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文献、资料中文题目：全球公司会计舞弊和改革行为 文献、资料英文题目：Global Corporate Accounting Frauds
and Action for Reforms
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翻译日期： 2017.02.14
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Global Corporate Accounting Frauds and Action for Reforms
1、Introduction
During the recent series of corporate fraudulent financial reporting incidents in the U.S., similar corporate scandals were disclosed in several other countries. Almost all cases of foreign corporate accounting frauds were committed by entities that conduct their businesses in more than one country, and most of these entities are also listed on U.S. stock exchanges. Following the legislative and regulatory reforms of corporate America, resulting from the SarbanesOxley Act of 2002, reforms were also initiated worldwide. The primary purpose of this paper is twofold: (1) to identify the prominent American and foreign companies involved in fraudulent financial reporting and the nature of accounting irregularities they committed; and (2) to highlight the global reaction for corporate reforms which are aimed at restoring investor confidence in financial reporting, the public accounting profession and global capital markets. 2、Cases of Global Corporate Accounting Frauds
The list of corporate financial accounting scandals in the U.S. is extensive, and each one was the result of one or more creative accounting irregularities. Exhibit 1 identifies a sample of U.S. companies that committed such fraud and the nature of their fraudulent financial reporting activities.
EXHIBIT 1. A SAMPLE OF CASES OF CORPORATE ACCOUNTING FRAUDS IN THE U.S.A. Adelphia Communications Founding family collected $3.1 billion in off-balance-sheet loans backed by company. Earnings were overstated by capitalization of expenses and hiding debt. Barter deals and advertisements sold on behalf of others were AOL Time Warner recorded as revenue to keep its growth rate high. Sales were also boosted via \deals with advertisers and suppliers. Inflated 2001 revenues by $1.5 billion by \Bristol-Myers Squibb forcing or giving inappropriate incentives to wholesalers to accept more inventory than they needed, to enable company to meet its 2001 sales targets. CMS Energy Executed \energy trading volume and revenues. Engaged in 23 \trades to boost trading volumes and revenues. Executed \trades to artificially boost energy trading volume, revenues and cash flows. Tops the list of biggest U.S. corporate collapses. Company boosted profits and hid debts totaling over $1 billion over Enron several years by improperly using partnerships. It also manipulated the Texas power and California energy markets and bribed foreign governments to win contracts abroad. Halliburton Improperly booked $100 million in annual construction cost overruns (revenues) before customers agreed to pay for them. Recorded Merck $14 billion over three years in Duke Energy Dynegy consumer-to-pharmacy co-payments that the company never collected. Inflated revenues using network capacity \and improper accounting for long-term deals. Former CEO L. Qwest Communications Dennis Kozlowski was indicted for tax evasion ($1 million of New York sales tax on art purchases). The SEC is investigating whether the company was aware of his actions, and possible improper use of company funds and related-party transactions, as well as improper merger accounting practices. To cover losses, top executives overstated earnings by capitalizing $9 billion of telecom operating expenses, and thus WorldCom overstating profits and assets over five quarters, beginning 2001. Founder Bernard Ebbers received $400 million in off-the-books loans. Xerox
3、Global Regulatory Action for Corporate and Accounting Reforms
I. U.S. Sarbanes-Oxley Act of 2002 (SOA 2002)
In response to corporate and accounting scandals, the effects of which are still being felt throughout the U.S. economy, and in order to protect public interest and to restore investor confidence in the capital market, U.S. lawmakers, in a compromise by the House and Senate, passed the Sarbanes-Oxley Act of 2002. President Bush signed this Act into law (Public Law 107-204) on July 30, 2002. The Act resulted in major changes to compliance practices of large U.S. and non-U.S. companies whose securities are listed or traded on U.S. stock exchanges, requiring executives, boards of directors and external auditors to undertake measures to implement greater accountability, responsibility and transparency of financial reporting. The statutes of the act, and the new SEC initiatives that followed, are considered the most significant legislation and regulations affecting the corporate community and the accounting profession since 1933. Other U.S. regulatory bodies such as the New York Stock
Overstated earnings for five years, boosting income by $1.5 billion, by misapplication of various accounting rules. Exchange (NYSE), the National Association of Securities Dealers Automated Quotation (NASDAQ) and the State Societies of CPAs have also passed new regulations which place additional burdens on publicly traded companies and their external auditors.
The Sarbanes-Oxley Act (SOA) is expressly applicable to any non-U.S. company registered on U.S. exchanges under either the Securities Act of 1933 or the Security Exchange Act of 1934, regardless of country of incorporation or corporate domicile. Furthermore, external auditors of such registrants, regardless of their nationality or place of business, are subject to the oversight of the Public Company Accounting Oversight Board (PCAOB) and to the statutory requirements of the SOA .
The United States' SOA has reverberated around the globe through the corporate and accounting reforms addressed by the International Federation of Accountants (IFAC); the Organization for Economic Cooperation and Development (OECD); the European Commission (UC); and authoritative bodies within individual European countries.
II. International Federation of Accountants (IFAC)
The International Federation of Accountants (IFAC) is a private governance organization whose members are the national professional associations of accountants. It formally describes itself as the global representative of the accounting profession, with the objective of serving the public interest, strengthening the worldwide accountancy profession and contributing to the development of strong international economies by establishing and promoting adherence to high quality standards. The Federation represents accountancy groups worldwide and has served as a reminder that restoring public confidence in financial reporting and the accounting profession should be considered a global mission. It is also considered a key player in the global auditing arena which, among other things, constructs international standards on auditing and has laid down an international ethical code for professional accountants. The IFAC has recently secured a degree of support for its endeavors from some of the world's most influential international organizations in economic and financial spheres, including global Financial Stability Forum (FSF), the International Organization of
Securities Commissions (IOSCO), the World Bank and, most significantly, the European Communities(EC).
In October 2002, IFAC commissioned a Task Force on Rebuilding Public Confidence in Financial Reporting to use a global perspective to consider how to restore the credibility of financial reporting and corporate disclosure. Its report, \includes recommendations for strengthening corporate governance, and raising the regulating standards of issuers. Among its conclusions and recommendations related to audit committees are :
1. All public interest entities should have an independent audit committee or similar body .
2. The audit committee should regularly report to the board and should address concerns about financial information, internal controls or the audit .
3. The audit committee must meet regularly and have sufficient time to perform its role effectively .
4. Audit committees should have core responsibilities, including monitoring and reviewing the integrity of financial reporting, financial controls, the internal audit function, as well as for recommending, working with and monitoring the external auditors.
5. Audit committee members should be financially literate and a majority should have \financial experience.\They should receive further training as necessary on their responsibilities and on the company.
6. Audit committees should have regular private \sessions\with the outside auditors and the head of the internal audit department. These executive sessions should not include members of management. There should be similar meetings with the chief financial officer (CFO) and other key financial executives, but without other members of management.
7. Audit committee members should be independent of management .
8. There should be a principles-based approach to defining independence on an international level. Companies should disclose committee members' credentials,
全球公司会计舞弊和改革行为大学毕业论文外文文献翻译及原文
