"Conclusion on worldcom" Essays and Research Papers

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    White Collar Crime

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    White Collar Crime White collar crime is prevalent and brought to our attention more and more by the media since the mid to late 1990s. With the downfall of companies such as Enron‚ Tyco Toys and WorldCom MCI white collar criminals are facing lengthy prison sentences. Greed and personal vendettas are what have led our country to understand and gain more knowledge about these corporations and the corrupt CEOs that have brought them to their demise. “White collar crime is defined as various crimes

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    environment that is not healthy for anyone who is employed there. There are examples of companies where management engaged in illegal behavior and the end result was they hurt the company as well as all those who worked for the company. Enron and Worldcom executives ran their business into the ground by lying to their employees as well as those around them who thought the companies were doing very well. Enron was considered a very strong company. At one point‚ they were named America’s most innovative

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    U.S. GAAP vs IFRS

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    Unit 9 Project: The U.S. Should Not Abandon U.S. GAAP to Adopt to IFRS Amethyst McMillian Kaplan University CM220-42 Professor Manning October 1‚ 2013 U.S. Adopting IFRS The United States is coarsely going through a big dilemma. It is deciding whether to adopt International Financial Reporting Standards (IFRS)‚ or to stay with the current U.S Generally Accepted Accounting Principles (GAAP). Since this is such a serious decision‚ now would be an opportune time to take

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    Case

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    high-performance targets and grant large rewards for achieving these must have strong control systems to ensure that people are not tempted to cross boundaries. What are the four important control systems? Please identify each control by name. Strategy WorldCom never really had a strategic plan‚ committee‚ or framework. Their plan was rapid growth and maintaining that 42% E/R ratio. From the beginning it committed itself to high growth strategies that relied on aggressive corporate and fraudulent accounting

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    financial professional in order to fulfil ill financial ambitions. The famous Enron‚ WorldCom‚ HIH Insurance‚ Barrings Bank etc. Apparently‚ this is why I am totally agreeing to the fact that the international accounting profession has lost its way and is no longer attending to the needs of diverse users of accounting information in a manner which is apposite and evocative for the global business environment today. In conclusion‚ I would like to assert that there is a need of a holistic and concerted set

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    Policy Paper Sarbanes-Oxley

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    was related to it. I will start off with a prologue of what the Sarbanes Oxley Act is‚ and later going in detail about the Act. Prologue The corporate scandals in the year 2001 of Enron and WorldCom‚ where Enron was able to produce fake reports of high profits with false accounting methods and WorldCom‚ who artificially reduced their expenses to falsely increase in the appearance of their revenues‚ created a market failure. Major stakeholders such as investors‚ government‚

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    grounded in natural law‚ religious tenets‚ parental and family influence‚ educational experiences‚ life experiences‚ and cultural and societal expectations. The days of when people were simply trusted to always do the right thing are over with ENRON and WorldCom and the devastation that followed in the business world you are now guilty until proven innocent. Ethics are now written clearly out in agreements that are signed when people are newly hired and the employee is expected to follow those guidelines

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    stock within NYSE has specialists to manage that specific stock‚ this feature is not incorporated in to the NASDAQ. The NYSE is not publicly traded while the NASDAQ is‚ allowing the public to trade stocks on it (NYSE And NASDAQ‚ n.d ) WorldCom Inc. The WorldCom Inc was a telecommunication corporation. Bernard Ebbers was the former Chief Executive of the corporation. He was ultimately found guilty of accounting crimes which lead to a huge scandal. He constructed the unification with MCI‚ which

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    Tyco Ethics Paper

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    Introduction In a time where every organization is looked at under a microscope the price of unethical behavior is expensive. Companies like World Com‚ Enron‚ AIG‚ Health South‚ and a host of other companies add to the growing list of entities involving unethical misconduct of some sort. This paper will point out the price a Tyco paid when his ethics were in question. In addition to the outcome of events surrounding Tyco and the punishment imposed on its CEO‚ ethical breaches are also prevalent

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    Auditing case

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    not release the accruals that had been established‚ so that they can be used during bad times of the company’s performance. This certainly violates the matching principle and destroys the purpose of periodic income statement. 3. I don’t think WorldCom had established an effective system of internal control over financial reporting related to the revenue recorded in its financial statement. According to PCAOB Standard No.5‚ effective internal controls are supposed to be in place for gaining confidence

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