Shiqi Wang ACCT 4456 Professor Steve Jensen September 22, 2015 WorldCom Case Analysis According to the section 301.4 of Sarbanes-Oxley Act of 2002, each audit committee shall establish procedures for complaints regarding accounting, internal accounting control, and auditing matters, and the anonymous complaints regarding questionable accounting or auditing matters. However, in this case, the WorldCom Company did not have the procedures for anonymous complaints, so Cynthia Cooper decided to
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Accounting 557 Assignment 1 Student EAS Professor Alfred Greenfield Strayer University 27 October 2013 Many organizations have been in the news over the past few years due to accounting ethical breaches that have affected their customers, employees, and the general public. I searched the Internet to locate a story in the news that depicts an accounting ethical breach. I selected Krispy Kreme. I enjoy their hot donuts and was curious to learn more about how they played with the numbers. For
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hotly debated by industry players and professionals of the accounting fraternity the world over. Many problems and pitfalls have been highlighted on the "mark-to-market" premise. For example, David Gwilliam and Richard H.G. Jackson (2008) noted that Enron "was able to 'monetize' physical assets so as to bring them within the remit of mark to market accounting", suggesting misuse of fair value measurement. Fair value is said to be superior to other forms of measurement because it is easily understood
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Accounting Principles & General Financial Ethical Standards Mark Bullock Acc/291 11-18-2013 John H Olarte Accounting Principles & General Financial Ethical Standards [pic] “Accounting and financial professionals must abide by ethical standards that regulate what kind of business they conduct, who they serve and how they use their skills. Ethical standards are determined largely by professional accounting and finance organizations and the Financial Accounting
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exclusion of foreign companies from the audit committee and loan prohibition requirements. Corporate greed and corruption has altered the face of American business forever. Corporate greed was the primary reason in the downfall of Global Crossing, Enron and MCI WorldCom. I will show that the governing bodies, the Senate, NASD, the Securities and Exchange Commission and other powers that be decided to act and in 2002, the Senate introduced the Sarbanes-Oxley Act of 2002. Effects Of Sarbanes-Oxley
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statements fraud involves the intentional publishing of false information in any portion of a financial statement (Association of Certified Fraud Examiners).” The Bre-X Minerals Case, provided false information that became detrimental to investors. The false information that harmed investors led to the analysis of how investigating management and directors would help in the determination of the company’s value of gold prospect’s. This also led to the ways in which investigating the
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added requirement that all licensed CPAs in Texas complete a Board approved four hour ethics course biannually. These new mandates were, in large part, a reaction to the devastating accounting scandals that surfaced in the early 2000s – including Enron, based in Houston, Texas. Hurtt and Thomas (Hurtt & Thomas, 2011) surveyed public accountants in Texas who were licensed between 2005 and 2010 and asked them for their perceptions of the impact of the required three hour university ethics course requirement
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Repository. For more information, please contact jcera@law.berkeley.edu. Gill: Corporate Governance as Social Responsibility: A Research Agenda Corporate Governance as Social Responsibility: A Research Agenda By Amiram Gill* In the post-Enron years, corporate governance has shifted from its traditional focus on agency conflicts to address issues of ethics, accountability, transparency,and disclosure. Moreover, corporate social responsibility (CSR) has increasinglyfocused on corporate
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ABCD COSO case study Case study – Parmalat The situation - - - - - - - - Parmalat is a multinational Italian dairy and food corporation The company was founded by Calisto Tanzi, a university dropout who transformed a family business, Calisto Tanzi & Sons - Salamis and Preserves into an organisation hailed as one of Europe's biggest corporate success stories. In 1997 Parmalat jumped into the world financial markets in a big way, financing several international acquisitions
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earnings, net income, and inventory were overstated “by $8 Million before taxes and $5.8 million after taxes, with $3 million before taxes and $2.2 million after-taxes was from year ended June 30, 2004.” As it was stated on page 12-27 of the Business Analysis and Valuation applications, “The main problem came from the CEO and CFO decision to not disclose this error on the financial statements that were released on July 21, 2004 (Palepu & Healy, 2008).” The auditors were not thrilled about the poor (of)
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