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Security Fraud and Manipulations Using Accounting Policies and Rules
Finance & Accounting
Pages 40 (10040 words)
The main aim of the thesis of this paper is to not only evaluate security fraud but also manipulation of accounting policies and rules used in financial reporting with particular allusion to the big corporate affected by auditors manipulations…
More importantly, a wide variety of security fraud and malpractice of accounting policies are employed in the preparation of the financial report accounting of Enron, Madoff scheme, and WorldCom Corporation that lead into their bankruptcy. Nonetheless, the Securities Exchange Commission (SEC) seeks to deter fraud in financial statements of companies through laws, internal control systems and regulations. More significantly, the commission continuously seeks to detect misstatements, failure of disclosure of accurate financial information in records, documentation, accounting policies and procedures in changes of equity and explanatory notes accompanying every financial period statement of companies. In addition, this paper will look at the adherence to the International Financial Reporting Standards (IFRS) as stipulated by the Financial Accounting Standards Board (FASB) and the International Accounting Standards Board (IASB) remains committed towards global standards. Finally, the paper looks at various fraudulent situations that could be avoided through adherence to stipulated accounting policies and procedures by management, accountants and auditors as they put shareholders interest first. ...
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