occupational medical services. The company experienced rapid financial growth and numerous mergers and acquisitions in the mid-1990s‚ which continued to escalate until the fraudulent activity surfaced in 2002. It was at this time that the Enron and WorldCom scandals were discovered and the Sarbanes-Oxley Act was created. Pressure to meet Wall Street expectations pushed Scrushy and other senior management to “cook the books”. Income was artificially inflated‚ numbers were manipulated‚ and false accounts were
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operations capabilities so they can achieve a high set of goals and objectives and to gain bigger market share than their competitors at all the times. Such cases happened in the past with several companies such as Enron‚ WorldCom and others. In such scandals‚ the CEOs were accused of conducting illegal actions and unethical behaviors. Health South: The Scrushy Way Richard M. Scrushy‚ the former CEO of HealthSouth Corporation which owns a chain of hospitals and clinics‚ benefitted from some of the
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Sarbanes-Oxley Act In recent years‚ many companies have grown to conglomerate status and then cut down to nothing through misleading management practices‚ unethical leaders‚ and non-regulated accounting methods. Investors are happy when they are making money from these rising businesses and then devastated and sometimes completely ruined by their fall. The world of business has come a long way since the laissez-faire government attitudes of the 19th Century. Governmental rules and regulations
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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 get his punishment
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There has always been a need for forensic accounting to investigate fraudulent activities for accountants and law enforcement professionals. Although there are initiatives in accounting education which focuses on the importance of accounting instructions and these initiatives also teaches students on how to learn accounting education and emphasize continuous lifelong learning and out-come –based assessment. Forensic accounting is a complex whole of accounting‚ auditing‚ economics‚ business concepts
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We should not be too much or less. A lot of money that come fast also can be gone fast also. Be careful before spend money or invest for something. Get the lower chance but more stable is better. 2. What is the relationship between the financial scandals and Corporate Governance? Corporate Governance is a system of rules‚ practices and processes by which a company is directed and controlled‚ which involves the alignment of interests among the stakeholders. After the early 2000s‚ the massive
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in Mississippi. The later location of WorldCom’s headquarters‚ Clinton‚ Georgia‚ had been the same small town where her and her husband had gone to high school. She then went on to Mississippi State University to obtain a bachelor of science in accounting and then a master of science in accountancy from University of Alabama. She became a highly qualified accountant after working at both PricewaterhouseCoopers and Deloitte & Touche in Atlanta. In addition‚ becoming a Certified Public Accountant (CPA)
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COMSATS INSTITUTE OF INFORMATION TECHNOLOGY CORPORATE GOVERNANCE : ACCOUNTING SCANDAL SUBMITTED To : Sir. Javaid Zafar Submitted by : Sana Munir MBO - II CORPORATE GOVERNANCE TABLE OF CONTENTS 1 COMPANY INTRODUCTION AND HISTORY................................... ...3 2 CORPORATE BUSINESS ACTIVITIES..............................................6 2.1 Rehabilitation Hospitals.................................................................6 2.2 Outpatient Therapy Services.....
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usatodaycollege.com Accounting fraud Part II: The results “Creative accounting” is not a new technique‚ but it can certainly be a costly one. Businesses feel the pressure to appear profitable in order to attract investors and resources‚ but deceptive or fraudulent accounting practices often lead to drastic consequences. Are these so-called creative practices always illegal or can they ever be justified? This case study will present examples of companies who have used inappropriate accounting practices‚
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Guidelines for Memos A list of resources for good business writing appears at the end of this document. It is strongly recommended that any serious business person consider owning writing resources. Written communication is often the distinguishing factor in determining career success in any business or government environment. The following are general guidelines intended to assist the student attempting to write a business memo for the first time. A memo (short for memorandum which is latin
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