payroll Calculation Salaries and wages are paid to employees on the settlement date. It should always correspond to a fixed… …payment period. The dates of the wage run and the corresponding wage periods can be viewed in the wage calendar. It is im- portant to use a central system… …Calculation It is important that payroll (including compensation and time-based allow- ances such as overtime and deductions) is accurately calculated and… …determine whether the payroll has been accurate- ly calculated and recorded (including compensation and withholdings) and whether it is complete. • Is a… …should enable a payroll administrator to generate a payroll report and send it for approval, preferably online. This process allows the re- sponsible…

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• eBook-Kapitel aus dem Buch Accounting Fraud

  Case 43: Sanyo Electric (Japan, 2007)

  Prof. Dr. Klaus Henselmann, Dr. Stefan Hofmann

  …Electric Co. struggled with heavy financial losses as it faced a brutally competitive pricing market for many of its products. These products (including… …should have accounted for USD 1.5 billion in subsidiaries’ losses in 2004 but booked only around USD 400 million, thus falsely reporting a profit when it… …was largely in the red. In February 2007, Sanyo admitted that it had been approached by Japan’s Secu- rities and Exchange Surveillance Commission… …(SESC) about its past accounting. Sanyo announced that the SESC was investigating it for allegedly failing to account for valuation losses made on… …the losses were focused on its LCD unit (which it liquidated later on) and its chip making division. Eventually, Sanyo said it might have to… …restate its earnings for the four years between 2000 and 2004. The investigation was a blow to Sanyo at a time when it made great efforts to turn… …temporarily after being implicated in financial statement fraud at Kanebo, the cosmetics firm. It had also been the auditor for Nikko Cordial, which had to… …and her reliance upon a consultancy firm run by her husband. In December 2007, Sanyo admitted that its group figures were wrong since 2000. It… …said it miscalculated earnings from dozens of subsidiary companies to the tune of USD 3.5 billion over six years to March 2006. In March 2004, it had… …falsely reported a profit instead of a loss. Sanyo apologized to investors, saying it would strengthen its management team and internal controls, but…

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• eBook-Kapitel aus dem Buch Compliance kompakt

  IT-Compliance

  Michael Rath, Rainer Sponholz

  …„allgemei- nen“ Compliance. Zum einen unterliegt die Informationstechnologie (IT) einer sehr dynamischen Entwicklung, die für die neu geschaffenen technischen… …systematisch aufzu- zählen. Zwecks Erstellung einer Datenbank mit international gültigen, regulatori- schen Anforderungen an die IT, einer so genannten… …Systemen zu tun hat, beziehen sich die insoweit bestehenden regulatorischen Anforderungen der IT- Compliance auf die Vermeidung von unerwünschten Schäden… …der Ein- haltung der Anforderungen, also der IT-Compliance, muss durch die IT- Systeme und -prozesse sichergestellt werden. Dies kann durch Protokolle… …das Risikoma- nagement für Kredit- und Finanzdienstleistungsinstitute (kurz MaRisk) durch die sog. „Bankaufsichtlichen Anforderungen an die IT“ (BAIT)… …konsistente IT-Strategie festzulegen. Mindestinhalte der IT- Strategie sind: • Strategische Entwicklung der IT-Aufbau- und IT-Ablauforganisation sowie der… …Auslagerungen von IT-Dienstleistungen • Zuordnung der gängigen Industriestandards, an denen sich das Unter- nehmen orientiert, auf die Bereiche der IT •… …unter Berücksichtigung der IT- Belange • Aussagen zu den in den Fachbereichen selbst betriebenen bzw. ent- wickelten IT-Systemen (Hardware- und… …Software-Komponenten). Auf Basis dieser Mindestinhalte für die IT-Strategie soll die Geschäftsleitung im Rahmen der IT-Governance Regelungen zur IT-Aufbau- und IT… …geändert oder ab- sichtlich manipuliert wurde. Über wesentliche IT-Projekte und wesentliche IT- Projektrisiken ist zudem regelmäßig und anlassbezogen der…

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• eBook-Kapitel aus dem Buch Accounting Fraud

  Case 20: AOL Time Warner (2002)

  Prof. Dr. Klaus Henselmann, Dr. Stefan Hofmann

  …entertainment giant headquartered in New York. The implied market value of the merged company was approximately USD 200 billion, making it the then-largest… …started to flatten. It was during this period that AOL engaged in accounting fraud to mask the fact that it was also beginning to experience a rapid… …for goods and services it purchased in exchange for the vendors’ purchases of online advertising in the same amount as the mark-up – “Business… …and services. In the third quarter of 2000, AOL paid PurchasePro USD 2 million for software licenses it neither needed nor intended to use. In… …parties it referred to PurchasePro entered into commercial arrangements with this company. AOL essentially paid third parties to Accounting Fraud in… …from PurchasePro, but falsified documents in order to create the appearance that it had actually referred third-party purchases to PurchasePro. In the… …these memberships as sub- scribers, although it knew that the memberships mostly would not be activated by the employees. The so-called “attach rates” –… …several instances, AOL counted bulk subscribers although it failed to complete the transactions within the respective quarters. In last-minute efforts to… …meet the quarterly targets, AOL shipped non-conforming membership kits to the customers prior to the quarter end – with the understanding that it would… …management of AOL Europe; for example, it caused its own designated directors and steering committee members to act in accordance with AOL’s directions. How-…

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• eBook-Kapitel aus dem Buch IT-Compliance

  Einführung

  Dr. Michael Rath, Rainer Sponholz

  …Governance und die hieraus abgeleiteten Begriffe IT-Compli- ance, Data- und IT-Governance sowie GRC geschaffen. Für den Oberbegriff (IT-) Compliance2wird dabei… …, wird uns jeden Tag eindrucksvoll in den Medien präsentiert. Auch die Welt der Informationstechnologie ändert sich, für jedermann erfahrbar und mit zuneh-… …mend hohem Tempo. Die Produktlebenszyklen in der IT haben sich inzwischen von mehreren Jahren auf mitunter wenige Monate verkürzt. Noch rasanter ist der… …, Viehweg-Verlag, S. 435. larien befassen, die sich auf die IT beziehen und daher (IT-)Compliance erfor- dern. Der Begriff (IT-)Compliance hat somitmehrere… …Management muss dabei auch den auf die Informationstechnologie entfal- lenden Anteil der Compliance, die IT-Compliance, als Aufgabe der Geschäftslei- tung… …, https://www.bafin.de/DE/ DieBaFin/AufgabenGeschichte/Versicherungsaufsicht/versicherungsaufsicht_node.html. 14 IT Governance Institute: „IT Governance für Geschäftsführer… …und Vorstände“, S. 11. 15 Deloitte Touche Tohmatsu: „Cracking the IT Value Code“, Deloitte Research Report, 2004, S. 2. 16 Zum Thema… …Begriffsauffassungen zur IT-Governance vgl. Fröhlich, Martin; Glasner, Kurt; Goeken, Matthias; Johannsen, Wolfgang: „Sichten der IT-Governance“ in: IT- Governance, Juli… …sich jedoch nicht auf die Regularien für den Einsatz von Informationstechnologie und deren Konformität reduzieren. IT-Governance wird im Wesentlichen vom… …Beziehungen zwischen Eigentümern undManagement eines Unternehmens. „IT Governance liegt in der Verantwortung des Vorstands und des Managements und ist ein…

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• eBook-Kapitel aus dem Buch IT-Audit

  Grundlagen

  Dr. Stefan Beißel

  …Qualität mit oder ohne Schwerpunkt auf der IT. Sie haben jedoch gemein, dass die Überprüfung unabhängig und nachvollziehbar sein soll und die Ergebnisse auf… …angemessenen Nachweisen beruhen sollen. IT-Audits beziehen sich dabei auf den Themenbereich IT oder auf einen Ausschnitt der IT. Ein IT-Audit ist eine… …unabhängige Überprüfung der Einhaltung von Vorgaben und der Funktionalität von Kontrollmaßnahmen innerhalb der IT eines Unter- nehmens. Die Unabhängigkeit… …unerwünschte Zustände, die zu Ineffizienzen, finanziel- len Schäden oder Reputationsschäden führen können, vermieden werden. Die IT eines Unternehmens umfasst… …Ordnungsmäßigkeit zu überwachen. Da der Auditierte gegenüber dem Auditor häufig die Rolle eines Lieferanten innehält, wird für das 2nd Party IT- Audit auch der… …. In der Regel wurden die Auditoren speziell für das IT- Audit geschult und besitzen relevante Erfahrungen oder können auf ein Netzwerk von erfahrenen… …virtuelle Umgebung umfasst alle Objekte der IT, welche zwar eine konkrete und nützliche Funktionalität besitzen, jedoch in der Regel keine physische Form… …beeinflussen können. Im IT-Bereich handelt es sich dabei zum einen um Immobilien, in denen die IT- Systeme betrieben werden, und zum anderen um IT-Systeme… …Betrieb von Servern vorgesehen sind, und um die Arbeitsräume des Personals. – Umwelt ist ein Oberbegriff für alle Umweltfaktoren, die von außen auf IT… …Überblick Beim Prüfungsaspekt eines IT-Audits handelt es sich primär um die Sicherheit, Wirtschaftlichkeit oder Ordnungsmäßigkeit der IT in einem…

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• eBook-Kapitel aus dem Buch Accounting Fraud

  Case 3: Crazy Eddie (1987)

  Prof. Dr. Klaus Henselmann, Dr. Stefan Hofmann

  …multi-pronged fraud, probably one of the twentieth century’s most infamous frauds. And even though the fraud is more than two decades old, it provides vivid… …financial statement fraud of all time, but for outrage- ousness, it is going to be very hard to beat.” In 1969, Eddie Antar, a 21-year old high school… …dropout, opened a modest con- sumer electronics store in Brooklyn, New York City. It was at this tiny store that Antar acquired the nickname “Crazy Eddie”… …. That inventory shortage, concealed from the public, was larger than the total profits the company had reported since it went public in 1985. The… …Accounting Fraud in U.S. Companies 38 inventory. Besides, Antar’s underlings shipped stock from one store to another overnight, so that it could be… …periods without being recorded. (As a result, Crazy Eddie never knew what it really owed.) – Improper disclosures: In one year, Antar stated that… …risky. – The accounting firm had allegedly “lowballed” to obtain Crazy Eddie as an audit client, realizing that it could make up for any lost audit… …revenue by selling the company consultancy services. – It was further alleged that the field auditors were very young and inexperi- enced. Antar… …altered documents. (Crazy Eddie used an outdated manual inventory system. The absence of a computer-based system made it much more difficult for the… …private holdings in Crazy Eddie stock at a time when the company’s financial condition was deteriorating, but when it was still being portrayed as healthy…

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