Accounting scandals are events marked by fraudulent or unethical financial activities within a company’s accounting and reporting processes. The biggest accounting scandals involved the deliberate manipulation of financial records, with the aim of concealing debts, exaggerating revenues, or distorting the actual financial health of an organization.
What is the world's biggest accounting scandal?
The world’s biggest accounting scandal is of Enron, once one of the largest companies in the world, which faked its accounting statements by using the mark to market strategies, and it took down Arthur Andersen with it (which is now Accenture)
What are the most cited accounting scandals in the history?
This accounting scandal happened in the year 2008. It was another most cited scandal in the history of accounting fraud. Lehman Brothers was a global financial service provider. The actual fraud was done by hiding the losses of around $50 billion in sales. When the company went bankrupt, the actual scenario got public.
