CHECK THESE SAMPLES OF WORLDCOM ACCOUNTING FRAUD
Substantial accounting fraud was charged against the firm by the US Securities and Exchange Commission.... Likewise, various service institutions particularly that of banking and accounting must keep themselves reliable and sustainable to prevent this kind of fraud in future.... The stock market value of the firms in the telecommunication industry plunged and people at the WorldCom's helm of affairs intervened in the accounting practices.... Subsequently, the stock market value of the firms in the telecommunication industry plunged and people at the WorldCom's helm of affairs intervened in the accounting practices to conceal the actual trouble from the public....
4 Pages
(1000 words)
Essay
Bernard Ebbres was eventually convicted to 25 years in prison for the WORLDCOM ACCOUNTING FRAUD ultimately leading to the company's bankruptcy (Sullivan, 2013)....
As a result three former Worldcom executives were convicted of accounting fraud.... As the company started the accounting fraud in the first quarter of 2001, Worldcom reported an EBITDA of $2.... This accounting fraud directly violates the accounting principles of reliability in accounting practice, as well as the “full disclosure” and the “matching” principle, where all expenses incurred during an accounting period are matched with the period revenues which it directly affects (Businessweek, 2002)....
4 Pages
(1000 words)
Essay
The research shall conclude with a discussion of the lessons offered by the WorldCom case for evaluating future financial statement and accounting fraud cases.... hellip; The case study shall discuss the specific nature, and occurrence of financial statement fraud and examines how the fraud was discovered from a forensic accounting perspective.... The research shall also look at the results of the regulatory investigation and criminal prosecution in trying to understand the potential consequences of the fraud....
30 Pages
(7500 words)
Essay
The object of this research paper is to come to understand how Worldcom Bankruptcy business and accounting fraud took place and how the government and other concerned parties missed on this for so long.... To completely paint the picture of the bankruptcy, there is a need to cover practical and academic aspects of organizational structure, the staff (individuals, teams, and groups), and the culture that predominated WorldCom and made it possible for the business entity to commit such fraud and deceit....
40 Pages
(10000 words)
Dissertation
Arthur Anderson was offering accounting services to many companies.... In 1918, Andersen,… elaney & Co changed its name to Arthur Andersen and over the next 89 years the firm gained reputation and joined other top accounting firms in the United States.... Arthur Andersen reputation in auditing and accounting then was unmatched by any other company due to its unrivaled commitment of its founder.... Boyd in his review of the book, Final accounting: Ambition, Greed and the Fall of Arthur Andersen, quotes words of Arthur in his 1932 speech:
“If the confidence of the public is the integrity of accountants' report is shaken, their value is gone....
6 Pages
(1500 words)
Case Study
The report "worldcom accounting Scandal" states that WorldCom's $3.... billion accounting scandal is one development in Corporate America in recent times that shocked everyone, from employees and small investors to even President George Bush.... accounting scandals according to Wikipedia mainly "involve complex methods for misusing or misdirecting funds, overstating revenues, understating expenses.... WorldCom's downfall is a story of greed, a corporate resorting to financial and accounting manipulations....
11 Pages
(2750 words)
Report
n June 2002, the Securities and Exchange Commission (SEC) lawyers filed civil fraud charges against WorldCom for what would later be estimated at over $9 billion worth of accounting errors.... WorldCom's 2002 has been a horror story with accounting scandals, SEC investigations, the resignation of CEO Bernard Ebbers, possible bankruptcy, and a stock that is worth less than a payphone call.... The paper 'Success of worldcom' presents worldcom which appeared to be a great success story....
9 Pages
(2250 words)
Case Study
This research paper “Ethics in the 21st Century” will give an overview of ethics in the 21st century.... The increased globalization pressures created a high level of cultural diversity or cultural complexity around the globe.... hellip; The author states that ethics, also referred to as a moral philosophy, is the discipline-defining what is morally right and wrong or good and bad....
6 Pages
(1500 words)
Research Paper