Accounting Fraud at WolrdCom Introduction WorldCom‚ US second largest telecommunication company shocked the world by filing bankruptcy at 21 July 2002. The WorldCom filing surpassed Enron and became the largest bankruptcy filing in United States history. Due to its rapid growth‚ WorldCom is also heavily in debt as they finance the company growth with debt. The collapse of WorldCom did not just affect their employees‚ retailers‚ the government but also bankers. WorldCom was a multi-billion dollar telecommunications
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implemented by the former CEO Bernard Ebbers and commited by his financial director Scott D. Sullivan. The technique used by Worldcom was pretty simple; indeed‚ he cooked the books by saving pure operating expenses such as maintenance network in capital expenditure instead of expenses in order to hide its decreasing earnings and to maintain the price of Worldcom’s stock. In summary‚ certain expenses charged by regional operators to reroute calls were not taken into account. Of "current expenses" (line
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I. Introduction and Standard for Opposition to Summary Judgment Crowell Academy‚ Inc. and Arturo Gomez‚ (hereinafter‚ collectively "Crowell") were grossly negligent and used willful misconduct in their responsibilities involving the fencing club. The bargaining power of Crowell was so grossly unequal so as to put Lajuana Barnett at the mercy of Crowell’s negligence. Lastly‚ the exculpatory clause contained in the release form (see release form) is void as against public policy. Consequently
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Corporate Governance WorldCom Scam Introduction MCI WorldCom was one of the largest telecommunications companies in the world. Bernie Ebbers founded WorldCom in 1983‚ after that WorldCom began as a re-seller of long-distance telephone services. WorldCom is located at Mississippi. After Ebbers bought around 50 other small long-distance firms‚ he set his sight on MCI. Thus MCI WorldCom would have become the second biggest telecom service provider in 1997. MCI WorldCom was formed on September-15-1998
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[1] What business was WorldCom in? WorldCom was in the business of telecommunications. Where was WorldCom located? WorldCom was located in Clinton‚ Mississippi. Who was the CEO? The CEO was Bernie Ebbers. Who was the CFO? The CFO was Scott Sullivan. What are the names of the two members of the internal audit staff who worked with Cynthia on their secret investigation? Gene Morse and Glyn Smith What made the internal auditors think that possibly there was a need to investigate WorldCom’s
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Examining a Business Failure: WorldCom WorldCom was one of several large companies that failed because of inadequate organizational leadership‚ fraud‚ conspiracy‚ falsifying documents‚ and embezzlement. WorldCom has been classified as being “one of the biggest corporate scandals in Unites States history” (Zekany‚ 2004‚ p. 101). In 2001‚ the company’s financial condition began to decline due to the slowing telecommunications industry‚ which eventually put pressure on the company’s executive
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READING REPORT Student’s Name | : | ______________________________________ | Teacher’s Name | : | | Course | : | I6______________ | Time | : | 7:30 - 9:30 _____ | Music That Rocks The Imagination. Summary (150 to 300 words) This article is about how music can change completely your point of view of society‚ and not only with the sound‚ with the lyrics too. The article talks about a specific band called Quetzal‚ they have a different type of music‚ because they have Mexican influences
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INTEGRATED CASE STUDY -- SAMPLE PLAN FOR THE REPORT CHAPTER TITLE EXECUTIVE SUMMARY INDICATIVE CONTENT An Overview of the Case Context‚ Purpose of the Report‚ the Approach taken‚ the Findings and Outcomes Expected from the proposals made. PAGES A4 WORD COUNT GUIDE 2-3 300 - 500 This is precis of the full case report. Page 1 CHAPTER TITLE INDICATIVE CONTENT PAGES A4 WORD COUNT GUIDE THE CASE STUDY BRIEF This is to state the specific
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rActivity 1 Introduction In this report I will briefly summarise the human resources professional map talking about the 2 core professional areas‚ specialist professional areas‚ the bands and also the behaviours. I will then go on to talk about the activities and knowledge specified within one professional area identifying those which are most essential to my own HR role. Finally‚ I will outline how an HR practitioner should ensure the services they provide are timely and effective in relation
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the actions taken by WorldCom managers not detected earlier? What processes or systems should be in place to prevent or detect quickly the types of actions that occurred in WorldCom? The first reason is that both internal audit and external audit of WorldCom were not performing their role as intended. Generally‚ internal audit mainly focus on the reliability of financial reporting and the effectiveness of operations‚ and reports directly to the Board of Directors. In WorldCom‚ however‚ internal audit
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