Accounting fraud

The company made up more than $300 million in fake retail sales.

Fraud is continuing to increase this year, in part due to the COVID-19 pandemic, according to a new survey by the Association of Certified Fraud Examiners.

The head of Germany’s accounting regulator faces scrutiny after telling a parliamentary committee that he traded Wirecard AG shares while his agency was reviewing the now bankrupt payment company’s external audits.

An income statement summarizes revenues and expenses and then reports profits. Isn’t that just like the Christmas letter that summarized all the year’s activities?

Wirecard AG’s former chief executive officer appeared in public for the first time since his July detention in connection with the collapse of the electronic payment company, but lawmakers hoping for insights from the disgraced manager were left disappointed.

The press helps keep firms honest, according to a new academic paper.

Troubled commodities trader GP Global Group has “accounting irregularities” in its books, according to the restructuring adviser hired to salvage the company’s assets.

Two senior executives at Botswana supermarket chain Choppies Enterprises Ltd. are suing former auditors PwC for 653 million rand ($40 million) for not signing off on the company’s 2018 accounts, which led to a share price collapse.

General Electric Co. warned that it’s likely to face Securities and Exchange Commission allegations of accounting misdeeds, setting back CEO Larry Culp’s effort to put the company’s rocky past behind it.

KfW, Germany’s third-largest bank by assets, may drop Ernst & Young as auditor as EY continues to be plagued by its role in the country’s Wirecard accounting scandal.

Germany’s financial regulator is considering opening a probe into Grenke AG’s accounting practices, wading deeper into the controversy after criticism of its failure to unearth fraud at Wirecard AG.

The U.K.’s Financial Reporting Council sanctioned Deloitte and two of its former partners for their audits of the software company Autonomy prior to its acquisition by HP and levied a record penalty.

Ernst & Young is sending letters to clients admitting it failed to uncover fraud at the payment company sooner.

The COVID-19 pandemic is encouraging various forms of fraud, according to the Association of Certified Fraud Examiners.

COVID-19 has created new challenges and a remote work environment that heightens the risk of fraud at public companies.

Germany’s blame game over Wirecard AG’s collapse is focusing on the question of why authorities failed to take a harder look at the payments company before it became the country’s biggest accounting scandal in living memory.

The fraud that brought down tiny Commerzialbank Mattersburg im Burgenland AG raises questions for financial regulators and auditors that have uncomfortable echoes of the Wirecard AG debacle in neighboring Germany.

With the recent economic slowdown, companies are under increased pressure to show stability, or even growth, and paint a rosy picture for investors.

PPC Ltd., South Africa’s largest cement maker, plunged deeper into crisis after reporting accounting errors and delaying the release of full-year earnings for a second time.

Mark Frissora will return nearly $2 million in incentive-based compensation to settle a U.S. regulator’s claims that he played a key role in causing the now-bankrupt car-rental company to file inaccurate financial statements in 2013.