CPE Session 35: Sunday, August 6, 1:00 PM – 4:30 PM
Deceptive Accounting Practices
Description/Objectives:
Accounting and audit standards are often initiated and influence by scandals. Scandals such as Enron, WorldCom, Waste Management, Parmalot, and Xerox are recent examples of a long history of accounting frauds. Each time there is a major scandal or liability case against accountants, various standard-setting bodies work to issue rulings toward the goal of avoiding repeats of the problem. This seminar will include information on about 50 cases categorized in many areas such as revenue recognition, lease revenue, service revenue, software revenue, advertising, barter, channel stuffing, back- (or forward-) dating sales, related-party transactions, failure to record adequate amounts, asset impairment, unrecorded or understated liabilities, pension plans, reserves, inventory, fixed assets, start up and advertising costs, unaudited financial statements, audit failures, independence, and misrepresentations.
Presenter:
Kenn Heaslip, Seton Hall University.
* Denotes special requirements or prerequisite
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