会计舞弊财务舞弊外文文献翻译.docx

会计舞弊财务舞弊外文文献翻译.docx

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会计舞弊财务舞弊外文文献翻译

会计舞弊财务舞弊外文文献翻译

（含：

英文原文及中文译文）

文献出处：

BadawiIM.Globalcorporateaccountingfraudsandactionforreforms[J].ReviewofBusiness,2005,：

26（：

2）.

英文原文

GlobalCorporateAccountingFraudsandActionforReforms

IbrahimBadawi

St.John’sUniversity

Abstract

Therecentwaveofcorporatefraudulentfinancialreportinghaspromptedglobalactionsforreformsincorporategovernanceandfinancialreporting，bygovernmentsandaccountingandauditingstandard-settingbodiesintheU。

S。

andinternationally,includingtheEuropeanCommission;theInternationalFederationofAccountants；theOrganizationforEconomicCooperationandDevelopment；andothers，inordertorestoreinvestorconfidenceinfinancialreporting，theaccountingprofessionandglobalfinancialmarkets。

Introduction

DuringtherecentseriesofcorporatefraudulentfinancialreportingincidentsintheU。

S.，similarcorporatescandalsweredisclosedinseveralothercountries。

Almostallcasesofforeigncorporateaccountingfraudswerecommittedbyentitiesthatconducttheirbusinessesinmorethanonecountry,andmostoftheseentitiesarealsolistedonU.S.stockexchanges。

FollowingthelegislativeandregulatoryreformsofcorporateAmerica，resultingfromtheSarbanesOxleyActof2002,reformswerealsoinitiatedworldwide。

Theprimarypurposeofthispaperistwofold:

（1）toidentifytheprominentAmericanandforeigncompaniesinvolvedinfraudulentfinancialreportingandthenatureofaccountingirregularitiestheycommitted;and

（2）tohighlighttheglobalreactionforcorporatereformswhichareaimedatrestoringinvestorconfidenceinfinancialreporting,thepublicaccountingprofessionandglobalcapitalmarkets。

CasesofGlobalCorporateAccountingFrauds

ThelistofcorporatefinancialaccountingscandalsintheU.S。

isextensive,andeachonewastheresultofoneormorecreativeaccountingirregularities.Exhibit1identifiesasampleofU.S。

companiesthatcommittedsuchfraudandthenatureoftheirfraudulentfinancialreportingactivities.

WhoCommitsFinancialFraudandHow

Therearethreegroupsofbusinesspeoplewhocommitfinancialstatementfrauds.Theyrangefromseniormanagement（CEOandCFO）;mid-andlower-levelmanagement;andorganizationalcriminals［6，16].CEOsandCFOscommitaccountingfraudstoconcealtruebusinessperformance,topreservepersonalstatusandcontrolandtomaintainpersonalincomeandwealth。

Mid—andlower-levelemployeesfalsifyfinancialstatementsrelatedtotheirareaofresponsibility（subsidiary,divisionorotherunit）toconcealpoorperformanceand/ortoearnperformance—basedbonuses.Organizationalcriminalsfalsifyfinancialstatementstoobtainloansortoinflateastocktheyplantosellina“pump—and—dump"scheme.Methodsoffinancialstatementschemesrangefromfictitiousorfabricatedrevenues;alteringthetimesatwhichrevenuesarerecognized；improperassetvaluationsandreporting；concealingliabilitiesandexpenses;andimproperfinancialstatementdisclosures。

GlobalRegulatoryActionforCorporateandAccountingReforms

Inresponsetocorporateandaccountingscandals，theeffectsofwhicharestillbeingfeltthroughouttheU.S。

economy,andinordertoprotectpublicinterestandtorestoreinvestorconfidenceinthecapitalmarket,U.S。

lawmakers,inacompromisebytheHouseandSenate,passedtheSarbanes-OxleyActof2002。

PresidentBushsignedthisActintolaw（PublicLaw107-204）onJuly30，2002.TheActresultedinmajorchangestocompliancepracticesoflargeU。

S.andnon—U。

S.companieswhosesecuritiesarelistedortradedonU。

S.stockexchanges,requiringexecutives,boardsofdirectorsandexternalauditorstoundertakemeasurestoimplementgreateraccountability,responsibilityandtransparencyoffinancialreporting。

ThestatutesoftheAct,andthenewSECinitiativesthatfollowed［1,4,8，12,15]，areconsideredthemostsignificantlegislationandregulationsaffectingthecorporatecommunityandtheaccountingprofessionsince1933。

OtherU。

S.regulatorybodiessuchasNYSE，NASDAQandtheStateSocietiesofCPAshavealsopassednewregulationswhichplaceadditionalburdensonpubliclytradedcompaniesandtheirexternalauditors.

TheSarbanes—OxleyAct（SOA）isexpresslyapplicabletoanynon-U。

S.companyregisteredonU。

S。

exchangesundereithertheSecuritiesActof1933ortheSecurityExchangeActof1934,regardlessofcountryofincorporationorcorporatedomicile。

Furthermore，externalauditorsofsuchregistrants,regardlessoftheirnationalityorplaceofbusiness,aresubjecttotheoversightofthePublicCompanyAccountingOversightBoard（PCAOB）andtothestatutoryrequirementsoftheSOA.

TheUnitedStates’SOAhasreverberatedaroundtheglobethroughthecorporateandaccountingreformsaddressedbytheInternationalFederationofAccountants（IFAC）;theOrganizationforEconomicCooperationandDevelopment（OECD）;theEuropeanCommission（UC）;andauthoritativebodieswithinindividualEuropeancountries。

InternationalFederationofAccountants（IFAC）

TheIFACisaprivategovernanceorganizationwhosemembersarethenationalprofessionalassociationsofaccountants。

Itformallydescribesitselfastheglobalrepresentativeoftheaccountingprofession，withtheobjectiveofservingthepublicinterest,strengtheningtheworldwideaccountancyprofessionandcontributingtothedevelopmentofstronginternationaleconomiesbyestablishingandpromotingadherencetohighqualitystandards［9].TheFederationrepresentsaccountancygroupsworldwideandhasservedasareminderthatrestoringpublicconfidenceinfinancialreportingandtheaccountingprofessionshouldbeconsideredaglobalmission.Itisalsoconsideredakeyplayerintheglobalauditingarenawhich，amongotherthings,constructsinternationalstandardsonauditingandhaslaiddownaninternationalethicalcodeforprofessionalaccountants［14]。

TheIFAChasrecentlysecuredadegreeofsupportforitsendeavorsfromsomeoftheworld’smostinfluentialinternationalorganizationsineconomicandfinancialspheres，includingglobalFinancialStabilityForum（FSF），theInternationalOrganizationofSecuritiesCommissions（IOSCO）,theWorldBankand,mostsignificantly，theEC.InOctober2002，IFACcommissionedaTaskForceonRebuildingPublicConfidenceinFinancialReportingtouseaglobalperspectivetoconsiderhowtorestorethecredibilityoffinancialreportingandcorporatedisclosure。

Itsreport,“RebuildingPublicConfidenceinFinancialReporting：

AnInternationalPerspective，"includesrecommendationsforstrengtheningcorporategovernance，andraisingtheregulatingstandardsofissuers.Amongitsconclusionsandrecommendationsrelatedtoauditcommitteesare：

1。

Allpublicinterestentitiesshouldhaveanindependentauditcommitteeorsimilarbody.

2。

Theauditcommitteeshouldregularlyreporttotheboardandshouldaddressconcernsaboutfinancialinformation,internalcontrolsortheaudit。

3。

Theauditcommitteemustmeetregularlyandhavesufficienttimetoperformitsroleeffectively.

4.Auditcommitteesshouldhavecoreresponsibilities，includingmonitoringandreviewingtheintegrityoffinancialreporting,financialcontrols,theinternalauditfunction，aswellasforrecommending，workingwithandmonitoringtheexternalauditors。

5.Auditcommitteemembersshouldbefinanciallyliterateandamajorityshouldhave“substantialfinancialexperience。

”Theyshouldreceivefurthertrainingasnecessaryontheirresponsibilitiesandonthecompany。

6。

Auditcommitteesshouldhaveregularprivate“executivesessions”withtheoutsideauditorsandtheheadoftheinternalauditdepartment。

Theseexecutivesessionsshouldnotincludemembersofmanagement.Thereshouldbesimilarmeetingswiththechieffinancialofficerandotherkeyfinancialexecutives,butwithoutothermembersofmanagement。

7。

Auditcommitteemembersshouldbeindependentofmanagement。

8.Thereshouldbeaprinciples—basedapproachtodefiningindependenceonaninternationallevel。

Companiesshoulddisclosecommitteemembers’credentials,remunerationandshareholdings。

9。

Reinforcingtheroleoftheauditcommitteeshouldimprovetherelationshipbetweentheauditorandthecompany.Theauditcommitteeshouldrecommendthehiringandfiringofauditorsandapprovetheirfees，aswellasreviewtheauditplan。

10。

TheIFACCodeofEthicsshouldbethefoundationforindividualnationalindependencerules.Itshouldbereliedoninmakingdecisionsonwhetherauditorsshouldprovidenon—auditservices.Non—auditservicesperformedbytheauditorshouldbeapprovedbytheauditcommittee.

11.Allfees,forauditandnon—auditservices,shouldbedisclosedtoshareholders。

12.Keyauditteammembers，includingtheengagementandindependentreviewpartners,shouldservenolongerthansevenyearsontheaudit.

13.Twoyearsshouldpassbeforeakeyauditteammembercantakeapositionatthecompanyasadirectororanyotherimportantmanagementposition

OrganizationforEconomicCooperationandDevelopment（OECD）

TheOrganizationforEconomicCooperationandDevelopment（OECD）isaquasi—thinktankmadeupof30membercountries，includingtheUnitedStatesandUnitedKingdom，andithasworkingrelationshipswithmorethan70othercountries。

In2004，theOECDunveiledtheupdatedrevisionofits“PrinciplesofCorporateGovernance”thathadoriginallybeenadoptedbyitsmembergovernments（includingtheU。

S.andUK）in1999.Althoughtheyarenonbinding，theprinciplesprovideareferencefornationallegislationandregulation，aswellasguidanceforstockexchanges,investors,corporationsandotherparties［11，13]。

Theprincipleshavelongbecomeaninternationalbenchmarkfor