ABSTRACT
The Principles Northern Exposing Modern Huge Accounting Fraud Scam Double–entry book keeping is one of the most beautiful discoveries of the human spirit. The accountants summarize millions of transactions into a few pages of financial statements, enabling managers, stockbrokers, portfolio managers, bank lending officers, bond traders, private investors, and government regulators to evaluate each company’s performance. Auditors protect decision makers from erroneous or fraudulent information. The chapter describes 16 accounting scandals that shaped the worldwide public accounting profession. Many of the scandals occurred because accountants and auditors violated existing professional standards. Other scandals revealed deficiencies in the standards of the time. Frauds are certainly not the sole source of progress within the public accounting profession. A well–publicized accounting scandal has often been necessary for the profession to admit its shortcomings and adopt improvements. Few politicians pay much attention to accounting until angry constituents demand reform.
