Problem

Unethical practices of accountants

Other Names:
Fraudulent accounting
Embezzlement by accountants
Corrupt accountancy practices
Malpractice in accountancy
Illegal accounting practices
Incidence:

In 1993 it was reported that the accountancy profession as a whole faced some 4,000 lawsuits involving $30-40 billion in claims. The major accounting firms estimate that over 10% of their revenue is spent on litigation. The collapse of BCCI for example led to claims of $8 billion claims against accounting firms.

Counter Claim:

The onslaught of litigation against accounts is in large measure due to aggrieved parties seeking a financial remedy following the collapse of companies bankrupted by the recession. Accountants have become more and more intimately involved with their clients' affairs, thus when something goes wrong they are a natural target.

 

Broader Problems:
Unethical financial practices
Problem Type:
E: Emanations of other problems
Related UN Sustainable Development Goals:
GOAL 16: Peace and Justice Strong Institutions
Date of last update
24.04.2019 – 15:17 CEST