X hits on this document

Powerpoint document

Forensic Accounting, Forensic Techniques, and Fraud Detection Copyrighted 2001 D. Larry Crumbley, ... - page 109 / 352

1517 views

0 shares

1 downloads

0 comments

109 / 352

109

© D.L. Crumbley

Parmalat Deceptions

Parmalat, an Italian diary company, had a nonexistence Bank of America bank account worth $4.83 billion. A SEC lawsuit asserts that Parmalat “engaged in one of the largest and most brazen corporate financial frauds in history.”

Apparently, the auditors Grant Thornton relied on a fake Bank of America confirmation prepared by the company.

SAS No. 99 does not prohibit clients from preparing confirmations.

The fraud continued for more than a decade. At least $9 billion unaccounted for.

Therefore, the audited company should not be in control of the confirmation process.

The owner treated the public company as if it was his own bank account.

An unaware phone operator was the fake chief executive of more than 25 affiliated companies.

Some $3.6 billion in bonds claimed to be repurchased had not really been bought.

Document info
Document views1517
Page views1538
Page last viewedSun Dec 04 12:20:31 UTC 2016
Pages352
Paragraphs4554
Words31092

Comments