Inspection and Investigation
Nov 29, 2009 Company Law
The responsibility of efficient running of the company, maintenance of adequate books of accounts and effective internal control is the responsibility of the management.
Inspections under Companies Act provide assurance to the regulators that the management has satisfactorily achieved these ends.
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Tags: adequate books, central government, central govt, competent persons, criminal matters, employee theft, falsification, financial statements, government departments, inadequate maintenance, Inspection under Section 209A, insurance fraud, internal control, Investigation under Section 235, Proportional Analysis, prosecutions, Rajkumar S Adukia, Ratio Analysis, remedial action, section 6, securities fraud, share capital, statutory records, Strategy of Inspection, suitable action, Trend Analysis, Turnover Ratio, voting power
World’s biggest accounting scandals (Other then Satyam)
Oct 30, 2009 Accounting
Accounting Scandals
Several big firms have come under scrutiny recently for questionable accounting practices. Some of the world’s biggest accounting scandals.
WorldCom
WorldCom was one of the big success stories of the 1990s. It was a symbol aggressive capitalism. Founded by Bernie Ebbers, one of the most aggressive acquirer during the US mergers and acquisitions boom of the 1990s. WorldCom’s asset value had soared to $180bn before the US capital market started witnessing a downtrend.
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Tags: accounting practices, accounting principles, accounting scandals, acquirer, bernie ebbers, CA Rajkumar S Adukia, chapter 11 bankruptcy, chapter 11 bankruptcy protection, chief financial officer, false statements, financial watchdog, Internal Audit, mergers and acquisitions, scott sullivan, securities fraud
United States District Court found Former Ernst & Young Partner Guilty of Insider Trading
May 16, 2009 Audit
A former partner at the accounting firm Ernst & Young was found guilty on Friday of securities fraud for an insider trading scheme but not guilty of conspiracy charges.
A jury in United States District Court in Manhattan found that the ex-partner, James E. Gansman, who worked at the firm until October 2007, was guilty on six counts of securities fraud and not guilty on four counts of conspiracy, according to a court document.
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Tags: account, conspiracy charges, fraud, Insider Trading, manhattan, securities fraud, states district court, united states district, united states district court