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5 Biggest Corporate Accounting Frauds in the World

At the dawn of the twenty-first century, the corporate world was rocked by the biggest accounting fraud the world had ever seen. Followed by series of others that made headlines, associated debates, followed by stricter measures in evaluating financial statements. Here are the top 5 contenders

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5 Biggest Corporate Accounting Frauds in the World

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  1. US Certified Management Accountant (CMA Course) - Miles Education 5 Biggest Corporate Accounting Frauds In The World <a href='https://www.freepik.com/photos/background'>Background photo created by jannoon028 - www.freepik.com</a>

  2. US Certified Management Accountant (CMA Course) - Miles Education • ENRON SCANDAL (2001) The company in focus is Enron, a large American conglomerate into many sectors. Enron was named America’s most innovative company by Fortune, committed the biggest accounting fraud the world had ever seen. Total loss: Shares worth $74 billion, investor’s retirement accounts

  3. US Certified Management Accountant (CMA Course) - Miles Education 2. WORLDCOM SCANDAL (2002) USA’s largest long distance telecommunication company, defaulter of the world’s largest bankruptcy the world has ever witnessed, caused due to overstating assets for about $11 billion and over 3.8 billion of faulty balance sheets. Source: Wall Street Journal

  4. US Certified Management Accountant (CMA Course) - Miles Education 3. HEALTHSOUTH SCANDAL (2003) One of the biggest publicly traded, health care company, faced civil suites from SEC against the company and 15 officials of the company for suspicious transactions. The CEO Scrushy sold $75 million in stock just before the day the company suffered a huge set back.

  5. US Certified Management Accountant (CMA Course) - Miles Education 4. AIG SCANDAL (2005) The insurance giant, accused of massive accounting fraud of an alleged $ 3.9 billion, which failed terribly for issuing mass sales of unhedged insurances. The company was finally bailed with $180 billion settlement and assumed control

  6. US Certified Management Accountant (CMA Course) - Miles Education 5. SATYAM SCANDAL (2009) Satyam was called among the 4th fastest growing companies in India, well in order to keep the hopes higher for investors, Satyam deliberately altered the accounting statements. Eventually, the lie grew into a scam of 71.36 billion crores leading to the alleged surrender of Ramalinga Raju for committing the con.

  7. US Certified Management Accountant (CMA Course) - Miles Education “To have the title makes a big difference. I get called by headhunters at least once get a month to offered new opportunities, and it gives me a significant advantage compared to other CPAs looking to work in fraud-related fields without this title.” ~Sandrine Paquin-Lessard, CFE, CPA, CFF, CA Director of Fraud Prevention and Detection, Cogeco Communications It takes only SINGLE click to book a one consultation to build you study roadmap for your CPA exam with India’s no.1 CPA/CMA Review with national instructor Varun Jain... <a href='https://www.freepik.com/vectors/floral'>Floral vector created by rawpixel.com - www.freepik.com</a>

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