Accounting Fraud at WorldCom Vanessa Gail Woods Strayer University Connor-Green/ACC 576 March 21‚ 2010 Accounting Fraud at WorldCom The break up of AT&T opened the long distance service market to small companies during the mid- to late-1980s and 1990s. Long Distance Discount Service (LDDS) opened in 1983 with moderate growth until its stock went public in 1989. CEO Bernie Ebbers decided to grow the organization through acquisitions (70 companies over the course of its lifetime)
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What are the potential risks and benefits of migration for European states and societies? Migration has been in existence since humans appeared in the world. However our forbearers had different purposes for moving from one location to another than the contemporary humans. Their reasons for leaving a territory were changing climate or infertile soil1. The motivational factors for modern migration differ from that. They are in tight correspondence with globalization. Through this phenomenon there
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Vulnerabilities Risks Likelihood Impact Risk Mitigation Techniques Introduction of viruses and malware to the organizational network • Data leakage/theft • “Owned” systems (zombies) • System downtime • Resources required to clean systems Likely Significant • Ensure that antivirus and antimalware controls are installed on all systems and updated daily. • Consider use of content filtering technology to restrict or limit access to social media sites. • Ensure that appropriate controls are also installed
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Internal Control and Accounting Systems – Standards ICAS (Level 4) - Standards 1 Title (and reference number) Level Credit value Principles of Internal Control (Knowledge) 4 3 Assessment criteria – learners can: Describe the purpose‚ structure and organisation of the accounting function and its 1.1 relationships with other functions within the organisation. Explain the various business purposes for which the following financial information is required • income statement (profit and loss
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more than the cover story for a massive fraud. --Bethany McLean and Peter Elkind CORPORATE FRAUD‚ BANKRUPTCIES‚ AND VARIOUS ILLEGAL ACTS HAVE always been part of the business environment. Every time fiascos erupt there is a shock‚ but business history records dozens of major failures‚ frauds‚ and other measures of massive corruption each decade. The big ones often hit during recessions or periods of other economic problems‚ as expected. The high-risk firms are the most vulnerable to economic
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PMBOK Monitor and Control Risk With this week’s discussion board assignment‚ I chose the topic of monitoring and controlling risk within your project. I feel that staying atop of this issue is critical to the life and success of your project. This article stated that risk management is an on-going process throughout the life of your project. Risk and potential new risk must be continuously identified‚ analyzed‚ and responded to. The process of mentoring and controlling risk is: Tracking existing
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Internal Control and Risk Evaluation Accounting Information Systems 542 October 10‚ 2011 Analyze the risks in the systems that your team analyzed An Accounting Information System is an integral part of the new design of Kudler’s computer system. Accountants do not necessarily need to understand completely how computers process data of the accounting application‚ but it is essential for them to understand the flowcharts and documentation that shows how this processing works. The purpose
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Accounting Information Systems Simulation Summary Internal Control Systems are processes put in place to safeguard the company. In the simulation‚ the task was given to help a new company set up an internal control system‚ implement control procedures for specific internal control issues‚ and manage the internal control system as the company continues to grow. Ramos International is an up and coming luxury hotel in Chesapeake‚ Virginia. The role given in this simulation is that of the Chief
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CHAPTER 9: ACCOUNTING Businesses engage in activities that concentrate on financial worth‚ such as money‚ spending‚ expenses‚ mergers‚ and costs. Accountants make meaningful and effective decisions based on up to date and accurate records of a company. Accounting is the process of recording‚ analyzing‚ and interpreting the financial or economic activities of a business. Financial activities in business are recorded as transactions: recording something of value for something else of value
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A. Identify internal control principles 1.The first internal control principal is an applied establishment of responsibility. Only one designated person is authorized to handle the tickets. One roll is designated per shift and the manager locks the roll in the cash register. Also designating only one person like a cashier to handle cash and different individuals should be assigned the duties of receiving cash‚ recording cash‚ and custody of cash. 2.The next principal is the segregation of duties
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