A flood of lawsuits resulted as retirement systems, shareholders, former employees and others said that Enron's failure to disclose its accounting flaws amounted to a violation.
Adecco's finance chief resigned on Friday as it revealed widespread accounting flaws in its North American business, but the employment agency stopped short of telling investors the scale of the damage.
Facts have to be checked, sources held to account, flaws and inaccuracies eliminated, and good judgment applied as much as possible.
And not every public-accounting flaw is to the benefit of governments: their right to tax is not recognised on balance-sheets, for example.
The list of culprits for the woes afflicting banks includes bankers' pay, credit ratings, ill-prepared boards, sleepy supervisors, accounting regimes, flawed risk models and Alan Greenspan.
A modified Weibull strength distribution model that takes into account the flaw density variation with fiber diameter has been adopted for the statistical strength analysis.
But Grubman cited the weakness in enterprise spending, the cutting of the company's debt rating and the pending recapitalization all well known and never suggested the company's accounting was flawed.
The difference between what the company said and what the plaintiff-shareholders said is whether FirstEnergy and its executives knew or had reason to know that its earlier accounting was flawed.
All these eyewitness accounts are flawed to a greater or lesser degree, and Julie Salamon's energetic "Hospital" is no exception.
The current paper presents an investigation, whether and to which extent rails made of high strength materials have to be treated differently during the bending process if one takes into account potential flaws on the bending behaviour of rails.
