Accounting fraud does tend to come in waves, and is discovered most often after a market collapse, since no one is interested in investigating much when stock prices are high and everyone’s making big money.
— Barbara Toffler
The purpose of accounting is providing information and control. Audited financial statements provide assurance that the financial and other information is accurate and fully disclosed based on existing rules. However, key providers of that information may be unwilling to present accurate and complete disclosure. The incentives to cheat can be substantial and those at the top may be especially ethically-challenged and greedy.
Business history includes incredible examples of disgraceful acts and, to some extent, ...