Articlegreen2014

Analyzing a Listed Firm in Ghana for Early Warning Signs of Bankruptcy and Financial Statement Fraud: An Empirical Investigation of AngloGold Ashanti

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Financial Distress and Bankruptcy Prediction Auditing, Earnings Management, Governance Financial Analysis and Corporate Governance

Abstract

This research moves beyond traditional ratio analysis to find out the possibility of bankruptcy and financial statement fraud at AngloGold Ashanti (AGA).An examination of the financial statements of the company for the years 2010 to 2012 was made with the use of Modified Altman and Beneish models.The modified Altman model is a predictor of bankruptcy.To discover the possibility of financial statement fraud, this research used the Beneish model.The examination of AGA's financial reports with the Beneish model revealed the company was not engaged in financial statement fraud.The Altman model on the other hand, brought to the fore the financial distress the firm went through in the years under review.

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1968FINANCIAL RATIOS, DISCRIMINANT ANALYSIS AND THE PREDICTION OF CORPORATE BANKRUPTCY 1996Causes and Consequences of Earnings Manipulation: An Analysis of Firms Subject to Enforcement Actions by the SEC*1997An Empirical Analysis of the Relation between the Board of Director Composition and Financial Statement Fraud 2007Determinants of weaknesses in internal control over financial reporting 1999The Detection of Earnings Manipulation 1982Group versus individual performance: Are N + 1 heads better than one?1998Earnings management and the performance of seasoned equity offerings1I gratefully acknowledge the comments and suggestions of Philip Berger, Patricia Dechow, Kenneth Gaver (the referee), Robert Holthausen, Wayne Mikkelson (the editor), and Richard Sloan. I also thank Andrew Alford, Brad Barber, Randolph Beatty, Ilia Dichev, Paul Fisher, Gary Gorton, Paul Griffin, David Larcker, Mark Low, Patricia O'Brien, Madhav Rajan, Jay Ritter, Mark Vargus, Robert Verrecchia, Franco Wong, and workshop participants at the 1996 American Accounting Association meetings, Columbia University, Emory University, INSEAD, London Business School, MIT, New York University, Northwestern University, Purdue University, University of California at Davis, University of Chicago, University of Michigan, University of Minnesota, University of Pennsylvania, and Yale University for useful comments. I am indebted to Mark Vargus for access to his FORTRAN sub-routines. Errors and omissions are my responsibility.1 2013Predicting financial distress of companies: revisiting the Z-Score and ZETA® models

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