Financial Accounting American International Group (AIG) Sca

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Financial Accounting American International Group (AIG) Scandal… Financial Accounting American International Group (AIG) Scandal (2005)”How can these things happen? If such large companies that we have trusted commit such acts, how can we trust any company to be telling the truth in its financial statements? Where were the auditors?” These scandals caused the creation of the Sarbanes-Oxley Act in the US (NI52-109 Canadian Equivalent) requiring companies to maintain adequate internal controls and for senior officers to sign-off on the company financial statements, among other things.”American International Group (AIG) is a US multinational insurance firm with over 88 million customers across 130 countries. In 2005, CEO Hank Greenberg was found guilty of stock price manipulation. The SEC’s investigation into Greenberg revealed a massive accounting fraud of almost $4 billion.It was found that the company had booked loans as revenue in its books and forced clients to use insurers with whom the company had pre-existing payoff agreements. The company had also asked stock traders to inflate the company’s share price. AIG was forced to pay a $1.64 billion fine to the SEC. The company also paid $115 million to a pension fund in Louisiana and $725 million to three pension funds in Ohio. Question:What would be the “preventative measures” which could have been taken by the company American International Group (AIG)?Accounting Business Financial Accounting BUSINESS BUSI 1043

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