change in overall management. * Scrushy was also nailed for not returning a $25 million loan he had received as an executive stock-purchase plan on time‚ and eventually paid it in stocks instead of cash like it was planned. * A lot of the scandal had to do with Scrushy’s need for self-affirmation and lead the company as if he was the king of an
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A. Summary In 1913‚ Arthur Andersen LLP was found in Chicago‚ developed to become one of the “big five” largest accounting firm in the US. In 2003‚ after 90 years of business‚ the Chicago-based accounting firm was forced to close its doors because of accounting scandal I. The advent of consulting In the 1950s‚ Andersen began providing consulting services and over the next 30 years‚ Andersen’s consulting business became more profitable. With quick development of consulting sector‚ in
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Assignment 1 – ACC557 – Peregrine Systems Accounting Scandal Heather Glover Strayer University Peregrine Systems‚ Inc. was an enterprise software company that was founded in 1981 and sold enterprise asset management‚ change management‚ and ITIL-based IT service management software. Following an accounting scandal and bankruptcy in 2003‚ Peregrine was acquired by Hewlett-Packard in 2005.HP now markets the Peregrine products as part of its IT Service Management solutions‚ within the HP Software
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Adelphia Communications Accounting Scandal Description In spring of 2002 Adelphia Communications reported $2.3 billion in off- balance sheet liabilities. The owner John Rigas and his two sons Timothy and Michael are said to have deliberately hid the problems. The family was borrowing/ stealing the money to buy themselves extravagant things such a 6‚000 Christmas trees‚ expensive company cars and luxury homes. The family was also in the process of building their own golf course. This caused
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BRISTOL TRAFFIC CONGESTION Name: Course: Professor: Institution: City and state: Date: Executive Summary Traffic gridlocks have been one of the major concerns in major cities. The gridlocks are mainly caused by the presence of many motor vehicles due to the high population density and also due to bad weather that hits the cities once in a while. Bristol has been one of the hard hit cities. The city experiences high traffic congestion during the peak hours that leave the commuters
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Assignment # 3 WorldCom Accounting Fraud By Mark A. Cowan Strayer University ACC 499- Accounting Capstone May 15‚ 2011 The purpose of this paper is to discuss the aspects of the WorldCom accounting scandal and the effects that this scandal had on the accounting world as we know it. We will discuss the corporate culture at WorldCom and how it contributed to the accounting fraud‚ how the CEO’s desire to be the #1 stock on Wall Street contributed to the fraud‚ pressures on accountants to book
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corporate accounting scandals of all time. Corporate giants like Waste Management (1998)‚ Enron (2001)‚ and Tyco (2002) were all caught in the unethical practice of generating fictitious financial statements. All these companies did this buy using fraudulent accounting entries. Assets were inflated‚ sales numbers were inflated and huge debts were omitted from balance sheets. Another company that used accounting to put out fraudulent financial statements was Worldcom. Being the largest accounting scandal
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Speech to the Electors of Bristol 1. What does Burke consider to be the duty of the elected representatives? The people’s wishes and happiness depend on the elected representatives. If the representatives do not represent the people and make decisions based on their own opinion they are diminishing the opinion and judgment of the people. Everyone have the right to an equal opinion but the representative have to debate and argue for what the people think. The representatives have the job of protecting
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1． Does the fact that David Myers’ superior‚ Scott Sullivan‚ asked him to make the false accounting entries in WorldCom’s Accounting records diminish Myers’ responsibility for his improper conduct? Defend your answer. I don’t think David Myers’ responsibility for improper conduct diminishes even he is asked by his superior‚ Scott Sullivan. Scott Sullivan has his own fraud because he agreed and goes along with false accounting entries that eventually become part of an 11 billion fraud. Scott will
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Bristol murder Peter Jones is 22 years old boy who lives with his mother in Bridgwater. He works as a lorry driver in Universal Transport Limited. One day he had to take a load of biscuits to Manchester. He started to drive and he turned on the radio to listen the weather forecast. The day will be cold and rainy. When was time for the news Peter turned off the radio but he could listen that a middle-aged man was murdered in Bristol the night before. When Peter was driving in Bristol‚ he saw a
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