Search results
The case study WorldCom accounting scandal discuss the financial frauds committed by WorldCom, the leading US telecommunications giant during the 1990’s that led to its eventual bankruptcy.
14 cze 2024 · WorldCom was a U.S.-based telecom company that underwent one of the largest bankruptcies in U.S. history following a massive spate criminal of accounting fraud.
The fraud was uncovered in June 2002 when the company's internal audit unit led by unit vice president Cynthia Cooper discovered over $3.8 billion of fraudulent balance sheet entries. Eventually, WorldCom was forced to admit that it had overstated its assets by over $11 billion.
On July 21, 2002, WorldCom Group, a telecommunications company with more than $30 billion in revenues, $104 billion in assets, and 60,000 employees, filed for bankruptcy protection under Chapter 11 of the U.S. Bankruptcy Code.
Written from the public record, the case contains numerous quotes from an individual involved in the WorldCom fraud that were reported by the Investigative Committee and Wall Street Journal articles about several of the individuals caught up in the situation.
Several of Worldcom's business units were ranked among PlanetFeedBack's 15 top ten worst companies in terms of customer service and billing errors. 16 Worldcom received a significantly lower than industry average rating from customers. Worldcom ranked number one in "slamming complaints."
1 paź 2004 · This case gives future generations of accountants the opportunity to study the largest accounting scandal in history from an internal financial accounting perspective.
