Worldcom Essay

Many major American companies, Enron, Worldcom, and Lehman Brothers to name a few, deliberately falsified financial documents to make their books appear significantly more stable than they actually were. While these ploys realized short term gains, once the real information was brought to light…

Although inadequate research exists in regards to the business ethics of the United States, Europe, Asia, Korea, and China together with any country for that matter, a comparison of what is known must be presented in order to initiate further investigation. The United States is categorized as a country that promotes business ethics from the utmost authentic leadership to the moral development of the common worker by incorporating “codes of ethics and formal compliance programmes” (Ardichvili,…

Finally, the Sarbanes-Oxley Act which is commonly refer as SOX is a legislative response to a number of corporate scandals that sent shockwaves through the world financial markets, some of the biggest issues involved companies such as enron, tyco and WorldCom that rattled investor confidence. The Sarbanes-Oxley Act not only affects the financial side of corporations, but also IT departments charged with storing a corporation 's electronic records. The act is not a set of business practices…

Dodd Frank is considered the single most significant piece of legislation that the United States government put in place to prevent another financial meltdown as the one we had in 2008. The Dodd Frank Act (Fully known as the Dodd- Frank Street Reform and Consumer Protection Act) aims to prevent a significant financial crisis by creating new financial regulatory process that enforces transparency – financial security. Com. In the wake of the financial crisis, congress came with found…

Following the disastrous impact of a number of corporate and accounting scandals, especially those involving major corporations such as Worldcom and Enron, U.S Congress decided to pass the Sarbanes-Oxley Act of 2002 (SOX). This had come not long after investors and companies lost billions of dollars due to the result of such corruption, thus having a negative impact on financial markets and investor trust. The enactment of SOX set forth new standards and provisions which sought to improve the…

of business standards mandated for any organizations who handle credit, debit and specialty payment cards. The overall purpose of this standard is to reduce credit card fraud. The Sarbanes-Oxley Act (SOX) of 2002 was enacted due to the Enron and WorldCom financial scandals. This act protects stockholders and the public from accounting errors or fraud practices. It forces Chief Executive Officers (CEO) and Chief Financial Officers (CFO) to be held personally accountable for the…

After Skilling’s resignation, Andrew Fastow knew the end was near and had to realize that the United States Supreme Court would not tread lightly on this matter after he had ripped off so many people and ruined the remainder of their lives. Fastow ended up pleading guilty to fraud, insider trading, and almost 100 counts of money laundering. After taking one look into the accounting sheets of Enron, the courts needed not to be convinced that Fastow was guilty. As for Skilling’s charges, he ended…

passed the Sarbanes-Oxley (SOX) Act “in 2002 to protect investors form the possibility of fraudulent accounting activities by corporations,” (Root 2015). In response to all the scandals reported involving major corporations like Enron, Tyco, and WorldCom, liability was made to corporate responsibility as investors and shareholders suffered major losses due to financial and accounting obstructions from those within the company. The Sarbanes-Oxley Act “created an accounting oversight board that…

Before I begin my critical book review on The Lucifer Effect: Understanding How Good People Turn Evil by Philip Zimbardo, I would like to give a brief background of the author Philip Zimbardo. Philip Zimbardo is a retired professor from the University of Stanford. In 2002, he became the president of the American Psychological Association. He earned his Bachelor’s Degree from Brooklyn College where he triple majored in psychology, anthropology, and anthropology. Zimbardo also earned his Master’s…

Cynthia Cooper had always been a strong southern woman. She had a good work ethic from waitressing to internal auditing for large companies. Whatever she did she wanted to do her best. Cynthia 's upbringing had a great deal to do with how she handled the situation. Although religion isn’t the only reason to have morals it came hand in hand in Cynthia’s upbringing. As a Christian Cynthia knew right from wrong and always tried to adhere to that. One day Cynthia came across something that was too…