Five ways to reform audits after Adecco and Parmalat
It's time to stop feeling smug. When it comes to accounting scandals, Europe can compete with the rest of the world.
After Enron and WorldCom in the US, Europeans could sit back and reflect that misleading accounts were an issue for Americans only.
Not anymore. There are three reasons: Royal Ahold NV, Parmalat Finanziaria SpA, and now, Adecco SA.
At each, a big company has put out accounts that told their shareholders little about what was actually happening in the business.
Take Ahold. In February
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