Suchergebnisse

• eBook-Kapitel aus dem Buch Accounting Fraud

  Case 35: Parmalat (Italy, 2003)

  Prof. Dr. Klaus Henselmann, Dr. Stefan Hofmann

  …, Tanzi did not bring much-needed high-level expertise into his management ranks by recruiting senior executives from other big global firms. Instead… …Italian banks. The management of the company went over to Enrico Bondi, a turn- around specialist well known in Italy. Bondi had been appointed as a… …aware of the true state of Parmalat’s finances.” Nevertheless, Parmalat’s new management, led by Enrico Bondi, has been suing Italian and international… …into large global conglomerates while maintaining family-style management. However, Parmalat’s business model and financing strategies – rapid… …acquisitions, moves into risky markets, the financing of expansion through borrowing, and the management of debt through opaque special purpose entities in… …European Companies 214 References: India Center for Management Research: Parmalat – The Fall of a Dairy Giant, Finance…

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• eBook-Kapitel aus dem Buch Accounting Fraud

  Case 25: Bernard Madoff (2008)

  Prof. Dr. Klaus Henselmann, Dr. Stefan Hofmann

  …, allowing him to land on impor- tant boards and commissions. And he was very good at the so-called “impression management”. He cast himself as a crusader… …any explanations or monthly performance attributions. Above all, Madoff was also very reluc- tant to disclose his actual assets under management. Once… …management firm invests in. As an example, if the firm you are auditing invests in AT&T, you are not responsible for auditing AT&T.” In June 2009… …its risk management processes. Be- Accounting Fraud in U.S. Companies 164 sides, the fraud continues to reverberate on Wall Street. A number of… …References: Clauss, Pierre / Roncalli, Thierry / Weisang, Guillaume: Risk Management Lessons from Madoff Fraud, www.papers.ssrn.com, April 2009…

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• eBook-Kapitel aus dem Buch Accounting Fraud

  Case 21: HealthSouth (2003)

  Prof. Dr. Klaus Henselmann, Dr. Stefan Hofmann

  …of Wall Street’s expectations, Scrushy would tell management to “fix it” by recording false earnings to make up the shortfall. (The conspirators also… …Accounting Fraud in U.S. Companies 143 HealthSouth worked to restore credibility under new management. Bob May, the new chairman, said that the… …company’s board “remained appalled by the multi- billion dollar fraud that took place under Mr. Scrushy’s management and the envi- ronment under which such… …HealthSouth executives charged with accounting fraud, Healthcare Financial Management, May 2003 Troubled HealthSouth Faces Medicare Fraud Investigation…

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• eBook-Kapitel aus dem Buch Accounting Fraud

  Case 12: Enron (2001)

  Prof. Dr. Klaus Henselmann, Dr. Stefan Hofmann

  …Enron stock (October 17). Senior management, however, sold nearly USD 1 billion worth of company shares throughout the year. - The SEC opened inquiries… …busi- ness judgment of Enron’s management in setting up these structures for the com- pany’s benefit. One of the main questions asked in the wake of… …destruction of the documents, but announced that it was suspending its records management policy, which allowed for disposal of unnecessary records… …auditors on technical accounting questions; nor was it in a position to evaluate the validity of top management representations. The audit committee did… …rewarded. (For example, from 1999 through 2001, two SPEs called “the LJM partnerships” paid Andrew Fastow more than USD 30 mil- lion in management fees –… …, Enron’s management was heavily compensated using stock option awards. But these stock compensation programs only motivated Enron’s managers to pump…

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• eBook-Kapitel aus dem Buch Accounting Fraud

  Case 5: Phar-Mor (1992)

  Prof. Dr. Klaus Henselmann, Dr. Stefan Hofmann

  …collusive management fraud was almost inconceivable. The perpetrators made phony journal entries to increase inventory and decrease cost of sales… …day-to-day management all reported to Mickey Monus.” Until fall 1991, there was no internal audit department, and as in many such companies, the board was…
• eBook-Kapitel aus dem Buch Accounting Fraud

  Case 8: Sunbeam (1998)

  Prof. Dr. Klaus Henselmann, Dr. Stefan Hofmann

  …partner, who asked the company to change its financial statements. But the company’s management refused to make most of the requested changes, and the… …arriving at Sunbeam, Dunlap replaced almost all of top management with his own selections, who were also provided with strong financial incentives to…
• eBook-Kapitel aus dem Buch Accounting Fraud

  Case 20: AOL Time Warner (2002)

  Prof. Dr. Klaus Henselmann, Dr. Stefan Hofmann

  …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-… …senior management now focused on making the company a more efficient operation devoted solely to information and entertainment. References…
• eBook-Kapitel aus dem Buch Accounting Fraud

  Case 41: Livedoor (Japan, 2006)

  Prof. Dr. Klaus Henselmann, Dr. Stefan Hofmann

  …came to dominate the company. Horie testified: “I never studied accounting. A management book I read said to leave that to spe- cialists, so… …the Japanese appetite for reform is limited. Livedoor still exists today under new management, but it is a mere shadow of the high-flying…
• eBook-Kapitel aus dem Buch Accounting Fraud

  Case 37: Siemens (Germany, 2006)

  Prof. Dr. Klaus Henselmann, Dr. Stefan Hofmann

  …small central management enthroned above them was mainly responsible for company-wide issues. The division heads learned to value this new-found free-… …conceal the identities of the officials who authorized such payments. At the same time, Siemens central management tight- ened its anti-corruption… …railway lines. In a separate investigation, a member of Siemens’s central management, Johannes Feldmayer, was arrested by prosecutors on charges…

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• eBook-Kapitel aus dem Buch Accounting Fraud

  Case 14: Dynegy (2002)

  Prof. Dr. Klaus Henselmann, Dr. Stefan Hofmann

  …downplayed the importance of the SEC investigation. The company said that “a new management focus was needed” and that the trades being investigated were…