会计舞弊财务舞弊外文文献翻译

1、会计舞弊财务舞弊外文文献译(含：英文原文及中文译文)文献出处： Badawi I M. Global corporateaccounting frauds and action for reformsJ. Review of Business,2005, :26(:2).英文原文Global CorporateAccounting Fraudsand Action for ReformsIbrahim BadawiSt.John' UniversityAbstractThe recent wave of corporate fraudulent financial reporting

2、has prompted global actions for reforms in corporate governance and financial reporting, by governments and accounting and auditing standard-setting bodies in the U.S. and internationally, including the European Commission; the International Federation of Accountants; the Organization for Economic C

3、ooperation and Development; and others,in order to restoreinvestor confidence in financial reporting, the accounting professionand global financial markets.IntroductionDuring the recent series of corporate fraudulent financial reporting incidents in the U.S., similar corporatescandalswere disclosed

4、in several other countries. Almost all casesof foreign corporate accounting frauds were committed by entities that conduct their businessesn more than one country, and most of theseentities are also listed on U.S. stock exchanges.Following the legislative and regulatory reforms of corporate America,

5、 resulting from the SarbanesOxley Act of 2002, reforms were also initiated worldwide. The primary purposeof this paper is twofold: (1) to identify the prominent American and foreign companies involved in fraudulent financial reporting and the nature of accounting irregularities they committed; and (

6、2) to highlight the global reaction for corporate reforms which are aimed at restoring investor confidence in financial reporting, thepublic accounting profession andglobal capital markets.Casesof Global Corporate Accounting FraudsThe list of corporate financial accounting scandals in the U.S. is ex

7、tensive, and each one was the result of one or more creative accounting irregularities. Exhibit 1 identifies a sample of U.S. companies that committed such fraud and the nature of their fraudulent financial reporting activities.Who Commits Financial Fraud and HowThere are three groups of business pe

8、ople who commit financial statementfrauds. They range from senior management(CEO and CFO); mid- and lower-level management;and organizational criminals 6,16. CEOs and CFOs commit accounting frauds to conceal true business performance, to preserve personal status and control and to maintain personal

9、income and wealth. Mid- and lower-level employees falsify financial statements related to their area of responsibility (subsidiary, division or other unit) to conceal poor performance and/or to earn performance-based bonuses. Organizational criminals falsify financial statements to obtain loans or t

10、o inflate a stock they plan to sell in a “ pum-and-dump, scheme. Methods of financial statement schemes range from fictitious or fabricated revenues;altering the times at which revenues are recognized; improper asset valuations and reporting; concealing liabilities and expenses; and improper financi

11、al statement disclosures.Global Regulatory Action for Corporateand Accounting ReformsIn response to corporate and accounting scandals, the effects of which are still being felt throughout the U.S. economy, and in order to protect public interest and to restore investor confidence in the capital mark

12、et, U.S. lawmakers, in a compromise by the House and Senate, passedthe Sarbanes-OxleyAct of 2002. President Bush signed this Act into law (Public Law 107-204) on July 30, 2002. The Act resulted in major changes to compliance practices of large U.S. and non-U.S. companieswhose securitiesarelisted or

13、traded on U.S. stock exchanges, requiring executives, boards of directors and external auditors to undertake measuresto implement greater accountability, responsibility and transparencyof financial reporting. The statutesof the Act, and the new SEC initiatives that followed 1,4,8,12,15, are consider

14、edthe most significant legislation and regulations affecting the corporate community and the accounting profession since 1933. Other U.S. regulatory bodies such as NYSE, NASDAQ and the State Societies of CPAs have also passednew regulationswhich place additional burdenson publicly traded companiesan

15、d their external auditors.The Sarbanes-OxleyAct (SOA) is expressly applicable to any nonU.S. company registered on U.S. exchangesunder either the Securities Act of 1933 or the Security ExchangeAct of 1934, regardlessof country of incorporation or corporate domicile. Furthermore, external auditors of

16、 such registrants, regardlessof their nationality or place of business,are subject to the oversight of the Public Company Accounting Oversight Board (PCAOB) andto the statutory requirementsof the SOA.The United States SOA has reverberatedaround the globe through the corporate and accounting reforms

17、addressed by the International Federation of Accountants (IFAC); the Organization for Economic Cooperation and Development(OECD); the European Commission (UC); and authoritative bodieswithin individual Europeancountries.International Federationof Accountants(IFAC)The IFAC is a private governanceorga

18、nization whose membersare the national professional associations of accountants. It formally describesitself as the global representativeof the accounting profession, with the objective of serving the public interest, strengthening the worldwide accountancy profession and contributing to the develop

19、ment of strong international economies by establishing and promoting adherence to high quality standards 9. The Federation represents accountancy groups worldwide and has served as a reminder that restoring public confidence in financial reporting and the accounting profession should be considereda

20、global mission. It is also considereda key player in the global auditing arena which, among other things, constructs international standards on auditing and has laid down an international ethical code for professional accountants14. The IFAC has recently secureda degreeof support for its endeavorsfr

21、om some of the world ' most influential international organizations in economic and financial spheres,including global Financial Stability Forum (FSF), the International Organization of Securities Commissions (IOSCO), the World Bank and, most significantly, the EC. In October 2002, IFAC commissi

22、oned a Task Force on Rebuilding Public Confidence in Financial Reporting to use a global perspectiveto considerhow to restore the credibility of financial reporting and corporate disclosure. Its report,“ RebuildingPublic Confidence in Financial Reporting: An International Perspective, includes recom

23、mendations for strengthening corporate governance, and raising the regulating standards of issuers. Among its conclusions and recommendationsrelatedto audit committeesare:1. All public interest entities should have an independent audit committee or similar body.2. The audit committee should regularl

24、y report to the board and should addressconcernsabout financial information, internal controls or the audit.3. The audit committee must meet regularly and have sufficient time to perform its role effectively.4. Audit committees should have core responsibilities, including monitoring and reviewing th

25、e integrity of financial reporting, financial controls, the internal audit function, as well as for recommending, working with andmonitoring the external auditors.5. Audit committee members should be financially literate and a majority should have “substantiafinancial experience. They should receive

26、 further training as necessaryon their responsibilities and on the company.6. Audit committees should have regular private a executive sessions with the outside auditors and the head of the internal audit department. These executive sessions should not include members of management.There should be s

27、imilar meetings with the chief financial officer and other key financial executives, but without other members of management.7. Audit committeemembersshould be independentof management.8. There should be a principles-based approach to definingindependence on an international level. Companies should

28、disclose committee members credentials,remunerationand shareholdings.9. Reinforcing the role of the audit committee should improve the relationship between the auditor and the company. The audit committee should recommendthe hiring and firing of auditors and approvetheir fees, as well as review the

29、audit plan. 10. TheIFAC Code of Ethics should be the foundation for individual national independencerules. It should be relied on in making decisions on whether auditors should provide nonaudit services. Non-audit services performed by the auditor should be approved by theaudit committee.11. All fee

30、s,for audit and non-audit services,should be disclosedto shareholders.12. Key audit team members, including the engagement and independentreview partners,should serve no longer than sevenyears on the audit.13. Two yearsshould passbefore a key audit team membercan take a position at the company as a

31、director or any other important managementpositionOrganization for Economic Cooperationand Development(OECD)The Organization for Economic Cooperation and Development (OECD) is a quasi-think tank madeup of 30 membercountries, including the United Statesand United Kingdom, and it has working relations

32、hips with more than 70 other countries. In 2004, the OECD unveiled the updated revision of its “Principlesof Corporate Governance "that had originally been adopted by its member governments (including the U.S. and UK) in 1999. Although they arenonbinding, the principles provide a referencefor n

33、ational legislation and regulation, as well as guidancefor stock exchanges,investors, corporations and other parties 11,13. The principles have long become an international benchmark for policy makers, investors, corporations and other stakeholders worldwide. They have advanced the corporate governa

34、nce agenda and provided specific guidancefor legislative and regulatory initiatives in both the OECD and non-OECD countries.The 2004 updatedversion of “ Principlesf Corporate Governance' includes recommendations on accounting and auditing standards, the independenceof board members and the need

35、for boards to act in the interest of the company and the shareholders.The updated version also setsmoredemandingstandardsin a number of areasthat impact corporate executive compensationand finance, such as:1. Granting investors the right to nominate company directors, as well asa more forceful role

36、in electing them.2. Providing shareholderswith a voice in the compensation policy for board members and executives, and giving these stockholders the ability to submit questionsto auditors.3. Mandating that institutional investors disclose their overall voting policies and how they manage material c

37、onflicts of interest that may affect the way the investors exercise key ownership functions, such as voting4. Identifying the need for effective protection of creditor rights and an efficient systemfor dealing with corporateinsolvency.5. Directing rating agencies, brokers and other providers of info

38、rmation that could influence investor decisionsto discloseconflicts of interest, and how thoseconflicts are being managed.6. Mandating board members to be more rigorous in disclosing related party transactions, and protecting socalled “whistleblowers by providing theemployeeswith confidential access

39、to a board-level contact.U.S.-EU Cooperationfor Corporate Reforms Initially, the European Union resented applicability of U.S. Sarbanes-Oxley Act reforms to Europeancompaniesand accounting firms operatingin the U.S. However, after a series of negotiations, the U.S. and EU authorities have agreedto c

40、ooperate and decided to develop a compatible set of regulations. The regulatory bodies on both continents have undertaken a two-way cooperative approach based on effective equivalence of regulation and oversight authorities. Furthermore, memberstatesof the EuropeanUnion have proposed a code of condu

41、ct on the independent auditors which includes a five-year auditor rotation requirement. Furthermore, the national governmentsof the individual Europeancountrieshave proposed reforms of their corporate laws. For example, in July 2002, the British government releaseda white paper proposing changesto t

42、he Company Law, which included harsherpenaltiesfor misleading auditors; redefining the roles of the directors; and creating standardsfor boardsin accounting supervision and other disclosure issues. The British government is also reviewing the roles of non-executive directors and is considering the r

43、egulation of audit committees.中文译文全球企业会计欺诈与改革行动易卜拉欣巴达维圣约翰大学摘要最近一波企业欺诈性财务报告激发了全球公司治理和财务报告 改革,政府和会计和审计机构在美国和国际上的标准制定机构,包 括欧盟委员会,国际会计师联合会；经济合作与开展组织；以恢复投资 者对财务报告,会计行业和全球金融市场的信心.引言在美国最近发生的一系列企业欺诈性财务报告事件中,其他几 个国家也披露了类似的公司丑闻.几乎所有的外国公司会计欺诈案 件都是由在不止一个国家开展业务的实体承当的,而且这些实体大 局部也在美国证券交易所上市.继2002年“萨班斯-奥克斯利法 案对美国公司

44、进行立法和监管改革后,全球也开始进行改革.本 文的主要目的有两个：1确定参与欺诈性财务报告的着名美国和 外国公司以及他们所犯下的会计违规行为的性质；2强调企业改 革的全球反响,旨在恢复投资者对财务报告,公共会计行业和全球 资本市场的信心.全球企业会计欺诈案例美国企业财务会计丑闻清单广泛,每一个都是一个或多个创造 性会计违规行为的结果.图表1列出了发生此类欺诈的美国公司的 样本及其欺诈性财务报告活动的性质.谁承当金融诈骗和如何有三类商业人士进行财务报表欺诈.他们从高级治理层首席 执行官和首席财务官开始；中,下层治理人员；和组织罪犯6,16. 首席执行官和首席财务官犯下会计欺诈行为来掩盖真实的业务

45、表现, 保护个人身份和限制权,并维持个人收入和财富.中下级员工伪造 与其责任区子公司,部门或其他单位有关的财务报表,以隐瞒 不佳绩效和/或获得基于绩效的奖金.组织犯罪分子伪造财务报表以 获取贷款或者通过“泵送和转储方案对他们方案出售的股票进行 充值.财务报表方法的方法范围从虚构或制造收入；改变收入确认的 时间;不恰当的资产评估和报告；隐瞒负债和费用；和不正当的财务报 表披露全球企业和会计改革监管行动为了应对企业和会计丑闻,其影响在整个美国经济中依然存在, 为了保护公众利益和恢复投资者对资本市场的信心,美国众议院议 员在众议院和参议院的妥协中,通过了 2002年的“萨班斯 -奥克 斯利法案.布什

46、总统于2002年7月30日将此法纳入法律公法 107-204.该法案导致美国和非美国大型证券公司的合规惯例发生 重大变化或在美国证券交易所进行交易,要求高管,董事会和外部 审计师采取举措落实财务报告的更大责任,责任和透明度.该法案 的法规以及遵循1,4,8,12,15之后的新的证券交易委员会建议被认为 是自1933年以来影响企业界和会计界的最重要的立法和法规.其他 美国监管机构,例如纽约证券交易所,纳斯达克和国家注册会计师 协会也通过了新的法规,给上市公司和外部审计师带来额外的负担.萨班斯-奥克斯利法案SOA明确适用于在美国交易所根据 1933年证券法或1934年证券交易法注册的任何非美国公司

47、,无论 其注册国家或公司在哪里.止匕外,此类注册人的外部审计师不管 其国籍或业务地点受公众公司会计监督委员会PCAOB的监督 以及SOA的法定要求的约束.美国的SOA通过国际会计师联合会IFAC的公司和会计改 革在全球范围内引起了共鸣；经济合作与开展组织经合组织；欧盟 委员会UC;欧洲各国的权威机构.国际会计师联合会IFACIFAC是一个私人治理组织,其成员是全国会计师专业协会.它 正式将自己形容为会计行业的全球代表,旨在为公众利益效劳,加 强全球会计行业,并通过建立和促进遵守高质量标准来促进强大的 国际经济开展9.该联合会代表全世界的会计团体,并提醒人们重 申,恢复公众对财务报告和会计行业的信心应被视为全球使命.它 也被认为是全球审计领域的一个关键角色,其中包括构建审计的国 际标准并为专业会计师制定了国际道德准那么14.IFAC最近获得了一定程度的支持,来自世界上一些最具影响力的经济和金融领域 的国际组织,其中包括全球金融稳定论坛FSF,国际证券委员会 组织IOSCO,世界银行和,最重要的是欧共体.2002年10月, IFAC委托重建公众信心财务报告工作组,以全球视角考虑如何恢复 财务报告和公司披露的可信度.其报告“重建公众对财务报告的信 心：国际视角包括增强公司治理的建议,并提