abuse their position in some or the other way. There were many example to choose from but I chose “Corporate accounting scandal at Satyam “, which is also infamously called as India’s Enron. The reason why I selected this particular company is that I had my cousin brothers and sisters working for this company and this scandal affected our families in a big way. The background Scandals are like an iceberg, they represent the only visible catastrophic failure. Saytam Computers was founded By Mr. Ramalinga
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sentenced B Ramalinga Raju, his two brothers and seven others to seven years in prison in the Satyam fraud case. The court also imposed a fine of Rs 5 crore on Ramalinga Raju, the Satyam Computer Services Ltd's founder and former chairman, and his brother B Rama Raju and Rs 20-25 lakh each on the remaining accused. HT presents a lowdown of the country's biggest-ever corporate accounting scandal . What is the Satyam scam about? It is about corporate governance and fraudulent auditing practices allegedly
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and train the best people possible from the civilian ranks and anytime you have that element ,it will cause potential members to “choose sides”. Each of our services has suffered through many different scandals over ethical dilemmas. The Navy in 1991 suffered the infamous “Tailhook Scandal” where Lt. Rebecca Hansen, a trainee helicopter pilot charged that her failing grades were in direct retaliation for her bringing charges against a flight instructor, and later when Gulf War Hero and then Vice
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The issue is about scandals and focusing attention on problems. The statement about whether scandals are more useful than speakers or reformers in focusing attention on problems is a complex one. Scandals have both a good side and a bad side in the process of revealing problems. And speakers and reformers are irreplaceable by scandals. On the one hand, scandals are useful to attract the public attention to the seriousness of the problem such as corruption, food safety and murder which is hard
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accounting practices allowed it to become one of the largest companies in the US. Enron invented the trading of communications, power, and weather securities. It dominated the trading and instead of being successful, it became the largest financial scandal in history as a symbol of well-planned corporate fraud. Enron created the phony California electricity crisis. There was never a shortage of power in California. Phone recordings between Enron traders and California power plant operators reveal the
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Memo of law Question/Issue Presented What evidence can be found during a legal discovery and how does this affect the record-keeping policy of a business organization? Applicable Law and Ethical Standards Newby v. Enron Corp. , 2002 U.S. Dist. LEXIS 28397 (S.D. Tex. May 1, 2002) Newby v. Enron Corp. (In re Enron Cor... , 2003 U.S. Dist. LEXIS 1668, Fed. Sec. L. Rep. (CCH) P92404 (S.D. Tex. Jan. 28, 2003) United States v. Arthur Andersen LLP , 2002 U.S. Dist. LEXIS 26870 (S.D. Tex. May
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Final Paper: Case Study of WorldCom Financial Statement Fraud Introduction This paper will discuss the financial statement fraud committed by WorldCom by examining what led up to the fraud, who committed it and why, and the impact it caused on various stakeholders and the economy. WorldCom applied aggressive and undisclosed accounting tactics to provide financial statements that reflected a $10 billion profit for the years 2000 and 2001, rather than the actual combined loss of $73.7 billion
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SEC and seek to gain it all for themselves, this is “self-interest” and illegal. They knew what they were doing, especially when it was reported by an Enron accountant saying she was “incredibly nervous that we will implode in a wave of accounting scandals.” They never warned employees or the public of their problems, but instead Chairman Ken Lay lied to the staff. A distribution email was sent by him to the staff stating, “Our performance has never been stronger; our business model has
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As the internal accountant for XYZ, Inc. it is my responsibility to inform you that I do support the full financial review prior to submitting our bid to the United States government. I have provided four major reasons why we should have a full financial review. Each of these four reasons is listed below as to why it is important to take action and take advantage of a full financial review. 1) The impact of occupational fraud and abuse on the company. Occupational fraud and abuse can financially
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Bernard Mitchell Jr. Forensic Accounting Prof. Steffel May 23, 2013 The Forensic Accountant What is a forensic accountant? There are many attributes that are needed to be a forensic accountant. Bolgna and Linquist (1995) defined forensic accounting as the application of financial skills and an investigative mentality to
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