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Accounting in large corporations has made the news in recent years. Using the Internet, look up...

Accounting in large corporations has made the news in recent years. Using the Internet, look up recent corporate accounting scandals and review the details of one of them that interests you. What about the scandal do you think impacts the corporation and the public most?

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Answer #1

One of the recent scandals that has appeared in the global news is the "PNB-Scam" of Nirav Modi. This scam has shaken the debt market in India along with the Banking System.It is one of the big accounting and auditing scandal surfaced in 2018.

Synopsis: In the present case bank has given loan to Nirav Modi firm without any collaterals and making the accounting only based on sheer trust. Infact the person was having the access of bank system to approve the transactions. It created huge debt pile with Bank and ended up being defaulter.

The scandals that destroy the reputation of India Inc. and has damaged the public trust over banks.The stock of the respective Bank has fallen to 70% since then and the bank has lost millions on this. In all cases the public and the corporation are the victims as the one who is guilty can be absconded easily.

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