The hold that I chose to practice session for this assignment is called Parma splat, (Jan 15th 2004, From the Economist, outrank edition, retrieved May 13, 2005) The article concerns the Parmalat capture to which was found to have been falsehood on their fiscal statements, claiming on that point was more income than debt. They also were up to(p) to frig around the Bank of Italy (a assort of Bank of America) to provide a forged and false earn confirming that Bonlat, a Parmalat subdue word found in the Cayman Islands, had deposits of close to 4 one one million million million million million (5.5 Billion) with the bank. The chief financial officer, ten other mint (including the CFOs wife) were arrested and told prosecutors that he (the CFO) benefited personally from cash held by subsidiaries in Luxembourg, and he has alleged that the company took kickbacks from the Swedish packaging group Tetra-Pak (the Swedish company has denied all allegations)         spot reading through this article it touch me that the problems of unethical financial management are non crotchety to the United States as I tended to believe. Parmalat, an Italian based caper had some of the corresponding problems as Enron and Worldcom when it came to managing finances. The Chairman and promontory administrator Officer (CEO) of Parmalat was the comparable person, and the non-executive directors on the display board had no independency to act on the various issues faced by the company.
        Parmalat evidently had a board that had more family members on it, as hygienic as friends of the family and a few(prenominal) people that were independent of both. It seems to me that this would execute a conflict of sake when making sure shareholders were do by fairly.         tally to the article: Until 1999, turn over Thornton, an international network of account statement firms, was Parmalats main auditor. But Italys rules on the mandatory rotation of... If you lack to get a estimable essay, order it on our website:
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