Accounting Scandals Data

List of
biggest
accounting
scandals
Count of Company Post SoX
Country Post SoX Prior to SoX Total Result
Australia 2 2
Belgium 1 1
Bermuda 2 2
Brazil 2 2
Canada 6 5 11
Canada-China 1 1
China 1 1
France 1 1
Germany 1 1
India 1 1
Iran 2 2
Ireland 1 1
Italy 1 1
Japan 2 2
Malaysia 1 1
Spain 1 1
Switzerland 1 1
UK 1 1
United Kingdom 5 5
United States 10 47 57
Total Result 31 64 95
Audit Firm wise List of biggest accounting scandals country wise as on Nov 2020 [1925 to 20
Audit Firm No.of Companies Percentage
Ernst & Young 16 17

PricewaterhouseCoopers 15 16
Arthur Andersen 13 14
Deloitte & Touche 10 11
KPMG 8 8
Arthur Andersen / KPMG 1 1
BDO 1 1
Deloitte 1 1
Ernst & Young / Deloitte / KPMG 1 1
Others 29 31
Grand Total 95 100
https://en.wikipedia.org/wiki/Accounting_scandals
Country wise List of biggest accounting scandals country wise List of biggest accounting scandals pre and post implemtation
Post SoX (Year

Country No.of Companies Country 2002) No.of
Companies
United States 57 Australia

Canada 11 Belgium
United Kingdom 6 Bermuda
Australia 2 Brazil 2
Bermuda 2 Canada 6
Brazil 2 Canada-China 1
Iran 2 China 1
Japan 2 France
Belgium 1 Germany 1
Canada-China 1 India 1
China 1 Iran 2
France 1 Ireland 1
Germany 1 Italy 1
India 1 Japan 2
Ireland 1 Malaysia 1
Italy 1 Spain 1
Malaysia 1 Switzerland
Spain 1 UK 1
Switzerland 1 United Kingdom
Grand Total 95 United States 10
Grand Total 31
ting scandals pre and post implemtation of SoX
Prior to SoX (Year

Total No.of
2002) No.of
Companies
Companies
2 2
1 1
2 2
2
5 11
1
1
1 1
1
1
2
1
1
2
1
1
1 1
1
5 5
47 57
64 95
Company Year Year1
Fred Stern & Company 1925 1925
Hatry Group 1929 1929
Royal Mail Steam Packet Company 1931 1931
Interstate Hosiery Mills 1937 1937
McKesson & Robbins, Inc. 1938 1938
Yale Express System 1965[19] 1965
Atlantic Acceptance Corporation 1965[20] 1965
Continental Vending Machine Corp. 1969[21] 1969
National Student Marketing Corporation 1970[22] 1970
Four Seasons Nursing Centers of America 1970[23] 1970
Equity Funding 1973[24] 1973
Fund of Funds – Investors Overseas Services 1973[25] 1973
Lockheed Corporation 1976[26] 1976
Nugan Hand Bank 1980[27] 1980
O.P.M. Leasing Services 1981[28] 1981
ZZZZ Best 1986[29] 1986
Northguard Acceptance Ltd. 1980 to 1982 [30] 1980
ESM Government Securities 1986[31] 1986
Bankers Trust 1988[32] 1988
Barlow Clowes 1988[33] 1988
Crazy Eddie 1989[34] 1989
MiniScribe 1989[35] 1989
Livent 1989 to 1998 1998
Polly Peck 1990[38] 1990
Bank of Credit and Commerce International 1991[39] 1991
Phar-Mor 1992[40] 1992
Informix Corporation 1996[41] 1996
Sybase 1997 [43][44][45]
1997
Cendant 1998[47] 1998
Cinar 1998 [48] 1998
Waste Management, Inc. 1999[49] 1999
MicroStrategy 2000[50] 2000
Unify Corporation 2000[51] 2000
Computer Associates 2000[52] 2000
Lernout & Hauspie 2000[citation needed] 2000
Xerox 2000[53] 2000
One.Tel 2001[54] 2001
Enron 2001[55] 2001
Swissair 2001 2001
Adelphia 2002[56] 2002
AOL 2002[53] 2002
Bristol-Myers Squibb 2002[53][57] 2002
CMS Energy 2002[53][58] 2002
Duke Energy 2002[53] 2002
Vivendi Universal 2002[53] 2002
Dynegy 2002[53] 2002
El Paso Corporation 2002[53] 2002
Freddie Mac 2002[59] 2002
Global Crossing 2002[53] 2002
Halliburton 2002[53] 2002
Homestore.com 2002[53][60] 2002
ImClone Systems 2002[61] 2002
Kmart 2002[53][62] 2002
Merck & Co. 2002[53] 2002
Merrill Lynch 2002[63] 2002
Mirant 2002[53] 2002
Nicor 2002[53] 2002
Peregrine Systems 2002[53] 2002
Qwest Communications 2002[53] 2002
Reliant Energy 2002[53] 2002
Sunbeam 2002[64] 2002
Symbol Technologies 2002[65][66] 2002
Tyco International 2002[53] 2002
WorldCom 2002[53][67] 2002
Royal Ahold 2003[68] 2003
Parmalat 2003[69][70] 2003
HealthSouth Corporation 2003[71] 2003
Nortel 2003[72] 2003
Chiquita Brands International 2004[73] 2004
AIG 2004[74] 2004
Bernard L. Madoff Investment Securities LLC 2008[75] 2008
Anglo Irish Bank 2008[77] 2008
Satyam Computer Services 2009[78] 2009
Biovail 2009 [79] 2009
Taylor, Bean & Whitaker 2009 [80] 2009
Monsanto 2009 to 2011 [81] 2009
Kinross Gold 2010 [82] 2010
Lehman Brothers 2010[83] 2010
Amir-Mansour Aria 2011 2011
Bank Saderat Iran 2011 2011
Sino-Forest Corporation 2011[84] 2011

Olympus Corporation 2011[85] 2011
Autonomy Corporation 2012[86] 2012
Penn West Exploration 2012 to 2014 [87] 2012
Pescanova 2013 2013
Petrobras 2014 [88] 2014
Tesco 2014[89] 2014
Toshiba 2015[90] 2015
Valeant Pharmaceuticals 2015 [91] 2015
Alberta Motor Association 2016 [92][93] 2016
Odebrecht 2016 [94] 2016
Wells Fargo 2017 [95] 2017
1Malaysia Development Berhad 2018 2018
Wirecard AG 2020[97] 2020

Luckin Coffee 2020 2020
Post SoX Audit Firm
Prior to SoX Touche, Niven & Co.
Prior to SoX
Prior to SoX
Prior to SoX Homes and Davis
Prior to SoX Price, Waterhouse & Co.
Prior to SoX Peat, Marwick, Mitchell & Co.
Prior to SoX Wagman, Fruitman & Lando
Prior to SoX Lybrand, Ross Brothers, & Montgomery
Prior to SoX Peat, Marwick, Mitchell & Co.
Prior to SoX Arthur Andersen
Prior to SoX Wolfson Weiner; Ratoff & Lapin
Prior to SoX
Prior to SoX
Prior to SoX Fox & Company
Prior to SoX
Prior to SoX Ernst & Young
Prior to SoX Alexander Grant & Company
Prior to SoX Arthur Young & Co
Prior to SoX
Prior to SoX
Prior to SoX
Prior to SoX Deloitte & Touche [36][37]
Prior to SoX
Prior to SoX
Prior to SoX Coopers & Lybrand
Prior to SoX Ernst & Young[42]

Prior to SoX Ernst & Young[46]
Prior to SoX PWC
Prior to SoX Deloitte & Touche
Prior to SoX KPMG
Prior to SoX KPMG
Prior to SoX KPMG
Prior to SoX PricewaterhouseCoopers
Prior to SoX KPMG
Prior to SoX KPMG
Prior to SoX 1999, 2000, 2001 Arthur Andersen 2002 October KPMG
Prior to SoX
Post SoX Deloitte & Touche
Post SoX Grant Thornton SpA
Post SoX Ernst & Young
Post SoX PricewaterhouseCoopers
Post SoX Friehling & Horowitz
Post SoX
Post SoX Deloitte
Post SoX KPMG
Post SoX IAO (Audit organization) and other Audit firms
Post SoX IAO (Audit organization) and other Audit firms

Post SoX KPMG
Post SoX BDO Spain
Post SoX
Post SoX
Post SoX KPMG
Post SoX Ernst & Young, Deloitte, KPMG [96]

Audit Firm Country
Others United States
Others United Kingdom
PricewaterhouseCoopers United States
Others Canada
Arthur Andersen United States
Arthur Andersen Canada
Others Australia
Ernst & Young Canada

Deloitte & Touche Canada
Ernst & Young United States

Ernst & Young Canada
Deloitte & Touche United States
KPMG United States
KPMG Belgium
KPMG United States

Ernst & Young Australia
PricewaterhouseCoopers Switzerland
Arthur Andersen France
Arthur Andersen Bermuda
KPMG United States
KPMG United States
Arthur Andersen / KPMG United States
PricewaterhouseCoopers Bermuda
Others Italy
Deloitte & Touche Canada
Ernst & Young Ireland
PricewaterhouseCoopers India
Others Canada
Deloitte United States
KPMG Canada
Others Iran
Others Iran
Ernst & Young Canada-China

Ernst & Young Japan
KPMG Canada
BDO Spain
PricewaterhouseCoopers Brazil
PricewaterhouseCoopers UK
Ernst & Young Japan
PricewaterhouseCoopers Canada
Others Canada
Others Brazil
KPMG United States
Ernst & Young / Deloitte / KPMG Malaysia
Ernst & Young Germany

Ernst & Young China
Notes
Overstated net worth and failed to indicate net operating loss

CPA conflicts of interest
CPA partners convicted and fined
Overstatement of earnings
Overstatement of earnings; CPA partners indicted
Created fictitious insurance policies
Mutual fund that inflated value of assets
Created fictitious leases

Ponzi scheme run by Barry Minkow
Bribery of CPA partner.

Hid an $80 million mis-pricing of derivatives contributing to profits by cutting
bonuses.
Gilts management service. £110 million missing
Fraud and forgery
Mail fraud, wire fraud, bank fraud, and transportation of funds obtained by
theft or fraud
Misuse of corporate funds

Financial misstatements
Michael Saylor
Sanjay Kumar, Stephen Richards

Fictitious transactions in Korea and improper accounting methodologies
elsewhere
Falsifying financial results
Jeffrey Skilling, Kenneth Lay, Andrew Fastow
John Rigas
Inflated sales
Inflated revenues
Round trip trades
Round trip trades
Financial reshuffling
Round trip trades
Round trip trades
Understated earnings
Network capacity swaps to inflate revenues
Improper booking of cost overruns
Improper booking of sales
Samuel D. Waksal
Misleading accounting practices
Recorded co-payments that were not collected
Conflict of interest
Overstated assets and liabilities
Overstated assets, understated liabilities
Overstated sales
Inflated revenues
Round trip trades
Overstated sales and revenues
Overstated sales and revenues
Improper accounting, Dennis Kozlowski
Fraudulent expense capitalization, Bernard Ebbers
Inflating promotional allowances
Falsified accounting documents, Calisto Tanzi
Richard M. Scrushy
Distributed ill-advised corporate bonuses to top 43 managers
Illegal payments
Accounting of structured financial deals
Biggest Ponzi scheme in history[76]
Anglo Irish Bank hidden loans controversy
Falsified accounts
False Statements
Fraudulent spending
Improper accounting for incentive rebates
Overstated asset values
Failure to disclose Repo 105 misclassified transactions to investors
Business loans without putting any collateral and financial system

Financial transactions among banks and getting a lot of business loans
without putting any collateral
Ponzi scheme, falsifying assets
Tobashi using acquisitions
Subsidiary of HP.
Overstated profits
Understated debt, Fraudulent invoices, Falsified accounts
Government bribes, Misappropriation, Money laundering
Revenue recognition
Overstated profits
Overstated revenues
Fraudulent invoices
Government bribes
False accounting
Fraud, money laundering, abuse of political power, government bribes
Allegations of fraud
Inflated its 2019 sales revenue by up to US$310 million
List of scadals in during last decade
Company Year Audit Firm Country
Kinross Gold 2010 KPMG Canada
Lehman Brothers 2010 Ernst & Young United States
Amir-Mansour Aria 2011 Others Iran
Bank Saderat Iran 2011 Others Iran
Sino-Forest Corporation 2011 Ernst & Young Canada-China
Olympus Corporation 2011 Ernst & Young Japan
Autonomy Corporation 2012 Deloitte & Touche United States
Penn West Exploration 2012 KPMG Canada
Pescanova 2013 BDO Spain
Petrobras 2014 PricewaterhouseCoopers Brazil
Tesco 2014 PricewaterhouseCoopers UK
Toshiba 2015 Ernst & Young Japan
Valeant Pharmaceuticals 2015 PricewaterhouseCoopers Canada
Alberta Motor Association 2016 Others Canada
Odebrecht 2016 Others Brazil
Wells Fargo 2017 KPMG United States
1Malaysia Development Berhad 2018 Ernst & Young / Deloitte / KPMG Malaysia
Wirecard AG 2020 Ernst & Young Germany
Luckin Coffee 2020 Ernst & Young China
Scandal
Overstated asset values
Failure to disclose Repo 105 misclassified transactions to investors
Business loans without putting any collateral and financial system
Financial transactions among banks and getting a lot of business loans without putting any collateral
Ponzi scheme, falsifying assets
Tobashi using acquisitions
Subsidiary of HP.
Overstated profits
Understated debt, Fraudulent invoices, Falsified accounts
Government bribes, Misappropriation, Money laundering
Revenue recognition
Overstated profits
Overstated revenues
Fraudulent invoices
Government bribes
False accounting
Fraud, money laundering, abuse of political power, government bribes
Allegations of fraud
Inflated its 2019 sales revenue by up to US$310 million

Accounting Scandals Data

Uploaded by

Document Information

Copyright

Available Formats

Share this document

Share or Embed Document

Sharing Options

Did you find this document useful?

Is this content inappropriate?

Copyright:

Available Formats

Accounting Scandals Data

Uploaded by

Copyright:

Available Formats

List of

Audit Firm No.of Companies Percentage

Ernst & Young 16 17

Post SoX (Year

United States 57 Australia

Prior to SoX (Year

Lehman Brothers 2010[83] 2010

Amir-Mansour Aria 2011 2011

Bank Saderat Iran 2011 2011

Sino-Forest Corporation 2011[84] 2011

1Malaysia Development Berhad 2018 2018

Wirecard AG 2020[97] 2020

Prior to SoX Arthur Young & Co

Prior to SoX Coopers & Lybrand

Prior to SoX Ernst & Young[42]

Post SoX Ernst & Young

Post SoX IAO (Audit organization) and other Audit firms

Post SoX IAO (Audit organization) and other Audit firms

Post SoX Ernst & Young

Post SoX Ernst & Young, Deloitte, KPMG [96]

Post SoX Ernst & Young

Others United States

Others United Kingdom

Others United States

Ernst & Young United States

KPMG United States

Ernst & Young United States

Ernst & Young Canada-China

Ernst & Young / Deloitte / KPMG Malaysia

Ernst & Young Germany

Overstated net worth and failed to indicate net operating loss

Created fictitious leases

Bribery of CPA partner.

Fraud and forgery

Misuse of corporate funds

Sanjay Kumar, Stephen Richards

Jeffrey Skilling, Kenneth Lay, Andrew Fastow

Failure to disclose Repo 105 misclassified transactions to investors

Business loans without putting any collateral and financial system

Fraud, money laundering, abuse of political power, government bribes

You might also like