AUDIT FAILURE OF WORLDCOM Group 1 Background • WorldCom‚ first named LDDS (Long Distance Discount Services)‚ grew largely by aggressively acquiring other telecommunications companies in 1990s. • For a time‚ it was the United State’s second largest long distance phone company (after AT&T). Background However‚ the year 2002 comes… • In March‚ the SEC began to investigate WorldCom as it reported large profit while AT&T reported loss. • In May‚ Arthur Anderson was replaced by KPMG
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Phillip Canamar Accounting Case Analysis LP1 Assignment: Audit Failure 1. Analyze the actions of the auditors in both cases and identify any errors in judgment made by the auditors. The action of the Auditors‚ Audit Committee‚ and top management that worked for Molex Corporation were in error because FASB Concept Statement #2 (materiality defined) appears to apply to this case and should have know the appropriate way to handle the situation that conforms with GAAP and adjust the financials
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AFM 201 – Part 1 Auditing Fall 2007 Group Assignment 2 Publicized Cases of Alleged Audit Failures Involving Large Public Companies 1) Ten Publicized Audit Failures i. Parmalat (2003) - Deloitte & Touche Tohmatsu /Grant Thornton Misleading investors with “Brazen Fraud” was what the United States (US) Securities and Exchange Commission (SEC) had sued Parmalat for in 2003. It all began when Parmalat defaulted on a bond payment worth $185 million. This raised a flag for auditors and banks
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Executive Summary Background Waste Management‚ Inc.‚ founded in 1894‚ offers environmental services to nearly 20 million residential‚ industrial‚ commercial‚ and municipal customers in the US‚ Canada‚ and Puerto Rico. With a large customer base‚ it is difficult to picture such a large company committing fraud. However‚ between the years of 1992 and 1997‚ several chief officers in the company engaged in a systematic scheme to falsify and misrepresent Waste Management’s financial results. Heading
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ENGINEERING MANAGEMENT‚ VOL. 3 7 ‚ NO. NOVEMBER 269 The Causes of Project Failure JEFFREY K. PINTO AND SAMUEL J. MANTEL‚ JR. and failure. Some years ago‚ a noted expert on project management wrote‚ “The many instances where project management fails overshadow the stories of successful projects [2].” While there is little reason to adopt such a pessimistic view today‚ if we can gain knowledge about the nature and causes of project failure‚ we will improve our ability to implement projects. The primary
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Heart failure is serious disease that contributes to death of heart disease. In order to accomplish this essay‚ I have used four key terms ‚which are heart failure‚ causes‚ signs‚ us adults‚ in electronic data base. Heart failure is one of most medical problem that physicians face. It is characterized as a serious problem because heart failure cannot be cured but only can be managed (1). It is also considered as one of life style disease. It has many causes that is related to patients’ life style
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2013 Causes of Student Failure Failure is always an unpleasant word. Failure in student’s life is defined as subpar achievement of his/her physical or literary capabilities.When students do not study for their final exam or practice his/her sports‚ they expect that they wouldnot just pass or win.However‚ it is actually failure. Although students study hard‚ they could not pass. On the other hand‚ if you do not study and do not pass‚ then you are a failure. On the contrary‚ the failure is also
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hitting quality standards • A sense of failure within the project team There ’s also a general perception that larger projects have a higher tendency to fail during a recession period. STATISTICS • 31% of IT projects will be cancelled before completion • 52.7% of completed projects cost over their original estimates • 1 in 8‚ the number of projects that can be considered truly successful [pic] CAUSES OF A PROJECT FAILURE STATISTICS [pic] 1. Inadequately
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1. Do you think the primary cause of the failure of the two companies that led to the bailout was a management failure‚ a worker failure‚ a shareholder or customer failure‚ some other reason‚ or a combination of the above? Why is that the case? General Motors was founded by William “Billy” Durant on September 16‚ 1908 and has several brands under names such as Chevrolet‚ Cadillac‚ and Buick. Chrysler was founded by Walter Chrysler in 1925 and it also has many brands such as Jeep‚ Dodge‚ Ram‚ and
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responsible for those failures and successes? Dr. Robert Pitcher of the Educational Development Center at the University of Alabama has developed what he believes are the 10 primary causes of failure of students in college (Pitcher‚ 2012). I believe that those 10 causes of failure can really be summed up to making wrong or inappropriate choices and refusing to take personal responsibility in your success in college. In this paper‚ I will touch on a few of Dr. Pitcher’s causes of failure in how I believe
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