presented on the Enron and WorldCom scandal. Tyco‚ Adelphia‚ and HealthSouth were selected to expand and support the information available in the WorldCom and Enron cases. Throughout the research process‚ the key findings collected suggest that: • Plans and designs of a good ethical work culture already exists‚ their implementation is what companies failed to do and continued to monitor in the entire business operations. • The scandals at all five firms involved fraudulent
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(McKenna‚ 2012) As seen above‚ US Securities and Exchange Commission statistics‚ accounting frauds are decreasing year after year. Current business and regulatory environment have been affecting avoid from accounting fraud. 1.2 Before Enron scandal‚ organization was not allow to control relation between company and account firm. Arthur Andersen‚ is an accounting firm‚ winked at Enron accounting fraud. Thus the biggest accounting fraud was accrued in the history. (Kandemir‚ C.‚ & Kandemir‚ S
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expenses are just a few examples of unethical activities. Scandals and bankruptcies in the United States at companies like Enron and WorldCom Inc. have focused attention on the abuse of the power entrusted to executives by
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Through the Decades: An Examination of Social‚ Political and Economic Post-World War II Events and Their Impact on the American People America has experienced social‚ political and economic events that have greatly shaped this nation and impacted its people in the decades following World War II. The purpose of this paper is to identify which events‚ during each decade from the 1950s through the 1990s‚ had the greatest impact on the American people. Undeniably‚ most political and social
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the discussed background‚ problem statement‚ literature review‚ methodology‚ findings‚ and conclusion. 2. The authors argued that “the corporate scandal of the Transmile Group Berhad can be equated to the case of the Enron and WorldCom financial accounting scandals in the US many years ago”. Discuss the details of the aforementioned corporate scandal cases. 3. The article employs survey method to study the issue. Questionnaires were issued to auditors of the sampled audit firms through the mail
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The Bernie Madoff Ponzi scheme was life altering for numerous individuals who trusted in Madoff with their life savings and hard-earned wealth. Although the original scandal made headline news over eight years ago lawsuits and other remnants still remain. In 2013‚ one of largest organizations that people believe contributed the J.P. Morgan (JPM) agreed to settlement with a onetime payment of $billion dollars (J.P. Morgan Chase Will Have To Pay A Fine‚ 2013). Although many believe that JPM was the
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Introduction WorldCom was America ’s second largest telecom company in 2000 (The WorldCom Accounting Scandal‚ 2002). Making a modest beginning in the hinterland of Mississippi in 1983 with a meager capital of less than 100‚000 USD it reached the pinnacle of corporate success reporting more than USD 39 billion in revenue and USD 150 million in MCAP (The WorldCom Accounting Scandal‚ 2002). In the process it became 42nd in the Fortune 500 list. Under the leadership of CEO Bernie Ebbers it grew rapidly
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relating to the Enron scandal. Although Arthur Andersen still technically exists as a company‚ and despite the verdict in relation to the criminal charges being overturned by the US Supreme Court‚ Arthur Andersen has arguably suffered too great a level of damage to its reputation to immediately return to its former position. Most analysts now speak of a ’Big 4 ’ following the troubles that hit Arthur Andersen. Arthur Andersen was essentially brought down by the Enron scandal‚ which erupted in 2001
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The company fat cats or executives have made a fortune despite the recent bankruptcy and the invested employees/shareholders have suffered major financial losses. Who is the company? You would not be alone in immediately thinking of Enron and the scandal that involved Key Lay‚ also in 2002. However‚ the correct answer would be Global Crossing‚ a 5 year old company founded by Gary Winnick in 1997. The Rise of Global Crossing. As mentioned in the introduction of this paper‚ from the outside facts
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idea of a completely immoral figure. His handling of the Vietnam war in attempting to remove the US “honourably” while slaughtering thousands of civilians‚ along with attempting to cover up blatant political corruption in the form of the Watergate Scandal‚ are but two episodes which‚ on face value‚ support the conclusion of Nixon’s nefarious nature. Dr. Hunter Thompson described him as the kind of man who 1“could shake your hand and stab you in the back at the same time”‚ and recalls that even President
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