Notable Accounting Scandals
Company | Year | Audit Firm | Country | Notes |
---|---|---|---|---|
Lockheed Corporation | 1976 | United States | ||
Nugan Hand Bank | 1980 | Australia | ||
ZZZZ Best | 1986 | United States | Ponzi scheme run by Barry Minkow | |
Barlow Clowes | 1988 | United Kingdom | Gilts management service. £110 million missing | |
MiniScribe | 1989 | United States | ||
Polly Peck | 1990 | United Kingdom | ||
Bank of Credit and Commerce International | 1991 | United Kingdom | ||
Phar-Mor | 1992 | Coopers & Lybrand | United States | mail fraud, wire fraud, bank fraud, and transportation of funds obtained by theft or fraud |
Informix Corporation | 1996 | Ernst & Young | United States | |
Sybase | 1997 | Ernst & Young | United States | |
Cendant | 1998 | Ernst & Young | United States | |
Waste Management, Inc. | 1999 | Arthur Andersen | United States | Financial mistatements |
MicroStrategy | 2000 | PricewaterhouseCoopers | United States | Michael Saylor |
Unify Corporation | 2000 | Deloitte & Touche | United States | |
Computer Associates | 2000 | KPMG | United States | Sanjay Kumar |
Lernout & Hauspie | 2000 | KPMG | Belgium | Fictitious transactions in Korea and improper accounting methodologies elsewhere |
Xerox | 2000 | KPMG | United States | Falsifying financial results |
One.Tel | 2001 | Ernst & Young | Australia | |
Enron | 2001 | Arthur Andersen | United States | Jeffrey Skilling, Kenneth Lay, Andrew Fastow |
Swissair | 2001 | McKinsey & Company | Switzerland | |
Adelphia | 2002 | Deloitte & Touche | United States | John Rigas |
AOL | 2002 | Ernst & Young | United States | Inflated sales |
Bristol-Myers Squibb | 2002 | PricewaterhouseCoopers | United States | Inflated revenues |
CMS Energy | 2002 | Arthur Andersen | United States | Round trip trades |
Duke Energy | 2002 | Deloitte & Touche | United States | Round trip trades |
Dynegy | 2002 | Arthur Andersen | United States | Round trip trades |
El Paso Corporation | 2002 | Deloitte & Touche | United States | Round trip trades |
Freddie Mac | 2002 | PricewaterhouseCoopers | United States | Understated earnings |
Global Crossing | 2002 | Arthur Andersen | Bermuda | Network capacity swaps to inflate revenues |
Halliburton | 2002 | Arthur Andersen | United States | Improper booking of cost overruns |
Homestore.com | 2002 | PricewaterhouseCoopers | United States | Improper booking of sales |
ImClone Systems | 2002 | KPMG | United States | Samuel D. Waksal |
Kmart | 2002 | PricewaterhouseCoopers | United States | Misleading accounting practices |
Merck & Co. | 2002 | Pricewaterhouse Coopers | United States | Recorded co-payments that were not collected |
Merrill Lynch | 2002 | Deloitte & Touche | United States | Conflict of interest |
Mirant | 2002 | KPMG | United States | Overstated assets and liabilities |
Nicor | 2002 | Arthur Andersen | United States | Overstated assets, understated liabilities |
Peregrine Systems | 2002 | KPMG | United States | Overstated sales |
Qwest Communications | 2002 | 1999, 2000, 2001 Arthur Andersen 2002 October KPMG | United States | Inflated revenues |
Reliant Energy | 2002 | Deloitte & Touche | United States | Round trip trades |
Sunbeam | 2002 | Arthur Andersen | United States | |
Tyco International | 2002 | PricewaterhouseCoopers | Bermuda | Improper accounting, Dennis Kozlowski |
WorldCom | 2002 | Arthur Andersen | United States | Overstated cash flows, Bernard Ebbers |
Royal Ahold | 2003 | Deloitte & Touche | United States | Inflating promotional allowances |
Parmalat | 2003 | Grant Thornton SpA | Italy | Falsified accounting documents, Calisto Tanzi |
HealthSouth Corporation | 2003 | Ernst & Young | United States | Richard M. Scrushy |
Nortel | 2003 | Deloitte & Touche | Canada | Distributed ill advised corporate bonuses to top 43 managers |
Chiquita Brands International | 2004 | Ernst & Young | United States | Illegal payments |
AIG | 2004 | PricewaterhouseCoopers | United States | Accounting of structured financial deals |
Bernard L. Madoff Investment Securities LLC | 2008 | Friehling & Horowitz | United States | Massive Ponzi scheme. |
Anglo Irish Bank | 2008 | Ernst & Young | Ireland | Anglo Irish Bank hidden loans controversy |
Satyam Computer Services | 2009 | PricewaterhouseCoopers | India | Falsified accounts |
Lehman Brothers | 2010 | Ernst & Young | United States | Failure to disclose Repo 105 transactions to investors |
Sino-Forest Corporation | 2011 | Ernst & Young | Canada-China | |
Olympus Corporation | 2011 | Ernst & Young | Japan | tobashi using acquisitions |
Autonomy Corporation | 2012 | Deloitte & Touche | United States | Subsidiary of HP. |
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“At the crash of economic collapse of which the rumblings can already be heard, the sleeping soldiers of the proletariat will awake as at the fanfare of the Last Judgment and the corpses of the victims of the struggle will arise and demand an accounting from those who are loaded down with curses.”
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“People who dont like scandals shouldnt be in finance.”
—Christina Stead (19021983)
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