Conflict in Ethical Decision Making at WorldCom Kerry Seeley Business Ethics MT4200 National American University September 25‚ 2007 Craig Chaplin Abstract This paper explains how WorldCom began and where it’s at now. It didn’t take long for WorldCom to become the second largest long distance phone company. WorldCom provided a legal framework for people working in communication projects on an individual basis‚ mainly in Central America‚ but they also developed projects together with partners
Premium Accounting scandals Fraud
Corporate crimes happen when the business enterprise use legitimate and illegitimate business practices. Crimes committed by the corporate enterprises vary and includes fraud‚ conspiracy‚ racketeering‚ environmental damage‚ or even homicide when agents of the company commit criminal acts to benefit the company or its shareholders. However‚ according to Alder et al. (2013)‚ multinational corporate crimes are a widespread and daily problem‚ so politicians have taken the opportunity to implement tougher
Premium Business ethics Crime Corporation
respective corporations‚ most of which involve internal fraud. Internal fraud has two main aspects‚ misappropriation of assets and fraudulent financial reporting‚ with the focus of this discussion lying within the former. Misappropriation of assets is defined as fraud for personal gain. It is the most common type of fraud found among employees and frequently includes theft of cash and inventory. Misappropriation of asserts‚ better yet‚ fraud in general‚ is relevant to and pivotal for accountants
Premium Internal control Fraud Dennis Kozlowski
unfortunately a reality and financial management is not an exception. Unfortunately there are people out there that do not adhere to the general accepted accounting principles or ethical standards. When not following the standards theft‚ embezzlement‚ and fraud occur. Financial managers of an organization need to follow the four basic elements of financial management in order to prevent unethical behavior from occurring as well as making sure the organization reaches maximum financial success. Depending
Premium Management Ethics Finance
this project‚ you will be expected to apply what you have learned in this course and should include several of the following course objectives: 1. Review‚ detect‚ and investigate possible financial statement fraud 2. Use various techniques to identify financial statement fraud 3. Explore substantive analytical procedures Main Elements Background: 1. When did the SEC file charges against some senior executives of Waste Management? 2. Who was charged relevant to the above
Premium Waste management Logic Fraud
journalofaccountancy.com/Issues/2001/Aug/IrrationalRatios... FRAUD The numbers raise a red flag. BY JOSEPH T. WELLS AUGUST 2001 inancial statements tell a story‚” says accounting professor W. Steve Albrecht‚ “and the story should make sense.” If not‚ it’s possible the story is a fake. By standing far enough back from the numbers to get a good picture of the client’s business‚ auditors frequently can detect signs of financial statement frauds. Because the balance sheet‚ income statement and statement
Premium Finance Fraud Generally Accepted Accounting Principles
Medicare Fraud | Ms. Iris Hobson- Introduction to Logic | Atinuke Adumatioge | Medicare Fraud Healthcare today is one of the most lucrative businesses in America and many people are trying to take advantage of that. One of the reasons in the transition of street crimes is how much safer it is compared to the drug business. If we take a look at South Florida‚ we can see hundreds of people living the “high life”. The truth is rarely anybody sells drugs and more than half of those people
Premium Social Security Medicare
Case study on WorldCom THE WORLDCOM FRAUD:- Presented By: Pratik WorldCom’s Background • Awoke the sleeping giant by leading the telecom industry into profitability in the 90’s. • During the 1990’s‚ WorldCom was deeply involved in acquisitions and completed several “mega-deals” • Purchased over 60 firms in 2nd half of the 90’s • WorldCom moved into Internet and data traffic • Handled 50% of US Internet traffic • Handled 50% of e-mails worldwide WorldCom’s Background (cont.) • Purchased MCI for
Premium Auditing Balance sheet Capital expenditure
AICPA‚ “Forensic Accounting is the application of accounting principles‚ theories and discipline to facts or hypothesis at issues in a legal dispute and encompasses every branch of accounting knowledge.” According to The Accountant’s Handbook on Fraud and Commercial Crime‚ Forensic Accounting is the application of financial skills and an investigative mentality to unresolved issues‚ conducted within the context of the rules of evidence. Forensic Accounting borrows knowledge from Accounting‚ Finance
Premium Financial audit Audit Certified Public Accountant
3D Fraud Risk Assessment Model Dinev’s SMARTGuide INSTITUTE OF EXPERT FRAUD EXAMINERS First Edition - 2012 Foreword .......................................................................................6 Part I: Navigating Fraud Risk Assessment Terminology ..............8 1.1. What The Dinev’s SMARTGuide Isn’t and Is? .............................................8 1.1.1. The Dinev’s SMARTGuide Isn’t ... ..........................................................................8
Premium Risk management Risk Management