KAPLAN DAVID KIRON Accounting Fraud at WorldCom WorldCom could not have failed as a result of the actions of a limited number of individuals. Rather‚ there was a broad breakdown of the system of internal controls‚ corporate governance and individual responsibility‚ all of which worked together to create a culture in which few persons took responsibility until it was too late. — Richard Thornburgh‚ former U.S. attorney general1 On July 21‚ 2002‚ WorldCom Group‚ a telecommunications company with
Premium Financial audit Operating expense Audit
Evan Frangesh Mr. Marshall & Ms. Kile WHAP 4; English 2‚ 5 17 February 2014 Were Germany’s Actions in WWII Justified? “War does not determine who is right- only who is left” (Russell). Bertrand Russell‚ a renowned philosopher‚ was‚ and still is‚ absolutely correct. Many perish after earth-shattering wars‚ such as the tragedy to humanity known as World War II. If we can take a lesson from this calamity‚ it is the making‚ not the breaking‚ of connections that will enable moral and educational lessons
Premium World War II Nazi Germany Adolf Hitler
The WorldCom scandal was actually brought to light by the internal auditor‚ Cynthia Cooper. Cooper and her team‚ Gene Morse and Glyn Smith uncovered the fact that line costs were being transferred to capital accounts. Cooper was originally tipped off to the fact that something was amiss when the head of WorldCom’s wireless business paid her a visit‚ upset that he was loosing $400 million that had been set aside to make up for shortfalls if customers didn’t pay their bills. Scott Sullivan‚ CFO of
Premium Financial audit Auditing Audit
These fraudulent schemes can be devastating to users like shareholders‚ lenders‚ employees‚ board of directors and other stakeholders. The conflicts of interest among different interest groups represent the real causes of creative accounting. The managers are interested in paying fewer taxes and dividends‚ the shareholders in gaining higher dividends‚ the employees in obtaining better salary and higher profit share‚ the authorities in collecting more taxes. It can be easily seen that the interests
Premium Generally Accepted Accounting Principles Balance sheet Financial statements
was that of WorldCom. In 1983 Bernie Ebbers and several other people invested in a newly formed company in Clinton‚ Mississippi called Long Distance Discount Services‚ Inc. (LDDS). LDDS was a provider of long distance telephone service to residential and commercial markets. Ebbers became CEO of LDDS in 1985. In 1989 the company merged with Advantage Companies‚ Inc. and became publicly traded. In 1995 the company name was changed to LDDS WorldCom‚ and later to just WorldCom. WorldCom grew to be
Premium Expense Accounting scandals Operating expense
Wan-Ting Shao * Ananya Chandra * Niteesh Chinta * Shraddha Rane * Swathi Punreddy The Rise and fall of WorldCom This case study WorldCom is a telecommunications company which was led by CEO‚ Bernard Ebbers‚ and CFO‚ Scott Sullivan. In 1999‚ WorldCom was not meeting Wall Street’s revenue and earnings expectations‚ and it appeared that the coming year would produce more bad news. The CFO argued for setting realistic targets.
Premium Leadership
WORLDCOM‚ INC: CORPORATE BOND ISSUANCE 1. IS IT A GOOD TIME FOR WORLDCOM‚ INC. TO ISSUE? CONSIDER FACTORS IN FAVOR AND FACTORS THAT ARE NOT IN FAVOR. Personally I believe that the time is not in favor of WorldCom in undertaking one of the largest bond issues at the time. Even though there are many advantages with proceeding with the issue‚ I believe that the degree and the uncertainty raised by some of the disadvantages outweigh the advantages of going ahead with the $6Billion
Premium Management Stock Balance sheet
Casey Noble 15 October 2008 Sabo SWOT Analysis WorldCom WorldCom‚ formerly known as the second largest long distance phone service‚ had taken its fall and officially took its final name on April 14‚ 2003. This Company’s mission statement was to “Create a competitive advantage for WorldCom and contribute significantly to WorldCom’s business success by promoting business practices that provide greater opportunity for a diverse supplier base." Throughout WorldCom’s lively years‚ it had great
Premium Corporate governance Verizon Communications
land or property because someone wants it! If we can own land‚ why is being taken away? First of all‚ home is an object and losing it would be bad but‚ we also need to know our home rights. What can we describe as a home? Home is a place most of us would take for granted. It is where we live‚ eat‚ relax‚ and sleep. But home is more than four large walls and a roof. Home is where we feel safe and where we belong. If that “home” was taken away‚ we would
Premium Real estate United States Property
Return Return Description Code 1 Account Closed or Transferred Meaning Action by Action at customer end Account at the banks end is closed therefore subsidy can not be credited This is generally used when the Aadhaar number is not mapped to the account number This is generally used when the Aadhaar number is not mapped to the account number This is used when the bank is not able to find sutiable return reason in the masters provided by NPCI Customer Customer to seed Aadhaar number with a live
Premium Bank Money Logic