Wor9 - 1 04 - 0 71 R EV: JU LY 2 6 , 2 00 4 RO BERT S. KAPLAN D A VI D KIR O N Accounting Fraud at WorldCom WorldCom could not have failed as a result of the actions of a limited number of individuals. Rather, there was a broad breakdown of the system of internal controls, corporate governance and individual responsibility, all of which worked together to create a culture in which few persons took responsibility until it was too late . — Richard Thornburgh, former U.S. attorney general1 On
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misclassified were done between 2011 and first quarter 2002. Read more: http://www.ukessays.com/essays/accounting/nature-of-the-fraud-accounting-essay.php#ixzz3qjKkXfsR WORLDCOM'S COLLAPSE: THE OVERVIEW; WORLDCOM FILES FOR BANKRUPTCY; LARGEST U.S. CASE By SIMON ROMERO and RIVA D. ATLAS Published: July 22, 2002 • Facebook • Twitter • Google+ • Email • Share • Print • Reprints • WorldCom, plagued by the rapid erosion of its profits and an accounting scandal that created billions in illusory
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ETHICS IN ACCOUNTING: THE WORLDCOM INC. SCANDAL Conf.univ.dr. Lucian Cernuşca “Aurel Vlaicu” University, Arad, str. Piaţa Sporturilor, nr. 10, bl. 25, apt. 7, 310167 Arad, Phone: 0730468534, luciancernusca@gmail.com What is ethics? What does ethics have to do with accounting? How does a scandal affect the business environment and the society? This article will explain just those questions by analyzing a “famous” fraud scandal: WorldCom Inc. The article discusses the chronology of events
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iPeople’s main interests are centered on education and information technology led by Malayan Colleges, Inc. - Operating under the name Mapua Institute of Technology (MCI), Pan Pacific Computer Center, Inc. (PPCCI), and People eServe Corporation. The operations of Mapua are divided among the following companies: Malayan Colleges, Inc. (MCI) with campuses in Intramuros and Makati; Mapua Information Technology Center (MITc); Mapua Techserv, Inc. (Mapua Techserv); San Lorenzo Ruiz Institute of Health Sciences
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information that can be obtained in Japanese is far less compared with Enron. The fact relevance makes the description of the case a base. WorldCom is a huge telecommunication company that exists in the United States before. The company that Mr. Bernard Ebbers founded in 1983 accomplishes the rapid growth repeating M&A with tremendous force. Long-distance telecom carrier and MCI in the fourth place in the U.S. at that time are purchased in 1996. At that time, this was the maximum M&A play in the history
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pretenders (Macleod-Brudenell & Kay 2008 p86). To further explain physical and psychological needs, let us define the word need? It is a noun that means “requirement; circumstances requiring action” (Waite, 1998 p423). This research is mostly based on the MCI Modules 4 & 5 Contemporary Issues and Advanced Early Years 2nd Edition. The Physical needs of three year olds are of utmost importance since they are in the middle of their growth from infancy and an older child. A child will need proper nourishment
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Chad Ducharme Macroeconomics What do Enron, Tyco, and World-com have in common Intro The purpose of this work is to show you what happens when you try to cheat the system. the reason the government does audits and checks for so many frauds is because people nowadays will do whatever it takes to make a little extra money. What these companies did not only hurt themselves in the long run but hurt the millions of workers and families that were connected with them. The Companies Enron was formed
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Americans, with an estimated net worth of $1.4 billion (WSJ.com). In 1998, the telecommunications industry began to decline and WorldCom’s stock was declining. CEO Bernard Ebbers was pressured from banks to cover the WorldCom stocks used to finance his other business endeavors (timber, yachting, etc.). The company’s profitability took another hit when it was forced to abandon its merger with Sprint in 2000. Beginning in 1999 and continuing through May 2002, WorldCom under the guidance of Scott
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REPORT OF INVESTIGATION BY THE SPECIAL INVESTIGATIVE COMMITTEE OF THE BOARD OF DIRECTORS OF WORLDCOM, INC. Dennis R. Beresford Nicholas deB. Katzenbach C.B. Rogers, Jr. Counsel Wilmer, Cutler & Pickering Accounting Advisors PricewaterhouseCoopers LLP March 31, 2003 I. SUMMARY AND CONCLUSIONS ................................................................................. 1 A. The Nature of the Accounting Fraud..................................................................
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Q1-2 The split-off and spin-off result in the same reduction of reported assets and liabilities. Only the stockholders’ equity accounts of the company are different. The number of shares outstanding remains unchanged in the case of a spin-off and retained earnings or paid-in capital is reduced. Shares of the parent are exchanged for shares of the subsidiary in a split-off, thereby reducing the outstanding shares of the parent company.
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