CASE 4: ACCOUNTING FRAUD AT WORLDCOM Betty Vinson: victim or villain? Should criminal fraud charges have been brought to her? How should employees react when ordered by their employer to do something they do not believe in or feel uncomfortable doing? In discussing whether Vinson should been charged with criminal fraud, it can be analyzed from ethical perspective which can truly judge whether she was morally responsible for the wrong or not. In order to determine whether Vinson was morally responsible
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we are learning about internet crimes or cybercrimes which are crimes conducted on the internet or computer network, because we live in such a technological advanced world the threat of cybercrimes has grown. Internet laws have been put in place and established to ensure internet protection. Now you may think cybercrimes are not as severe as most but indeed they are; some cybercrimes are harmless but others can carry on felony charges. There are three categories of a internet crimes which are
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and Curtis Nicholls was printed in the CPA journal in April of this year. To give a brief history of SOX after the corporate fraud in the early 2000’s the SEC felt pressure to respond. Their response to the fraud committed my giant corporations such as Enron and WorldCom was the Sarbanes-Oxley Act. The main point of SOX was to try to limit or ideally eliminate corporate fraud by cracking down on self-regulating audit. The answer as to whether SOX is working or not is not as simple as yes or no.
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Sarbanes–Oxley, Sarbox or SOX, is a United States federal law which was introduced in 2002. It is also known as the “Public Company Accounting Reform and Investor Protection Act” and “and 'Corporate and Auditing Accountability and Responsibility Act”. The main objective of the act is to protect investors by improving the accuracy and reliability of corporate disclosures. New aspects are created by SOX act for corporate accountability as well as new penalties for wrong doings. It was basically introduced
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Habibi 1 Ramtin Habibi Mr. Jeffs ENG 3U1 July 15, 2014 " Essay Test " Throughout human history, mankind has endured many periods of suffering and hardship. Although it was completely immoral, those hard times are what made our world the place it is today. It is in our human nature to experience hardship at one point in our lives as it can help us mature and better ourselves. However, when the hardship comes from several different sources, it becomes hard to learn form the many experiences
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There is an old saying: Crime doesn’t pay. However, for David Miller crime paid for two Mercedes-Benz sedans; a lavish suburban home; a condominium at Myrtle Beach; expensive suits; tailored and monogrammed shirts; diamond, sapphire, ruby, and emerald rings for his wife; and a new car for his father-in-law. Though Miller confessed to embezzling funds from six different employers over a 20-year period, he has never been prosecuted or incarcerated—in large part because his employers never turned him
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presentation is to inform interested individuals about accounting fraud in small business and narrowing the topic to two main factors that allow the fraud to take place. The presentation will be specifically informational in nature. Once I have finished my presentation, the audience will have a clear understanding of my central idea, which is why limited staff and family trust are reasons that small businesses are victims of accounting fraud. The ideal audience for my presentation would be a meeting
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Question 2 (28 marks) Mary Cooper owns five convenience stores that sell food, beverages, and gasoline. The stores are open 24 hours a day, 7 days a week. The business has 20 employees who do not always work at the same store; rather, they are assigned to stores on a rotating basis. Two employees work the day shift but only one works the night shift from 10:00 p.m. to 7:00 a.m. Ms. Cooper manages the company’s overall operations from head office. Customer satisfaction has always been important to
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Cybercrime Monica Locklear CJ105 Lance Spivey 2/24/2015 Miller-Motte College Online Computer crime better known as Cybercrime refers to any crime that involves a computer and a network. Cybercrime may happen anywhere on the internet such as the chat room, email, notice groups, and even mobile phones. Technology is becoming so advance and more common that there are so many people who will take a chance to commit crimes that involve technology. It is so hard for the police to
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Exchange Commission (SEC) charged HealthSouth Corporation, the nations’ largest provider of outpatient surgery, diagnostic and rehabilitative healthcare services, and its Chief Executive Officer and Chairman Richard M. Scrushy with a massive accounting fraud. Scrushy, along with several of his former colleagues allegedly inflated HealthSouth’s pre-tax earnings. [Knapp] Founded in 1984 in Birmingham, Alabama, with more than 50,000 employees and nearly 2000 facilities across all states, HealthSouth earned
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