Assignment on WorldCom Overview: WorldCom Inc. origins can be traced back to 1983 when it was formed with the breakup of AT&T and it enabled small, regional companies gain access to AT&T’s long-distance phone lines at deeply discounted rates. LLDS (Long Distance Discount Services) provided services to those regions where well-established companies, such as MCI and Sprint, had very little presence. At an early stage of the company, Bernard J. Ebbers, was given the charge to run the show
Words: 1685 - Pages: 7
Homework: Term Paper GEB2430 Business Ethics & Social Responsibility Dr. Harvey Weiss June 16th, 2012 Abstract The main purpose of this research paper is to show how the Sarbanes-Oxley Act of 2002 may have contributed to holding corporate executives accountable for their actions then and for the future. This research paper will examine and discuss the origin of the Sarbanes-Oxley Act and go into detail regarding the eleven titles, or sections, of the document that it consists of. This
Words: 2565 - Pages: 11
India, Republic of Scams 2G Spectrum Allocation Fraud, 1.76 lakh crores (40 billion dollars) Classic example of collusion between politicians, industrialists and media with high powered brokers. Indian Government refuses to constitute a joint parliamentary committee of all parties to investigate the scam (that resulted in total deadlock in entire last parliamentary session). India, Republic of Scams 2G Spectrum Allocation Fraud(2010) India Today Jan 3, 2010 No tolerance for corruption
Words: 3238 - Pages: 13
INTERNAL AUDITING MOVIE REVIEW: Enron Movie: The Smartest Guy in the Room Tutor: Ms. Bewry March 29, 2014 Ashley Johnson-Blake ID #100426 Review Questions 1. Identify at least five (5) control issues in the movie using the Committee of Sponsoring Organization of the Treadway Commission (COSO) framework as a guide. According to COSO, the five control issues are concerned with the control environment, risk assessment, control activities, information and communication and monitoring. Based
Words: 1243 - Pages: 5
million dollars. Their marketing strategy was a diversification of the production of the corruption of analysts who would promote those new products. When the frauds were discovered by an employee and exposed to the Securities and Exchange Commission, the free fall began for Enron. The shares dropped from 90$ to 1$, the company was in bankruptcy, and was brought before a court. Many members of the Board were found guilty and punished and the Audit firm Andersen which tried to cover Enron was dissolute
Words: 365 - Pages: 2
arrest confirmed the occurrence of the second public fraud in less than two months that victimized the institution. However, the latest one involved a highly rank white-collar who was able to breach the information system of the company. The following paper will present a summary of the case, including the characteristic of the perpetrator, the detective methods that were used, and the effects on the stakeholders. We will also try to classify the fraud based upon the data processing model, assess the
Words: 1221 - Pages: 5
operations in U.S. and Canada. With mergers and acquisition activities, the intent is to preserve and provide jobs to the community. However, this was not the case with GM. Was it justified to reduce the workforce? Therefore, the review of the bankruptcy steps taken by GM will determine if the restructure was successful. Pension Plan General Motors pension fund obligations and health care obligations appear to threaten the future of the company. Majority of General Motors’ U.S. employees are
Words: 1149 - Pages: 5
INDEPENDENT CONTRACTOR AGREEMENT This Independent Contractor Agreement ("Agreement") is made and effective this 12, September, 2013, by and between ________________________________________ ("Consultant") and IQ Group et. al. LLC, IQ Homes, Larry Morgan ("Company"). Now, therefore, Consultant and Company agree as follows: 1. Engagement. Company hereby engages Consultant, and Consultant accepts engagement, to provide to Company the following services: Engineering, Marketing, Sales, Construction, Planning
Words: 1060 - Pages: 5
Case Analysis: Loewen 1. Loewen was able to grow between 1990 and 1995 through pre-need sales, or sales of cemetery plots for future use. While the pre-arranged funeral service revenues could not be recognized immediately, revenues from the pre-sale of cemetery plots could be. With the Baby-Boomer generation aging into their 50s and 60s, this market represented the major source of growth in the early 1990s. We do not believe Loewen created value with this source of revenue as it was simply benefitting
Words: 946 - Pages: 4
contingencies in the financial statements to report the potential that these statements will be restated to account for the outcome of the lawsuit. Pending the outcome of the lawsuit, the company may be required to reorganize their debts under a chapter 11 bankruptcy. The lawsuit also challenges the validity of a patent, which is a revenue generating asset of the client’s. Pending the outcome of the lawsuit, the patent will need to be tested for impairment. Reporting Requirements for Lawsuit Contingencies
Words: 810 - Pages: 4
