Table of Contents ABSTRACT ii INTRODUCTION 1 Sarbanes – Oxley Act of 2002 (SOX) 1 Statement of Auditing Standards Number 99 (SAS No. 99) 4 Parts of the Fraud Triangle 5 Types of Fraud 11 INSTANCES OF FRAUD 13 Enron Corporation 13 Adelphia Communications Corporation 17 AOL Time Warner, Inc. 20 Bristol-Myers Squibb Company 25 Global Crossing Limited 27 K-Mart 30 Tyco International, Ltd. 34 WorldCom 37 HealthSouth Corporation 41 CONCLUSION 45 Appendix: SOX Titles and
Words: 11749 - Pages: 47
Management Planning Paper Management Planning Paper WorldCom or “MCI Inc.” (Presently) was a telecommunications company founded in 1983. The company began as Long Distance Discount Services, Inc. (LDDS) and was based out of the state of Mississippi. The company became publicly owned corporation by 1989 as a direct result of the merger between themselves and “Advantage Companies Inc”. It was at this time the company took on a new name (LDDS WorldCom). The primary function of WorldCom at the time
Words: 879 - Pages: 4
ALBERT MAINGI MUSYOKA D61/63378/2010 DAC: 606 ADVANCED ACCOUNTING SEMINAR A TERM PAPER PRESENTED FOR THE PARTIAL FULFILMENT OF THE MASTER OF BUSINESS ADMINISTRATION UNIVERSITY OF NAIROBI JANUARY – APRIL 2012 Contents SUMMARY OF TERMS 3 ABSTRACT 4 STATEMENT OF THE PROBLEM 5 LITERATURE REVIEW 6 a. Introduction 6 b. The Need for an Audit 7 c. Risk of fraud 8 d. The Auditor-Investor ''Expectation Gap'' 9 e. Auditing Profession and Challenges 9 f. Public opinion 10 g. Family or
Words: 5798 - Pages: 24
31 Class One Owners as stakeholders Text Ch 14: Stockholder Rights and Corporate Governance Inland Bank; Cisco (Niihka) Inland Bank and Cisco case assignments (Niihka) Class Two Owners continued Living Richly (text, pg. 236); Adelphia (Niihka) Adelphia case assignment (Niihka) Week of Sept 7 Class One Labor Day – NO CLASS ClassTwo Forms of business; Intro to Business Processes “Forms of business” excerpt (Niihka); Ciao Baby Pesto case (Niihka) Baby Pesto case due
Words: 595 - Pages: 3
The role of ethics and social responsibility plays a critical part in today’s society. When speaking on the role of ethics in the corporate world we all have seen a few companies that have really disregarded ethics to which it has caused a trickle down destructive effect on the organization. One may try to figure out why such corporate professional, hardworking, and savvy men and women act so unethically. We all know that running a business requires a great deal of ethics and without ethics a business
Words: 850 - Pages: 4
Ethical and Moral Issues Cynthia Crawford MGT 216 January 6, 2011 Frederick Pringle Today’s business world is experiencing changes concerning ethics. This paper will give an overview of the differences between moral and ethical issues pertaining to the business world and review differences between personal and business ethics. Finally, I will give real-world examples of common ethical problems past and present in the business world. According to DeGeorge, “Morality consists of rules of
Words: 839 - Pages: 4
Unraveling the Details of 10 High-Profile Accounting Scandals written by: ciel s cantoria • edited by: Linda Richter • updated: 12/30/2010 Before digging into the dirty details of each of these major accounting scandals, we’ll take a look at some of the tools that were used to first detect them – including sophisticated accounting systems and advancements in high-tech communication. Technology Fighting Against White Collar Fraud Looking back at the 10 major accounting scandals that changed the
Words: 5070 - Pages: 21
Time Warner Cable Inc. (TWC), formerly Warner Cable Communications and sometimes colloquially referred to as simply Time Warner, is an American cable telecommunications company that operates in 29 states and has 31 operating divisions. It is the second largest cable company in the U.S. behind only Comcast, which has agreed to acquire TWC pending regulatory approval. Its corporate headquarters are located in the Time Warner Center in Midtown Manhattan, New York City, with other corporate offices in
Words: 950 - Pages: 4
The Sarbanes-Oxley Act (SOX) became law in 2002 after the discovery of significant fraudulent activity on the part of officers of several corporations (Enron, WorldCom, Adelphia, etc.). The goal of the law was to stem the tide of continuing fraudulent behavior, tighten governance and make it more costly for individuals if they were involved in frauds. Unfortunately, the goals were not achieved, and the spate of significant frauds continued with frauds involving major banks and corporations (HealthSouth
Words: 317 - Pages: 2
Ethics Paper Lisa Henderson MGT 498 Strategic Management July 20, 2011 Joyce Cusack Ethics Paper The role of ethics and social responsibility plays a critical part in today’s society. When speaking on the role of ethics in the corporate world we all have seen a few companies that have really disregarded ethics to which it has caused a trickle down destructive effect on the organization. One may try to figure out why such corporate professional, hardworking, and savvy men and women act
Words: 1520 - Pages: 7
