Keyword Analysis & Research: waste management scandal 1998 case study pdf

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Frequently Asked Questions

What is the waste management fraud scandal?

This created the Waste Management, Inc. 1998 fraud scandal as it is known today. The reason why the Waste Management, Inc. 1998 scandal occurred was in an attempt to meet predetermined earnings targets by expanding profits and pushing down or foregoing expenses.

How did the stakeholders of waste management get away with fraud?

The stakeholders of Waste Management, Inc. were able to get away with a lot of their fraud because of who their auditor was, in which the relationship between both companies was very close. Arthur Andersen ended up being fined $7 million for the entirety of the Waste Management, Inc. scandal.

What happened to waste management?

After the company’s restatement, it was acknowledged by Waste Management that the company had misstated its statements for the period of 1992 to 1997 the cost of which amounted up to $1.7 billion. In all this, the shareholders approximately lost $6 billion as the stock price of the company fell by 1/3 rd when the news of this fraud became public.

Does waste management have to correct all its accounting misstatements?

In the end, Waste Management would have to correct all the accounting misstatements they recorded over the years. As stated in the SEC’s complaint, “when the company filed its restated financial statements in February 1998, the company acknowledged that it had misstated its pre-tax earnings by approximately $1.7 billion.

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