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• eBook-Kapitel aus dem Buch Accounting Fraud

  Case 7: Waste Management (1997)

  Prof. Dr. Klaus Henselmann, Dr. Stefan Hofmann

  …Accounting Fraud in U.S. Companies 55 Case 7: Waste Management (1997) The Waste Management case provides an anatomy of an accounting… …scandal that is far more than just a financial history lesson. It portrays a multiyear effort to inflate reported profits at Waste Management, Inc. (WMI)… …investments. Waste Management, Inc. was a Delaware corporation with its principal place of business in Oak Brook, Illinois. Through its subsidiaries, WMI… …services. During the early years of the 1990s, WMI began to dominate the field of waste management and trash hauling. By 1995, its sales exceeded USD 10… …Andersen’s WinSMART system, a computerized risk management classification program using data input by the engagement team, classified WMI as a “high risk… …agement’s netting of the gains and charges and the lack of disclosures. We have communicated strongly to management that this is an area of SEC exposure. We… …personal style that fit well with the Waste Management officers”. During his tenure as engagement partner for WMI, Allgyer held the title of “Partner in… …had annually presented company management with what it called “Proposed Adjusting Journal Entries” (PAJEs) to correct the misstatements. But WMI… …management consistently refused to make these adjustments. Instead, WMI secretly entered into an agree- ment with Andersen to write off the accumulated… …unsuspecting shareholders.” As the company’s reve- nues and profits were not growing fast enough to meet the predetermined earnings targets, WMI management…

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