Using the example of an accounting scandal that took place in 2020, Finance, Accounting & Taxation students, together with experts from the management consultancy Forvis Mazars, investigated a falsified balance sheet and had a lively discussion about it.
Using data from the real-life scandal of a well-known Austrian institution, the students were given a practical insight into the world of auditing and tax consultancy. The case investigated was particularly interesting as it caused quite a stir in the media due to deliberate manipulation and concealment and could therefore also be easily followed from ‘outside’.
Investigation in the balance sheet
After intensive familiarization with the case with reports and a chronological presentation, the students of the Bachelor’s program in Finance, Accounting & Taxation discussed their findings with the Forvis Mazars experts Alexander Stieglitz and Marlene Bäuchl. In particular, they explored the following questions:
- Who could be responsible for the scandal?
- To what extent are the auditors, managing directors and accounting tax consultants to blame?
- How could the scandal come about even though the annual financial statements had already been audited by an auditing company?
Finally, the students received theoretical input on accounting fraud and its detection. This practical collaboration provided valuable insights into the mechanisms of accounting fraud and the work of auditing and tax consultancy.