Essay: Shell Company’s Accounting Case

18 Mar

Essay: Shell Company’s Accounting Case

Sample Essay

One of these was the Enron like case of opening up “shell companies” that could disguise the company’s losses and generate fictitious profits for it. Another was the remarkable case of forgery surrounding a document that falsified the presence of nearly $3.9 billion dollars in the bank account of the company.

This was released by The Bank of America as it discovered that the banks’ letterhead had been scanned and made to go through fax machine numerous times before finally being attached to a verification of the deposit account that allegedly contained this enormous sum. This therefore was able to slip through the auditor’s eyes. This was coupled with incorrect sales figures in the company accounts. All this questioned the independence of the company’s auditors and whether they were able to review well the financial statements of the company.

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