Introduction and Aim of the Review This review of WorldCom is based on the Extraordinary Circumstances by Cynthia Cooper. The purpose of review report is to conclude whether WorldCom satisfied the Code of Ethics and the Attribute and Performance Standards set forth by the IIA. Background WorldCom was one of the largest telecom companies in the world during 1996 to 2002. The company helped to grow a small regional company that bought and re-sold long distance in the South into an international
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AICPA Code of Professional Conduct Jonathan Weindel ETH/376 3/2/2015 Shanaika Muldrow AICPA Code of Professional Conduct The AICPA Code of Professional Conduct is a voluntary group of CPA’s that embody the principle of “professional based responsibilities despite personal benefit or gain” (Mintz and Morris‚ 2011‚ page 14). The AICPA Code of Professional Conduct has six responsibilities that help CPA’s meet and exceed obligations to the public. These six responsibilities include responsibilities
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From the Desk of: Imran Omer Case Study: WorldCom From its beginnings as a long distance call player to handler of Internet data traffic‚ WorldCom was a spectacular firework in the sky before it crashed out as one of the biggest bankruptcies America has witnessed in its corporate history. WorldCom carried more international voice traffic than any other company. It carried a large amount of the world‟s Internet traffic. WorldCom owned and operated a global IP (Internet Protocol) backbone that
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distracted from my ability to sympathize with Bernard Ebbers conviction. His defense team argued that the trial judge wrongly instructed the jury that it could convict Mr. Ebbers on the basis that he engaged in “conscious avoidance” of the fraud at WorldCom. It is evident that Ebbers took a blind eye to any consideration to analyze the good stuff from the bad stuff in this situation. He failed to calculate the considerations of utility and as a result he is paying the consequences through a substantial
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companies and in some of those it results in the ruin of what started out to be a good thing. Some of these companies started out as small prosperous businesses that later grew into large dominate organizations for example; Enron‚ and of course WorldCom. These businesses began with good intentions and ended up internally combusting. All of it was due to the result of GREED. Greed is a disease‚ and has plagued several organizational leaders over time and caused them to go against their good ethics
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Marketing Ethics Ǡ Prepared and written by Dr. Linda Ferrell‚ University of Wyoming M arketing ethics addresses principles and standards that define acceptable conduct in the marketplace. Marketing usually occurs in the context of an organization‚ and unethical activities usually develop from the pressure to meet performance objectives. Some obvious ethical issues in marketing involve clear-cut attempts to deceive or take advantage of a situation. For example‚ two former senior executives with
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Running head: CASE ANALYSIS OF THE ACCOUNTING FRAUD AT WORLDCOM Case Analysis of the Accounting Fraud at WorldCom Angela Crossley Troy University October 27‚ 2008 History The origin of WorldCom can be traced back to 1983. The CEO‚ Bernard J. Ebbers‚ of WorldCom had very interesting beginnings. He invested in Long Distance Discount Services (LLDS) with eight other investors‚ and believed that the telecommunications industry was a very good business venture. In the beginning
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Behind Closed Doors at WorldCom: 2001 Zekany‚ Kay E;Braun‚ Lucas W;Warder‚ Zachary T Issues in Accounting Education; Feb 2004; 19‚ 1; ProQuest Central pg. 101 Behind Closed Doors at WorldCom: 2001 Kay E. Zekany‚ Lucas W. Braun‚ and Zachary T. Warder ABSTRACT: WorldCom was a large telecom company that enjoyed an almost meteoric rise during the 1990s but ran into trouble in the early 2000s. 2001 was particularly difficult. This case gives future generations of accountants the opportunity
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WorldCom was a pre-eminent telecommunications company that dealt with the same ethical issues that many companies deal with today. Ethics is something that comes into play in every businesses day to day operations. A decision is it ethical or not‚ is something that every employee makes in today’s business environment. Ethics is a topic that needs to be talked about and reinforced on a reoccurring basis so that unethical events like what happened in WorldCom‚ do not happen. There were many unethical
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AFM 201 – Part 1 Auditing Fall 2007 Group Assignment 2 Publicized Cases of Alleged Audit Failures Involving Large Public Companies 1) Ten Publicized Audit Failures i. Parmalat (2003) - Deloitte & Touche Tohmatsu /Grant Thornton Misleading investors with “Brazen Fraud” was what the United States (US) Securities and Exchange Commission (SEC) had sued Parmalat for in 2003. It all began when Parmalat defaulted on a bond payment worth $185 million. This raised a flag for auditors and banks
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