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Ahold is a major retailer in the US and Europe. The accounting scandal at Ahold's US Foodservice destabilised the company and sent its share price and market standing tumbling. The scandal prompted the company to order an internal investigation which unearthed other irregularities at its operating companies in the US, Latin America and Europe. The series of frauds and mismanagement affected the company badly. The company forced its top management to resign. However, a new management and a forward-looking strategy have helped bring it back from the brink of financial ruin. The case discusses the accounting scandals and its aftermath. The case throws light on the efforts made by Ahold after the scandals to improve its control and reporting systems so as to enhance its corporate governance structure. The case emphasises the importance of good corporate governance practices in the long-term growth of companies.