International Journal of Business and Social Science Vol. 4 No. 13; October 2013 Cooking the Books: The Case of Malaysian Listed Companies Fathilatul Zakimi Abdul Hamid Rohami Shafie Zaleha Othman Wan Nordin Wan Hussin Faudziah Hanim Fadzil School of Accountancy Universiti Utara Malaysia Sintok, 06010 Kedah Malaysia. Abstract Cooking the books refers to fraudulent accounting activities undertaken by a business to falsify its financial statements. Thus, the objectives of this study are
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the Enron scandal this is obviously a company that did not feel that company values was important because they deceived the public and ended up filing bankruptcy and going to jail. On the other side of the spectrum is Starbucks. Starbucks is a company that is dedicated to meeting and exceeding the expectations of their customers. And with them now being an international company they have succeeded. Enron One of the biggest scandals to hit corporate America was the Enron scandal. It not
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deal were accounted for by estimating their present value rather than historical cost. Andrew Stuart Fastow was hired to conceal Enron massive losses. Which were discuss in detail in the movie. Enron collapsed under the burden of its accounting scandals thanks to the poor decisions management made. Enron could not have prospered without the assistance and support of its bankers and trading partners who helped finance its operations. JP Morgan for example helped finance Enron’s elaborate strategy
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Vision: Five years after graduation I would like to be living in an urban area somewhere in northern Texas. I see myself in the corporate industry working as a member of the accounting department making $60,000 a year. Gaining experience in this field will prepare me for my ultimate goal of becoming a senior accountant within a corporation. My family life would mesh nicely with my significant other and I living together and being engaged. Mission: The main drive behind my vision is becoming a
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Assignment # 3 WorldCom Accounting Fraud The purpose of this paper is to discuss the aspects of the WorldCom accounting scandal and the effects that this scandal had on the accounting world as we know it. We will discuss the corporate culture at WorldCom and how it contributed to the accounting fraud, how the CEO’s desire to be the #1 stock on Wall Street contributed to the fraud, pressures on accountants to book and release accruals to meet expectations, pros and cons of whistleblowing
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Ethics Benton Scott MGT/498 July 3, 2013 Melanny Felton Ethics Ethics refers to the fundamental principles of an individual or a group, where social responsibility is how business performs its activities to meet a wider obligation toward society and environment. Strategic planning is an essential step in the corporate world were senior management defines the organization’s direction, and decision making. “Ethical values and social responsibility serves an important role in the strategic
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largest bankruptcy in U.S. history. Subsequently, former WorldCom chief financial officer Scott Sullivan and controller David Myers were arrested on securities fraud and conspiracy charges. Ebbers was indicted on federal charges in the accounting scandal. In March 2005, Ebbers was found guilty on all charges and was sentenced for 25 years in prison. Required: - Submit a hard copy of the case assignment in the beginning of class on the due date (Monday, September 14). Include a cover page with
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Enron Case: Enron is known for the world’s biggest scandal in the history of American business. In Dec 2001, Enron Corp filed for bankruptcy. The major factors that led to the dissolution of Enron Corporation are the shortfall of business ethics of Enron’s management, accountants, auditors, board of directors and consultants. Off balance sheet arrangements made transactions between Enron and its partners were not clear and transparent. Between 1993 and 2001, Enron created over 3,000 SPEs that
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Enron is a prime example of how unethical behavior can affect millions of people. Enron Corporation was once known for bring one of the largest leading suppliers of electricity, natural gas, and communications bust since it’s scandal Enron will be known for corruption and accounting fraud. Enron intentionally reported falsely inflated estimates of income and did not report all debts the company owed. Enron Corporation filled for bankruptcy in 2001 which led to criminal investigation that include
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Midterm 2 Case 3.1 Q1 Government’s decision to deregulate the once highly regulated industry, Enron no longer need to charge regualted price for its gas to customers. The force of supply and demand dictated the price, therefore Enron has higher risk of material misstatement compare to before. The deregulation helped Enron expanded into natural gas trading and financing. And for the first time Enron was allowed to use mark to market accounting for its nature gas trading business. Enron expanded
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