…the set of responsibilities and practices exercised by the board and executive management with the goal of providing strategic direction, ensuring that objectives are achieved, ascertaining that risks are managed appropriately and verifying that the organization's resources are used responsibly. (IFAC, 2004)
Company | Country | What went wrong |
---|---|---|
Ahold | NL | earnings overstated |
Enron | USA | inflated earnings, hid debt in SPEs |
Parmalat | Italy | false transactions recorded |
Tyco | USA | looting by CEO, improper share deals, evidence of tampering and falsifying business records |
WorldCom | USA | expenses booked as capital expenditure |
Xerox | USA | accelerated revenue recognition |