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Prior to Xen Accounting, we were using a traditional bookkeeping service and large name accounting firm. The accuracy was poor, the turnover was slow and we had been forced to use older desktop accounting computer software. Xen Accounting has brought us fully into the 21st century, moving us to an totally paperless setup and implementing systems and processes that make certain our books are accurately and constantly maintained.
Satyam Personal computer Services – a organization based in India (now known as Mahindra Satyam). This is the most recent scandal (declared only in 2009) among these on this list. The accounting fraud in this case involves overstating money ($1.5 billion) and receivables by $100 million and understating liabilities by $250 million. Taken collectively, Satyam’s assets had been inflated by about $1.85 billion.
Enron – This is the most popular of them all and is nonetheless becoming referred to even soon after 8 years. This scandal involved hiding debts, inflating revenues and corruption. It resulted to the displacement of much more than 20,000 men and women, the death of America’s Most Revolutionary Company” for six years in a row and the dissolution of 1 of the Large five international accounting firms (Arthur Andersen). It also gave rise to the passage of Sarbanes-Oxley and far more rigorous auditing requirements.