KAPLAN DAVID KIRON Accounting Fraud at WorldCom WorldCom could not have failed as a result of the actions of a limited number of individuals. Rather‚ there was a broad breakdown of the system of internal controls‚ corporate governance and individual responsibility‚ all of which worked together to create a culture in which few persons took responsibility until it was too late. — Richard Thornburgh‚ former U.S. attorney general1 On July 21‚ 2002‚ WorldCom Group‚ a telecommunications company with
Premium Financial audit Operating expense Audit
Auditing Case 6.3 Question 1 Recent Developments in WorldCom Case * March 26‚ 2010: Third Distribution of Settlement Fund Made in Accordance with Court Order of September 18‚ 2009. * September 18‚ 2009: Judge Cote Grants Approval of the Final Distribution Plan * February 15‚ 2008: Second Distribution of Settlement Fund Made in Accordance with Court Order of January 23‚ 2008. * January 23‚ 2008: Judge Cote Grants Approval of Second Distribution of Net Settlement Fund. Question
Premium Accountant Police Federal Bureau of Investigation
fisherman like the old man of this book‚ The Old Man and the Sea. This old man named Santagio experiences a hunt of fish like no other when he encounters an extremely large fish and it takes him far out into the ocean. In this book‚ the characters and objects are somewhat interesting because of their differences‚ such as the old man and the boy‚ and the old man and the sea. Those different and similar characteristics are shown through the old man‚ boy‚ and sea. As friends‚ the young boy is friendly and
Premium Difference Similarity
nature‚ through its genetics‚ has determined. If we interfere in the natural order of development by pulling a petal forward prematurely or out of order‚ we ruin the development of the entire flower” (Boeree‚ 2003). I will observe an eleven year old boy using Erik Erikson’s psychosocial developmental theory. Erik Erikson is a Freudian ego-psychologist who believed that some of Freud’s theories were correct. Erikson expanded Freud ’s genital stage into adolescence plus three stages of adulthood (Boeree
Free Erikson's stages of psychosocial development Developmental psychology
E. Boos – Week 2 – Assignment February 17‚ 2013 The Enron and WoldCom Scandals ENRON 1. The segment of Enron’s operations that got them into difficulties had several parts. They published misleading financial reports. They could not meet their bridge financing commitment with Barclay Bank because outside investors were not found. Because of this‚ they restated activities of JEDI and Chewco SPEs so they could be retroactively consolidated into Enron’s accounts. The SPEs
Premium Enron
Accounting Fraud at WorldCom LDDS began operations in 1984 offering services to local retail and commercial customers in the southern states. It was initially a loss making enterprise‚ and thus hired Bernie J. (Bernie) Ebbers to run things. It took him less than a year to make the company profitable. By the end of 1993‚ LDDS was the fourth largest long distance carrier in the United States. After a shareholder vote in May 1995‚ the company officially came to be known as WorldCom. WorldCom culture was
Premium Corporate governance Accountant Revenue
Good or Bad? Good or bad‚ Was it is good or bad that Bruno was naive of the Holocaust?. Bruno‚ a 9 year old German boy was naive about the Holocaust because Father didn’t want Bruno to know about what happens on the other side of the fence because he wanted Bruno to feel comfortable at out-with and not want to move back to Berlin because of the Holocaust which is “a Jewish sacrificial offering that is burned completely on an altar”. In The Boy in the Striped Pajamas‚ it was good that Bruno was naive
Premium Nazi Germany Jews The Holocaust
”Every Good Boy” by David Nicholls (2011) Expectations. It’s an odd word. It means that you believe that something will have a certain outcome. It can be either good or bad. Most people tend to forget that though‚ and only associate it with the good things. In reality‚ most expectations don’t have the outcome you want them to. No matter how hard you try to meet everyone’s expectations‚ it isn’t always in the cards for you. It could be that you expect a good grade for your latest essay or that you
Premium Piano
Case Study The Rise and Fall of WorldcomThis case study is about Bernard Ebbers CEO of Worldcom‚ Inc. and Scott Sullivan CFO of Worldcom‚ Inc. once they were boosted the company growth and they got awards. Later on they made frauds by using their influential tactics on employees and company’s board. Those are Assertiveness: it involves applying legitimate and coercive power to influence others by threatening or giving punishment. This tactic was used by sullivans office where they berated and intimidated
Premium Fraud Corporate governance
Accounting Fraud at WorldCom Vanessa Gail Woods Strayer University Connor-Green/ACC 576 March 21‚ 2010 Accounting Fraud at WorldCom The break up of AT&T opened the long distance service market to small companies during the mid- to late-1980s and 1990s. Long Distance Discount Service (LDDS) opened in 1983 with moderate growth until its stock went public in 1989. CEO Bernie Ebbers decided to grow the organization through acquisitions (70 companies over the course of its lifetime)
Premium Enron Audit Fraud