CHAPTER 1
Accounting Scandals, a Historical Perspective
Is it possible that scandal is somehow an essential ingredient in capitalism? That a healthy free-market economy must tempt a certain number of people to behave corruptly, and that a certain number of these will do so? That the crooks are not a sign that something is rotten but that something is working more or less as it was meant to work?
—Michael Lewis
The Role of Accounting, Financial Disclosure, and Auditing
Accounting, defined broadly, includes all aspects of keeping track of monetary and other business transactions for individuals, corporations, and other institutions. These records are used internally for management control and decisions. Periodic financial statements are issued ...
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