会计舞弊财务舞弊外文文献翻译

会计舞弊财务舞弊外文文献翻译

(含:英文原文及中文译文)

文献出处: Badawi I M. Global corporate accounting frauds and action for reforms[J]. Review of Business, 2005, :26(:2).

英文原文

Global Corporate Accounting Frauds and Action for Reforms

Ibrahim Badawi

St. John’s University

Abstract

The recent wave of corporate fraudulent financial reporting has prompted global actions for reforms in corporate governance and financial reporting, by governments and accounting and auditing standard-setting bodies in the U.S. and internationally, including the European Commission; the International Federation of Accountants; the Organization for Economic Cooperation and Development; and others, in order to restore investor confidence in financial reporting, the accounting profession and global financial markets.

Introduction

During the recent series of corporate fraudulent financial reporting incidents in the U.S., similar corporate scandals were disclosed in several other countries. Almost all cases of foreign corporate accounting frauds were committed by entities that conduct their businesses in more than one

country, and most of these entities are also listed on U.S. stock exchanges. Following the legislative and regulatory reforms of corporate America, resulting from the SarbanesOxley Act of 2002, reforms were also initiated worldwide. The primary purpose of this paper is twofold: (1) to identify the prominent American and foreign companies involved in fraudulent financial reporting and the nature of accounting

irregularities they committed; and (2) to highlight the global reaction for corporate reforms which are aimed at restoring investor confidence

in financial reporting, the public accounting profession and global capital markets.

Cases of Global Corporate Accounting Frauds

The list of corporate financial accounting scandals in the U.S. is extensive, and each one was the result of one or more creative accounting irregularities. Exhibit 1 identifies a sample of U.S. companies that committed such fraud and the nature of their fraudulent financial reporting activities.

Who Commits Financial Fraud and How

There are three groups of business people who commit financial statement frauds. They range from senior management (CEO and CFO); mid- and lower-level management; and organizational criminals [6,16]. CEOs and CFOs commit accounting frauds to conceal true business performance, to preserve personal status and control and to maintain personal income and wealth. Mid- and lower-level employees falsify