After searching for following information online: a.WorldCom fraud b.Background of the CEO, Bernie Ebbers c.How WorldCom’s market capitalization grew to one of the largest firms in the US d. Information on the trial and related court testimony that convicted Bernie Ebbers e. The internal audit team’s role in discovering and reporting the fraud to the Board of Directors, and f. The role WorldCom's Controller played in the fraud. Question 1: The Fraud Triangle consists of perceived pressure, perceived opportunity, and rationalization. Based upon the research performed, how does the fraud triangle applies to the following players in this fraud: - Bernie Ebbers, the CEO - WorldCom's Controller Question 2: During court testimony, in what ways did Bernie Ebbers try to rationalize his behavior as CEO of WorldCom while this fraud was being perpetrated? Describe and specify how Ebbers attempted to rationalize his behavior and your thought or thoughts to his rationalization testimony.

After searching for following information online: a.WorldCom fraud b.Background of the CEO, Bernie Ebbers c.How WorldCom’s market capitalization grew to one of the largest firms in the US d. Information on the trial and related court testimony that convicted Bernie Ebbers e. The internal audit team’s role in discovering and reporting the fraud to the Board of Directors, and f. The role WorldCom's Controller played in the fraud. Question 1: The Fraud Triangle consists of perceived pressure, perceived opportunity, and rationalization. Based upon the research performed, how does the fraud triangle applies to the following players in this fraud: - Bernie Ebbers, the CEO - WorldCom's Controller Question 2: During court testimony, in what ways did Bernie Ebbers try to rationalize his behavior as CEO of WorldCom while this fraud was being perpetrated? Describe and specify how Ebbers attempted to rationalize his behavior and your thought or thoughts to his rationalization testimony.

Foundations of Business (MindTap Course List)

6th Edition

ISBN:9781337386920

Author:William M. Pride, Robert J. Hughes, Jack R. Kapoor

Publisher:William M. Pride, Robert J. Hughes, Jack R. Kapoor

Chapter15: Using Management And Accounting Information

Section: Chapter Questions

Problem 3DQ

See similar textbooks

Similar questions

After searching for following information online: a.WorldCom fraud b.Background of the CEO, Bernie Ebbers c.How WorldCom’s market capitalization grew to one of the largest firms in the US d. Information on the trial and related court testimony that convicted Bernie Ebbers e. The internal audit team’s role in discovering and reporting the fraud to the Board of Directors, and f. The role WorldCom's Controller played in the fraud. Question 1: What facts would be highlighted and evidence included in recording fictitious revenues in the journal entries of the WorldCom fraud.
After searching for following information online: a.WorldCom fraud b.Background of the CEO, Bernie Ebbers c.How WorldCom’s market capitalization grew to one of the largest firms in the US d. Information on the trial and related court testimony that convicted Bernie Ebbers e. The internal audit team’s role in discovering and reporting the fraud to the Board of Directors, and f. The role WorldCom's Controller played in the fraud. Question 1: Compare the lack of asset forfeiture between Bernard Ebbers and Bernard Madoff. Question 2: To what extent is it agreeable with Judge Caproni’s statement that Ebbers essentially served a life sentence? Please provide references.
According to a recent study of approximately 347 financial statement frauds by the law enforcement agencies, senior management is the group most likely to commit financial statement fraud. The CEO was involved in 72% of these frauds, and the CFO’s involvement was 65%. Either the CEO or the CFO was involved in 89% of the cases. Motives for senior managers to commit financial statement fraud are varied. Following are questions which might help to better understanding the reasoning behind. (a) Appraise the reasons senior management would overstate or understate business performance. Elaborate. (b) Why would CFOs cook the books even though they know that it is against the law? Elaborate.
Waste Management Scandal (1998), is one of the top 10 accounting scandals of all times. The Securities and Exchange Commission (SEC) found the company's owner and former CEO, Dean L Buntrock, guilty, along with several other top executives, and Waste Management's auditors, Arthur Andersen. What is meant by public interest of an auditor? Do we find the auditors — Arthur Anderson, serving their duty?
Subject: Prince Georges County Maryland. Need the following answered - Brief introduction to the ACFR - Highlight the total revenue for the fiscal year - Highlight the total expenditures - Mention the net position at year-end - Include a note on any major capital projects or debt issuance - Present the specific item of interest you found in the ACFR report - Discuss its significance or impact on the county's finances - Include relevant figures or percentages to quantify the importance - Provide a graphical representation if possible (e.g., a bar chart or pie chart to illustrate budget allocation or revenue sources)
i). Store manager MIze company’s car for personal purpose because he is the only person that monitor the movement and usage of the car. ii). Ali corporation booked revenues earlier than it should have because it was at risk of missing analyst estimates. Explain what the 2 types of fraud committed in the situation.
Please answer to quetion No.1 1. What were the responsibilities of the accountants at Arthur Andersen? To whom did they owe these responsibilities? 2. Who was harmed by the insider trading of Enron executives? What harm, if any, was done to employees who were prevented from selling Enron stock in their 401(k) accounts?
At a recent board meeting of Co., a non-executive director suggested that the company’s remuneration committee should consider scrapping the company’s share option scheme, since the executives could be rewarded by the scheme even when they do not perform well. A second non-executive director had a view that, even when the executives act in ways which decrease the agency problem, they might not be rewarded by the share option scheme if the stock markets were in decline. REQUIRED: Explain the nature of the agency problem and discuss the use of share option schemes and performance-related pay as methods of reducing the agency problem in a stock-market listed company.
Practical Activity: Do a short research project on the types of funds that fallunder the auspice of the Pension Funds Act. Identify well-known retirement funds that fallwithin these categories and obtain information about their registration in terms of thePension Funds Act.
Scenario: Sarah owns a coffee shop in Brantford, Ontario. 1. Describe one type of Consumer Sales Promotion you would recommend for the coffee shop. 2. Describe one type of Event Sponsorship you would recommend for the coffee shop. 3. Sarah wants to expand her business by providing catering services to local businesses. Describe one thing Sarah could do in the Prospecting step of personal selling. 4. Bob receives a personalized email from the coffee shop. The email suggests that Bob visit soon to get 10% savings on new types of cookies and cakes. Bob says this email is an example of advertising. Is Bob correct?
Budgeting and the importance of an organization's financial health are critical elements to consider as part of your role as a public health manager. Question briefly define financial management skills 1. strategic problem solving 2. budgeting and connecting to the broader concepts of management effectiveness or efficiency
Capstone analytical review of Chapters 2, 3, and 4. Calculate liquidity and profitability measures and explain various financial statement relationships for a realty firm DeBauge Realtors Inc. is a realty firm owned by Jeff and Kristi DeBauge. The DeBauge family owns 100% of the corporation’s stock.The following summarized data (in thousands) are taken from the December 31, 2019, financial statements: For the Year Ended December 31, 2019: Commissions revenue $426, Cost of services provided $177, Advertising expense $84, Operating income $165, Interest expense $15, Income tax expense $48, Net income $102. At December 31, 2019: Assets Cash and short-term Investment $90, Accounts receivable, net $120, Property, plant, and equipment, net $375, Total assets $585, Liabilities and Stockholders’ Equity, Accounts payable $270, Income taxes payable $15, Notes payable (long term) $150, Paid-in capital $60, Retained earnings $90, Total liabilities and stockholders’ equity $585. At December 31,…