If the U.S. financial sector is reeling from recent events such as the debacle at Fannie Mae - where the mortgage financing concern recently paid $400 million in penalties to settle charges of faulty accounting - and numerous examples of fraudulent backdating of executive stock options contracts, it's not alone.Across the Atlantic, Europe is now seeing many of its white-collar colleagues put in the spotlight.

In May, a Dutch court handed down fines over the Royal Ahold supermarket accounting fraud - which reached $30 billion - and more recently, investigations continue into Great Britain's Equitable Life Assurance Society, where a policy scandal nearly brought down the 244-year-old institution.

Register or login for access to this item and much more

All Accounting Today content is archived after seven days.

Community members receive:
  • All recent and archived articles
  • Conference offers and updates
  • A full menu of enewsletter options
  • Web seminars, white papers, ebooks

Don't have an account? Register for Free Unlimited Access