The WorldCom Fraud © 2003‚ 2005 by the AICPA This presentation is intended for use in higher education for instructional purposes only‚ and is not for application in practice. Permission is granted to classroom instructors to photocopy this document for classroom teaching purposes only. All other rights are reserved. Copyright © 2003‚ 2005 by the American Institute of Certified Public Accountants‚ Inc.‚ New York‚ New York. WorldCom’s Background • Awoke the sleeping giant by leading the telecom
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This is one of the red flags for fraud. As an auditor it is my job to ensure to the best of my ability that the financial statements are not materially misstated due to fraud. In order to prove a fraud has occurred‚ the auditor has to do more than just show that money was lost‚ taken‚ or financial data misstated. They have to prove that there was intent. This involves more than just a investigation into the books and the numbers. This process is referred to as fraud examination. Many people in this
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of clothing‚ fresh footprints‚ fallen tree branch‚ broken tuffet‚ and the electronic spider with the company address on the back. I told Miss Muffet what I thought was happening and she put together the first piece. “Maybe the fake spider was a way to scary me away from the tuffet‚” “If that was the plan how did someone hide from you while you were eating‚ there is no bushes or trees around expect for this one...hey‚ maybe the crook was hiding up in the tree with the spider‚ and waited to swipe
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There was a mango tree beside my house. I grew up seeing this tree‚ which was also growing every year. It could be seen from my bed‚ so when I used to wake up in the morning‚ the first thing that I saw was the tree. I used to start my day with the sight of its beautiful green leaves. When I went to bed at night‚ it was dark all around. Still I looked at least once through the window to see it. I loved to stare at it‚ even in the deep darkness‚ because I knew the tree was there. I saw
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Insolvency Fraud A. Introduction Bankruptcy is a leading cause of concern for the government of the United States. According to The Washington Post‚ in 1991‚ bankruptcy cases are increasing by eighteen percent (Walsh). The legal definition of Bankruptcy is the permissible procedure for dealing with debt complications of individuals and businesses (United States Code: Title 11‚TITLE 11—BANKRUPTCY Legal Information Institute). Specifically‚ a case filed under any of the chapters of Title 11 of
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22 Jan. 2011. 19. National White Collar Crime Center. "IC3 2008 Internet Fraud Report." Retrieved 01 29‚ 2011‚ from Scribd: http://www.ic3.gov/media/annualreport/2008_IC3Report.pdf 20 21. National White Collar Crime Center. "IC3 2006 Internet Fraud Report." Retrieved 01 29‚ 2011‚ from Scribd: http://www.ic3.gov/media/annualreport/2006_IC3Report.pdf 22 23. National White Collar Crime Center. "IC3 2004 Internet Fraud Report." Retrieved 01 29‚ 2011‚ from Scribd: http://www.ic3.gov/media/annualreport/2004_IC3Report
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According to the study based on Livent‚ Inc.- An Instructional Case‚ The former senior management of Livent engaged in a multi-faceted and fraud accounting since eight years. As a further result of the scheme‚ Drabinsky and Gottlieb’s elaborated their Fraudulent Kickbacks‚ Fraudulent Manipulation of Livent’s Books and Records to accomplish in quarterly periods and meet the earnings which they provided to Wall Street analysts. Further more three Accounting Manipulations were found by transferring
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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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CHAPTER - 1 INSURANCE 1.1 Introduction In law and economics‚ insurance is a form of risk management primarily used to hedge against the risk of a contingent‚ uncertain loss. Insurance is defined as the equitable transfer of the risk of a loss‚ from one entity to another‚ in exchange for payment. An insurer is a company selling the insurance; an insured‚ or policyholder‚ is the person or entity buying the insurance policy. The insurance rate is a factor used to determine the amount to be charged
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Treaty categorizes cyber crime as offenses committed ranging from criminal activity against data to content and copyright infringement (Marion‚ 2010). The United Nations Manual on the Prevention and Control of Computer Crime defines cyber crime as fraud‚ forgery‚ and unauthorized access (Carajal‚ 2008). The Department of Justice (DOJ) defines cyber crime as any violations of criminal law that involve knowledge of computer technology for their perpetration‚ investigation‚ or prosecution. The DOJ
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