Postgraduate in Accounting and Finance, Professionally Serving as Accountant in Berlin. Undertook already several research projects and consulting for startups.
Being Financial statement fraud is one of the most debated topics in the world of finance. It is ... more Being Financial statement fraud is one of the most debated topics in the world of finance. It is viewed as a white-collar criminal offense by management experts to portray a firm in a much more beneficial fiscal light. This study aims to outline the most common methods of financial statement fraud, as well as some traits and characteristics of the entire environment, from authorities to company executives, in order to identify the fraudsters and the consequences of their actions. The case of Freddie Mac, the American mortgage giant, will be used to illustrate the study's rationale.
As a result, Thomas, J. stated in his 2003 article that Freddie Mac, one of the two governmentsponsored enterprises (GSEs) which monopolize the secondary market for mortgage loans, was engaged in a scandal over inappropriate accounting methods for the majority of 2003. Furthermore, the company, in the first quarter of 2003 annouced that a major revision of previous financial statements had been ongoing. On November 21, 2003, the restatement was issued. Net profit for 2002 and prior years was increased by $5.0 billion. Freddie Mac has acknowledged that some of those revenue recognition were chosen to generate a steady flow of income, and also that multiple transactions were carried out solely to "clean out" reported earnings. Due to these accounting issues, Freddie's company officials were replaced, $125 million in fines were paid, and $410 million was paid to resolve a shareholder legal battle. Former Chief executive Leland Brendsel accepted charges on November 6, 2007, by needing to pay a $2.5 million fine and having to return $10.5 million in total compensation to Freddie Mac. By submitting its 2006 financial report in March 2007, the organization restarted prompt and effective annual reporting. It plans to reinstate quarterly disclosures by the end of 2007 and then register its shares with the Securities and Exchange Commission (SEC)
As Corporate governance refers to how and for what reason corporations are regulated and determin... more As Corporate governance refers to how and for what reason corporations are regulated and determines who is motivated and accountable and who takes decisions, It is therefore considered as a toolkit that helps management and the board to address the complexities of managing a business more effectively. Corporate governance ensures that companies have effective decision-making and management mechanisms in place to ensure a healthy stakeholder interest (shareholders, staff, vendors, consumers and the community). This research study aims at finding the impact of corporate governance on firm performance.
Is the growth in number of small and medium-sized enterprises (SME) in Guinea attributable to spe... more Is the growth in number of small and medium-sized enterprises (SME) in Guinea attributable to specific factors? Small and medium-sized firms (also known as SMEs) genuinely make up the bulk of the economy as a whole in countries that have a low per capita income (excluding micro-enterprises and self-employed individuals). A research that was conducted recently by the International Finance Corporation (IFC) found that they are responsible for more than half of all formal employment around the world, and their proportion of overall employment is comparable to that of major firms. In 2018, the president of the Professional Association of Banks and Credit Institutions of Guinea (APB-G), Guy Laurent Fondjo, stated in a press release that "more than 80% of the formally created firms in the nation are SMEs, whose contribution to Guinea's GDP varies between 18 and 20%." This study specially focuses on a great deal of other aspects, such as management, which describes the manner in which and the rationale behind the operation of SMEs and identifies the individuals accountable for each task as well as those who make decisions. As a consequence of this, it is considered a toolset that gives management the ability to better deal with the issues that come with running a firm. The research analyzes and interprets other additional factors, such as political instability, market analysis, corruption, access to financing, and fiscal policies, by using statistical proofs. In terms of its methodology, this study relied on data obtained directly from 43 small and medium-sized enterprises (SMEs) in Guinea. These SMEs were chosen at random using quotas that were determined to be proportional to the number of firms that were already in operation in the country. In addition to that, it utilized computer-generated results, such as Gretl. The findings and conclusions of the study are broken down into finer points throughout, with statistical explanations being presented in the fourth chapter of the report.
Being Financial statement fraud is one of the most debated topics in the world of finance. It is ... more Being Financial statement fraud is one of the most debated topics in the world of finance. It is viewed as a white-collar criminal offense by management experts to portray a firm in a much more beneficial fiscal light. This study aims to outline the most common methods of financial statement fraud, as well as some traits and characteristics of the entire environment, from authorities to company executives, in order to identify the fraudsters and the consequences of their actions. The case of Freddie Mac, the American mortgage giant, will be used to illustrate the study's rationale.
As a result, Thomas, J. stated in his 2003 article that Freddie Mac, one of the two governmentsponsored enterprises (GSEs) which monopolize the secondary market for mortgage loans, was engaged in a scandal over inappropriate accounting methods for the majority of 2003. Furthermore, the company, in the first quarter of 2003 annouced that a major revision of previous financial statements had been ongoing. On November 21, 2003, the restatement was issued. Net profit for 2002 and prior years was increased by $5.0 billion. Freddie Mac has acknowledged that some of those revenue recognition were chosen to generate a steady flow of income, and also that multiple transactions were carried out solely to "clean out" reported earnings. Due to these accounting issues, Freddie's company officials were replaced, $125 million in fines were paid, and $410 million was paid to resolve a shareholder legal battle. Former Chief executive Leland Brendsel accepted charges on November 6, 2007, by needing to pay a $2.5 million fine and having to return $10.5 million in total compensation to Freddie Mac. By submitting its 2006 financial report in March 2007, the organization restarted prompt and effective annual reporting. It plans to reinstate quarterly disclosures by the end of 2007 and then register its shares with the Securities and Exchange Commission (SEC)
As Corporate governance refers to how and for what reason corporations are regulated and determin... more As Corporate governance refers to how and for what reason corporations are regulated and determines who is motivated and accountable and who takes decisions, It is therefore considered as a toolkit that helps management and the board to address the complexities of managing a business more effectively. Corporate governance ensures that companies have effective decision-making and management mechanisms in place to ensure a healthy stakeholder interest (shareholders, staff, vendors, consumers and the community). This research study aims at finding the impact of corporate governance on firm performance.
Is the growth in number of small and medium-sized enterprises (SME) in Guinea attributable to spe... more Is the growth in number of small and medium-sized enterprises (SME) in Guinea attributable to specific factors? Small and medium-sized firms (also known as SMEs) genuinely make up the bulk of the economy as a whole in countries that have a low per capita income (excluding micro-enterprises and self-employed individuals). A research that was conducted recently by the International Finance Corporation (IFC) found that they are responsible for more than half of all formal employment around the world, and their proportion of overall employment is comparable to that of major firms. In 2018, the president of the Professional Association of Banks and Credit Institutions of Guinea (APB-G), Guy Laurent Fondjo, stated in a press release that "more than 80% of the formally created firms in the nation are SMEs, whose contribution to Guinea's GDP varies between 18 and 20%." This study specially focuses on a great deal of other aspects, such as management, which describes the manner in which and the rationale behind the operation of SMEs and identifies the individuals accountable for each task as well as those who make decisions. As a consequence of this, it is considered a toolset that gives management the ability to better deal with the issues that come with running a firm. The research analyzes and interprets other additional factors, such as political instability, market analysis, corruption, access to financing, and fiscal policies, by using statistical proofs. In terms of its methodology, this study relied on data obtained directly from 43 small and medium-sized enterprises (SMEs) in Guinea. These SMEs were chosen at random using quotas that were determined to be proportional to the number of firms that were already in operation in the country. In addition to that, it utilized computer-generated results, such as Gretl. The findings and conclusions of the study are broken down into finer points throughout, with statistical explanations being presented in the fourth chapter of the report.
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Papers by Elhadj Fofana
As a result, Thomas, J. stated in his 2003 article that Freddie Mac, one of the two governmentsponsored enterprises (GSEs) which monopolize the secondary market for mortgage loans, was engaged in a scandal over inappropriate accounting methods for the majority of 2003. Furthermore, the company, in the first quarter of 2003 annouced that a major revision of previous financial statements had been ongoing. On November 21, 2003, the restatement was issued. Net profit for 2002 and prior years was increased by $5.0 billion. Freddie Mac has acknowledged that some of those revenue recognition were chosen to generate a steady flow of income, and also that multiple transactions were carried out solely to "clean out" reported earnings. Due to these accounting issues, Freddie's company officials were replaced, $125 million in fines were paid, and $410 million was paid to resolve a shareholder legal battle. Former Chief executive Leland Brendsel accepted charges on November 6, 2007, by needing to pay a $2.5 million fine and having to return $10.5 million in total compensation to Freddie Mac. By submitting its 2006 financial report in March 2007, the organization restarted prompt and effective annual reporting. It plans to reinstate quarterly disclosures by the end of 2007 and then register its shares with the Securities and Exchange Commission (SEC)
As a result, Thomas, J. stated in his 2003 article that Freddie Mac, one of the two governmentsponsored enterprises (GSEs) which monopolize the secondary market for mortgage loans, was engaged in a scandal over inappropriate accounting methods for the majority of 2003. Furthermore, the company, in the first quarter of 2003 annouced that a major revision of previous financial statements had been ongoing. On November 21, 2003, the restatement was issued. Net profit for 2002 and prior years was increased by $5.0 billion. Freddie Mac has acknowledged that some of those revenue recognition were chosen to generate a steady flow of income, and also that multiple transactions were carried out solely to "clean out" reported earnings. Due to these accounting issues, Freddie's company officials were replaced, $125 million in fines were paid, and $410 million was paid to resolve a shareholder legal battle. Former Chief executive Leland Brendsel accepted charges on November 6, 2007, by needing to pay a $2.5 million fine and having to return $10.5 million in total compensation to Freddie Mac. By submitting its 2006 financial report in March 2007, the organization restarted prompt and effective annual reporting. It plans to reinstate quarterly disclosures by the end of 2007 and then register its shares with the Securities and Exchange Commission (SEC)