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David Myers, WorldCom Controller - College Paper

David Myers, WorldCom Controller

David Myers, WorldCom Controller

WorldCom was a leading telecommunication company in the United-State founded in 1989. The company went bankrupt in 2002 due to false accounting entries. WorldCom's collapse resulted in an $11 billion fraud and the loss of more than 17,000 jobs during the bursting of the internet buble.
The critical issue of this case was the agreement between the management of WorldCom to use fraudulent accounting methods. This opportunity allowed the management to override controls in order to mask its declining earnings by painting a false picture of financial growth and profitability to prop up the price of WorldCom's stock.
Moreover, the low internal control over ...

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we could increase the minimum number of company officers at the board of directors for the publicly traded companies. This solution would make it harder to have a fraud commitment between the top management. However, it would not eliminate it totally.
Limit the personal financial implication of executives would reduce the temptation of fraud to reach goals. Notwithstanding, the management may not work in the interest of the stockholders anymore.
Then, the SEC should give a reward when a fraud is reporting by one of the employee of the company. This solution may be costly and ask a lot of time to analyze each request.
As a conclusion, I truly think that increasing the minimum number of company officers in the board of directors and give a reward when a fraud is reported would improve the detection of fraud or limit its ...

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PAPER DETAILS

Added: 4/11/2012 02:29:02 PM
Submitted By: olivier78180
Category: Business
Type: Free Paper
Words: 328
Pages: 2

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