Definition of
corporate fraud
dishonest behavior at company level a type of fraud committed by large organizations rather than individuals, for example, auditing irregularities. Since the collapse of Enron and WorldCom in 2001 and 2002, respectively, auditing practice around the world, but especially in the United States, has come under much scrutiny. Both companies had overstated their profits, but the auditors, Arthur Andersen, had approved accounts in each case.
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