1. In your opinion‚ did Vaughn overreact to Walker’s admission that she had been untruthful regarding the CPA exam? If so‚ how would you have dealt with the situation if you had been in Vaughn’s position? Vaughn did not over react to Walker’s untruthfulness regarding the CPA exam. She lied that she had not taken it because she feared that she was going to fail. I believe it is important to be completely honest and have integrity while working in an audit firm. If Walker lied about not taking
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COMSATS INSTITUTE OF INFORMATION TECHNOLOGY CORPORATE GOVERNANCE : ACCOUNTING SCANDAL SUBMITTED To : Sir. Javaid Zafar Submitted by : Sana Munir MBO - II CORPORATE GOVERNANCE TABLE OF CONTENTS 1 COMPANY INTRODUCTION AND HISTORY................................... ...3 2 CORPORATE BUSINESS ACTIVITIES..............................................6 2.1 Rehabilitation Hospitals.................................................................6 2.2 Outpatient Therapy Services.....
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Enron: The Smartest Guys in the Room Extra Credit for Accounting II By: Grace Lindley ENRON: The Smartest Guys in the Room is the story of one of history’s greatest business scandals‚ in which top executives of America’s seventh largest company walked away with over one billion dollars while investors and employees lost everything. Based on the best-selling book The Smartest Guys in the Room by Fortune reporters Bethany McLean and Peter Elkind‚ and featuring insider accounts and
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If one has not heard the title “Woodstein”‚ then I sincerely doubt that they have read a newspaper in their life. This team consist of two journalist-one named Bob Woodward‚ and the other Carl Bernstein-at the peak of their career at the Washington Post. These two young journalist were paired together to cover an attempted break in at Democratic headquarters stationed at the Watergate Hotel in 1972. This usual routine story escalated into one of the most influential stories in America’s History‚
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occupational medical services. The company experienced rapid financial growth and numerous mergers and acquisitions in the mid-1990s‚ which continued to escalate until the fraudulent activity surfaced in 2002. It was at this time that the Enron and WorldCom scandals were discovered and the Sarbanes-Oxley Act was created. Pressure to meet Wall Street expectations pushed Scrushy and other senior management to “cook the books”. Income was artificially inflated‚ numbers were manipulated‚ and false accounts were
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became and endured the heartbreak of having to be the one to take it down. No one wanted WorldCom to legitimately succeed more than Cynthia Cooper and part of her died with it. The Fraud Begins Later in her career Cooper began to unravel the scandal that became WorldCom. She lays
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are used. The term is also (used more seriously and disparagingly) to refer to systematic misrepresentation of the true income and assets of business organizations. "Creative accounting" on this scale has led to a number of recent accounting scandals‚ and many proposals for accounting reform. Creative accounting is also used by smaller companies for tax saving purposes and large companies for meeting bonuses or shareholders expectations. One commonly accepted incentive for the systemic over-reporting
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Creative Accounting AC4001 12/13/2013 ‘Many investors now believe that companies can manipulate their accounts more or less at will‚ with the aim of producing profits that increase steadily over time. Provisions are bumped up in good years and later released‚ or the value of an acquisition is slashed; there are plenty of tricks.’ In your opinion is it possible to eliminate creative accounting? I do not think that creative accounting practice can be eliminated completely. However‚ I do
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United States. The energy crisis‚ combined with more interest in environmentalism‚ brought about a rise in interest in alternative sources of energy and fuel efficiency. Politically‚ the government struggled to deal with the crisis. The Watergate scandal erupted
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practices and pressuring Andersen to ignore the issues and allow his proposal. B. Lay being the founder and CEO of the Enron corporation was very much influential to its operations and decision making. He was one of the most responsible in the Enron scandal because of his financial crimes‚ bank fraud‚ making false statements to banks and creditors and many more. C. Skilling in the same way as Lay‚ was one of the most responsible too because of crimes such as bank fraud‚ wire fraud and securities fraud
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