Fraudulent financial reporting: raise the ante

Article Abstract:

Fraudulent reporting in accounting undermines the public's confidence in public companies but their are things that can be done. The National Commission on Fraudulent Accounting made some useful recommendations, but what also needs to be addressed is the pressure accountants and financial executives experience when they prepare corporate financial statements. Mandatory certification of management accountants may be a way to prevent fraud because accountants will be sworn to a code of conduct. Accountants will have the certifying organization for support if they feel pressured, and they will also receive continuing professional education.

Accounting and auditing, Accounting, Fraud

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Treadway roundtable

Article Abstract:

The National Association of Accountants conducted a roundtable discussion concerning the recommendations issued in a report by the National Commission on Fraudulent Financial Reporting. Participants included Shell Oil Co assistant controller William Ihlanfeldt, Gerber Alley and Co chief financial officer John Richie, and First Union Corp dir of internal audit Howard Arthur. The participants focused on the report recommendation that all public companies have independent audit committees and internal audit functions.

Analysis, Officials and employees, Beliefs, opinions and attitudes, First Union Corp., FTU, Shell Oil Co., panel discussion, Ihlanfeldt, William, Richie, John, Arthur, Howard, Gerber Alley Inc.

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