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Ahold

Decent Essays
Ahold: Royal Dutch Disaster Session 7 Management Accounting & Controls

Date 24-Feb-03
Issue: $500 million fraud
What:
Global food retailer with over 9,000 stores and 278,000 employees in 4 continents
2002 Sales -72 billion Euros up from 66 billion in 2001
Current outstanding loans of 13 billion euros due to 7 years of acquisitions
People:
Cees Van der Hoeven – CEO since 1993 (joined Ahold’s executive boar as CFO in 1985)
Michiel Muers 1997 – CFO graduated in business studies and economics
Jim Miller – USF CEO
Company: Royal (Koninklijke) Ahold
Holland – publicly traded company
Started as a supermarket chain of stores
1973 Abhold NV was formed and open the first chain of liquor stores
1970’2 they started to invest abroad – Spain and
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Cash receipts handled by the purchasing department as well as cheques to settle vendor allowances
Operated on 10 different operating systems
Vendor allowances were mainly managed by the vendor and USF had limited ability to track them.
Internal audit department
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