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Essay / Research Paper Abstract
A 5 page paper discussing relative culpability of corporate management and its hired auditors in efforts of deliberate fraud. Ernst and Whinney's review report of ZZZZ Best was not a full audit, and the firm did request further information from ZZZZ Best management. The client company management is most at fault for pursuing the route of fraud at all, but Ernst and Whinney miserably failed in their efforts as ethical auditors. ZZZZ Best's Barry Minkow and his cohorts deserved criminal prosecution and conviction, but that Ernst and Whinney emerged without any sort of reprimand or consequence is unfortunate. Bibliography lists 1 source.
Page Count:
5 pages (~225 words per page)
File: CC6_KS-ZBest.doc
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Unformatted sample text from the term paper:
The industrious pre-adolescent began a carpet cleaning business with the help of his mother in 1982. Operating from his garage, his mother assisted in making his appointments.
His company, ZZZZ Best, went public in 1986 and Minkow became a millionaire, along with being the youngest chief executive officer in the nation (41).
Some years later it was discovered that Minkow was a much more accomplished con artist than he was carpet cleaner. In 1989, he began serving a 25-year
prison sentence for securities fraud, having been convicted of 57 counts. "The reported profits of the firm were nonexistent and the huge restoration contracts, imaginary ... rather than building
a corporation, Minkow constructed a hologram of a corporation. In July 1987, just three months after the companys stock had reached a market value of $220 million, an auction
of its assets netted only $62,000" (41). Barry Minkow proved himself to be a master of fraud until he met the requirements of
the Securities and Exchange Commission (SEC) and became acquainted with standard auditing convention. Had Ernst and Whinney been more diligent in their auditing efforts, it is likely that ZZZZ
Best would not have been able to cost investors the millions they ultimately lost. There is no question that Minkow was highly accomplished
in his efforts in fraud. He began small and learned as he "grew" in his true profession, which was not cleaning carpet but perpetrating fraud on any gullible enough
to take him at his useless word. It is interesting-and disturbing-that there is no mention in the case study of the part played in the scheme by the insurance
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