Strategies to overcome the challenge:

The 1998 Waste Management scandal involved allegations of fraudulent

accounting practices at the company, which resulted in overstating the
company's earnings by $1.7 billion. To address this scandal, several strategies
could be considered:

• Acknowledge and take responsibility: The company's leadership needs

to publicly acknowledge the wrongdoing and take responsibility for it.
This could include issuing a public apology and demonstrating a
commitment to rectifying the situation.

• Implement new accounting and internal control policies: The

company needs to implement new accounting policies and internal
control procedures to prevent similar incidents from occurring in the
future. This could involve conducting regular audits and ensuring that all
financial reporting is accurate and transparent.

• Strengthen corporate governance: The company should strengthen its

corporate governance practices by appointing independent directors to its
board of directors and creating an independent audit committee to oversee
financial reporting.

• Cooperate with regulatory authorities: The company should cooperate

fully with regulatory authorities investigating the scandal. This could
involve providing access to documents and employees, and implementing
any recommended changes or remedial actions.

• Improve employee training and culture: The company should focus on

improving its employee training programs to promote ethical behaviour
and ensure that all employees understand the importance of accurate
financial reporting. Additionally, the company should foster a culture of
transparency and accountability throughout the organization.