History Satyam Computer services Limited an Information Technology Company was founded in 1987 by Ramalinga Raju. The company is based in Hyderabad, India and was the fourth largest software exporter in India until January 2009. As one of the largest software company, Satyam traded in the Bombay Stock Exchange, the national Stock Exchange and New York Exchange. Satyam grew rapidly with customers stretching over 66 countries and was ranked at 185th on the Fortune 500 companies list. In 2008, Satyam
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gepleegd met betrekking tot de jaarrekening en er was leningdocumentatie vervalst. Later verdween Parmalat zelfs van de beurs. Naar aanleiding van het Parmalat-schandaal en een aantal soortgelijke boekhoudschandalen in de afgelopen eeuw, (zoals Enron, Worldcom, en Xerox) wordt er toenemende kritiek geuit naar de rol van de externe accountant als onafhankelijke derde partij. Als reactie op de boekhoudschandalen is er wereldwijd aanscherping van de controle- en verslaggevingregels. Verplichte rotatie is
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Touro University International ETH 501 BUSINESS ETHICS MOD 1 CASE STUDY Dr. Cathy Anderson Introduction The case against Martha Stewart surrounded her sale of 3,928 shares in ImClone Systems Inc., and whether she lied to investigators and her company's investors about it. On Dec. 27, 2001, Stewart cashed out her ImClone stake at an average price of $58.43, collecting about $229,500. After the market closed the following day, the Food and Drug Administration announced its refusal
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BA3121 Introduction to Management Accounting Group Assignment Word Count | 2,499 words | Management Accounting System Proposal for Automobile Power Executive Summary Due to the absence of a management accounting system within the company, Automobile Power has been seriously disadvantaged since its founding. Particularly, cost efficiency at the company had been poor, as there was much unnecessary manufacturing expenditure incurred. Additionally, due to the lack of thorough market analyses
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public’s interests are maintained and preserved. Being an accounting student, I have heard and read about regulation in the accounting industry numerous times. There have been many major accounting scandals in history that have lead to many different kinds of government regulation. The government regulations in accounting are mostly enacted to protect investors. From 2000 to 2002 there was an abundant number of large corporate accounting frauds, which led to the Sarbanes-Oxley Act of 2002. Previous
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Detection method 2. Importance of Early Detection 3. Big problems for small corporations/organizations 4. Types of fraud and who is involved 1V. Sarbanes Oxley Act A. The effects of Sarbanes-Oxley Act on corporate culture (1) Increase in accounting costs (2) Increased records-management requirements (3) Salary increases (4) Increase in audit fees B. Need for Continuous Auditing/ Continuous Monitoring and its benefits C. Role of internal Auditing and Management. D. Identification of Control
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Assignment #1: WorldCom (Due Date: Monday, September 14) Bernard “Bernie” Ebbers and other founders started Long Distance Discount Service, a small Mississippi reseller of long-distance service. LDDS changed its name to WorldCom Inc., with Ebbers as CEO. WorldCom provides a broad range of communications services to both US and non-US based business and consumers. The company’s core business is communications services, which include voice, data, Internet and international services. WorldCom Stock peaked
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1. Introduction WorldCom, the telecommunications giant, once was the largest telecommunications company in the world, with more than $30 billion annual revenue, $104 billion in assets and more than 20 million customers. John Sidgmore (2002), Ebbers’ successor after the scandal, said “WorldCom is a key component of our nation’s economy and communications infrastructure.” However, the giant collapsed in 2002. 2. The Main Issue: Earnings Management 3.1 Definition of Earnings Management
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Answer no 1 (a): How senior managers at WorldCom managed earnings: Senior manager of WorldCom (CFO, Scott Sullivan) has cooked up the earnings of the company by violating the two basic rule of accounting i.e. accrual and capitalization. They overstate the company pre-tax income by releasing the accrual balance to the income statement and by capitalizing the operating expenses in the books (Dick Thornburgh, 2004). As per the GAAP (generally accepted accounting principles), a company should required
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business needs. It was noted that she is in need of a new accounting system to facilitate the expanding success of her company. This proposal will feature options that will efficiently accommodate these needs. New Accounting System There are six major components of an Accounting Information System (AIS). • Employees • Procedure and Instructions • Data • Software • Information Infrastructure • Internal Controls. Employees The new Accounting Information System will assist all departments to work
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