Accounting Fraud at Worldcom 3 - 3346 Words

Accounting Fraud at WorldCom 1) What are the pressures that lead executives and managers to â€Å"cook the books?† After the rapid evolution of the telecommunication industry in the 1990s, WorldCom shifted its strategy to focus on building revenues and acquiring capacity sufficient to handle expected growth. Their biggest goal was to be the No. 1 stock on Wall Street rather than capturing the market share. As a result, their Expense-to-Revenue (E/R) Ratio was their measurement for their main objective (increase revenues and become the No. 1 stock on Wall Street). Due to heightened competition, overcapacity and the reduced demand for telecommunication services at the onset of the economic recession and the aftermath of the dot-com bubble†¦show more content†¦Thus, Cooper had the incentive to go along with accounting fraud to continue making a large salary and to not ruin personal relationships. Arthur Anderson, the outside auditor, also had many incentives that prevented the auditing company from reporting WorldCom’s suspicious actions. Anderson considered WorldCom its most â€Å"highly coveted† and â€Å"flagship† client, and wanted to maintain a long term relationship with WorldCom. With these goals in mind, Anderson ignored WorldCom’s many denials for pertinent financial information and meetings and continued to audit WorldCom at a â€Å"moderate-risk† level, instead of a â€Å"maximum risk† level which Anderson’s risk management software program rated WorldCom as. Finally, the board of directors had too little connection with WorldCom to even realize fraudulent practices were occurring. Over 50% of the Board of Directors were nonexecutive members of WorldCom, and had little contact with any WorldCom managers besides board meetings, which occurred four to six times a year. Thus, the board members were fooled by the fraudulent packets of information about WorldCom’s financial health that Ebbers prepared before each board meeting. 3.2) What processes or systems should be in place to prevent or detect quickly the types of actions that occurred in WorldCom? Several systems should have been in place to bothShow MoreRelatedAccounting Scandal of Worldcom940 Words   |  4 PagesMANAGERIAL ACCOUNTING WORLDCOM How did it cook the books? Nguyen Bao Khanh Student ID: FB60162 Class: FB0662 May 19th, 2012 APENDIX 1. WorldCom’s accounting scandal 2. How did WORLDCOM cook its books? 3. Conclusion WORLDCOM headquarter in Virginia, USA. WORLDCOM’S ACCOUNTING SCANDAL WorldCom, established in 1983, whose CEO was Bernard Ebbers, was the second largest long distance phone company in the US after ATT. It could be seen as a pride of America until it got into oneRead MoreAssignment # 3 Worldcom Accounting Scandal1486 Words   |  6 PagesAssignment # 3 WorldCom Accounting Fraud By Mark A. Cowan Strayer University ACC 499- Accounting Capstone May 15, 2011 The purpose of this paper is to discuss the aspects of the WorldCom accounting scandal and the effects that this scandal had on the accounting world as we know it. We will discuss the corporate culture at WorldCom and how it contributed to the accounting fraud, how the CEO’s desire to be the #1 stock on Wall Street contributed to the fraud, pressures on accountants to bookRead MoreRelationship Between Andersen And Worldcom Essay1005 Words   |  5 PagesRelationship between Andersen and WorldCom Andersen was WorldCom’s external auditor from 1990 to 2002. They has shared a good relationship since the time Andersen was found. After MCI had been acquired by WorldCom, Andersen got the position to audit MCI at the cost that WorldCom offered Andersen less amount of auditing service fee than other accounting firms. (ACC guest speaker series presents David Myers.(2009).[Video/DVD] Baylor University). But according to the size of WorldCom, such amount of money couldRead MoreLost insurance benefits as well as retirement benefits tied to WorldCom stock. Shareholders, which1200 Words   |  5 Pagesas well as retirement benefits tied to WorldCom stock. Shareholders, which included many pension funds, lost billions of dollars. The California public-employee’s retirement system, the largest state pension fund in the country, sued in an attempt to regain some of the $580 million it lost in the WorldCom debacle (Ripley 6). The telecommunications industry suffered as well. Industry companies were competing against WorldCom under false pretenses. WorldCom was fraudulently stating its financialsRead MoreWorldCom Notes Essay1015 Words   |  5 Pages[1] What business was WorldCom in? WorldCom was in the business of telecommunications. Where was WorldCom located? WorldCom was located in Clinton, Mississippi. Who was the CEO? The CEO was Bernie Ebbers. Who was the CFO? The CFO was Scott Sullivan. What are the names of the two members of the internal audit staff who worked with Cynthia on their secret investigation? Gene Morse and Glyn Smith What made the internal auditors think that possibly there was a need to investigate WorldCom’sRead MoreThe Ethics Case Study Assignment1343 Words   |  6 Pageser Ethics Case Study Assignment 1. Overview Of the Corporation: †¢ WorldCom is a company built on telecommunications in the United States. WorldCom was invented in 1963 and the MCI WorldCom was established in 1998. During the 1990’s, WorldCom was a fast growing company in terms of their telecommunication services. The company started to supply long distance calling in 1983 and was considered the fourth best phone providing business. It was very effective due to the quality and quantity of servicesRead MoreIndustry Specific Changes. The Telecommunications Industry1697 Words   |  7 Pagesin the telecommunications industry soared. After the successful acquisitions of MFS Communications and UUNet Technologies, the newly formed WorldCom offers long distance, data communication, and local services. In 1997, WorldCom successfully acquires MCI Communication Corporation. The acquisition results in increased revenues for WorldCom. Even though WorldCom acquired MCI, the company fails to merge the client bases. The lack of coordination among W orldCom’s and MCI’s systems leads to increased customerRead MoreWorldcom Case1078 Words   |  5 Pages3) Roots of the scandal The roots of the fraud and the role of internal auditors As explained above, the fraud was implemented by the former CEO Bernard Ebbers and commited by his financial director Scott D. Sullivan. The technique used by Worldcom was pretty simple; indeed, he cooked the books by saving pure operating expenses such as maintenance network in capital expenditure instead of expenses in order to hide its decreasing earnings and to maintain the price of Worldcom’s stock. In summaryRead MoreAccounting Fraud at Worldcom 21405 Words   |  6 PagesAccounting Fraud at WorldCom Vanessa Gail Woods Strayer University Connor-Green/ACC 576 March 21, 2010 Accounting Fraud at WorldCom The break up of ATT opened the long distance service market to small companies during the mid- to late-1980s and 1990s. Long Distance Discount Service (LDDS) opened in 1983 with moderate growth until its stock went public in 1989. CEO Bernie Ebbers decided to grow the organization through acquisitions (70 companies over the course of its lifetime)Read MoreWhat Are Five Elements Necessary For Commit Fraud?1739 Words   |  7 PagesIntroduction Elements There are five elements needed to commit fraud: (1) a false statement containing material fact, (2) the defendant possesses the knowledge that the statement is untrue, (3) the false statement’s intent is to deceive the intended victim, (4) the intended victim justifiably relies on the statement, and (5) the ending result is financial injuries to the intended victim. All false statements do not constitute for fraud; they need to contain a material fact. The materiality of the

Madonna and the Child with Saint Peter and Saint John Free Essays

The National Gallery of Art in Washington D. C. holds a wide selection of works of art from ancient times. We will write a custom essay sample on Madonna and the Child with Saint Peter and Saint John or any similar topic only for you Order Now Among these are Madonna and the Child (expressed in tempera on panel) and Madonna and the Child with Saint Peter and Saint John the Evangelist (also expressed in tempera on panel). The themes of both works are similar in that both contain an interpretation of the Virgin Mary (Madonna) and her interaction with the Christ Child. However, the differing contexts in which these are placed add further levels of meaning to each individual piece as depicted by each artist. Despite this, similarities also exist between the two paintings, and these similarities range from the use of color and lighting, to the sizes and perspectives used by the artists. Therefore, superimposed upon the differences in style, context and (to an extent) subject matter; similarities of color, lighting and perspective are to be found in these two works of art. The work Madonna and the Child was most likely painted some time between 1320 and 1330 AD. This was done in the late Byzantine Period in Italy by the artist Giotto, whose style is considered to be anticipatory of naturalism. The panel that holds this particular work represents Giotto in the later stages of his career and demonstrates the sobriety and restraint of an artist that had already spent his enthusiastic flare. Nardo (who died in his twenties), on the other hand, displays his 1360 painting in much brighter and vibrant colors that are typical of his youth and enthusiasm. While in Giotto’s work one detects the deliberate strokes of a talented artist that seeks to display the natural portrait of a woman and her baby caught in motion, in Nardo one also sees the talent, but with a less naturalistic tint. Nardo represents a return to the more traditional portrait-like paintings where subjects appeared poised specifically to be captured in the medium. Therefore, whereas in Giotto’s painting, the hands of the mother and child are caught in the act of brushing by her chest, Nardo’s painting depicts mother and child in absence of motion. Furthermore, Nardo’s painting includes the apostles on the side in adoration of these persons as saints, while Giotto represents them more on the side of human persons spontaneously experiencing life in solitude. The colors and lighting techniques used by these two artists offer themselves up for scrutiny. Contrast and conceptualization are used to a large extent in both the Giotto and the Nardo paintings. Giotto uses a method of alternating between gold and black to emphasize the importance of the Madonna. A conceptual interpretation of the colors might also demonstrate that the Madonna is herself covered by a black shroud of humanity, though her gold-tinted skin demonstrates the worth of the person within the shroud. The colors used for the Christ child corroborate this and elevate Him in relation to his mother, as he is given no dark-colored garment to attenuate the golden nature represented in the color of his body. In a similar fashion, the Nardo depiction of the Madonna, Peter and John features a stark black background that has the effect of focusing the eyes of the viewer upon the portraits within. Yet, the pictures of Peter and John on either side of the Virgin take on less significance because of a reduction in their sizes and of the contrast between their color and that of the wall in front of which they stand. This has conceptual value in that is denotes that the Madonna and the Christ Child take more precedence than the apostles. The mother and child’s position at the center also highlights this idea. One gets several feelings when one views these two paintings in the gallery. The immensity of the subject and the beauty of the golden and reddish colors give the idea that one is in the presence of highly exalted persons. Yet, one also gets the idea that the persons being viewed (especially in the Giotto painting) are also natural and in the middle of living their lives. With Giotto, the viewer has the sense that he/she witnesses â€Å"a quite drama† in which occurs â€Å"the human interaction between a mother and a child† (National Gallery). In contrast with this, the Nardo portrait gives a more contrived picture which resembles the posing of the two for a portrait. According to interpretation by the Gallery’s art historians, â€Å"Nardo’s Virgin, despite her soft expression, appears removed from human concerns.† The Virgin is, in this picture, aware of being under the scrutiny of others: the Saints Peter and John that flank her on each side, and the artist himself for whom she poses. Works Cited Giotto. Madonna and the Child. (Tempera on Panel). Samuel H. Cress Collection. National   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   Gallery of Art. Washington D. C., 1320/1330. Nardo di Cione. Madonna and the Child with Saint Peter and Saint John the Evangelist. Samuel   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   H. Cress Collection. National Gallery of Art. Washington D. C., 1360. National Gallery of Art. â€Å"Byzantine Art and Painting in Italy during the 1200s and 1300s.†   Ã‚  Ã‚  Ã‚  Ã‚   Madonna and the Child. (Giotto.) Samuel H. Cress Collection. National Gallery of Art. Washington D. C., 1320/1330.       How to cite Madonna and the Child with Saint Peter and Saint John, Essay examples

Applying Trademarks examination process - Myassignmenthelp.Com

Question: Discuss about the Applying Trademarks examination process. Answer: Introduction: A trademark is considered as logo which is used to identify a unique product and service, and good trademark distinguish one business from other business. Sometimes, trade mark is referred as brand and it helps the customers in comparing the quality of products and services of one business from its competitors. It must be noted that, trademark is not only a logo, but it also includes letter, number, word, phrase, sound, smell, shape, logo, picture, movement, aspect of packaging, or combination of these. This paper defines various aspects of trademark registration in Australia for irrigation firm in mining sector. For this purpose, we choose Molecules Ltd as the name of irrigation firm in mining sector. Lastly, paper is concluded with brief conclusion. Design of Trademark: About the business how trademark represents the business: Present business is engaged in manufacturing products which are innovative in nature and work as solution for the issues occurred in irrigation, agriculture and mining sector. Company wants to deal with the mining companies which extract gold and copper, as these companies face severe issue at the time heap leaching cycle. During the period of metal recovery water flows through the same cycle twice a time in a closed cycle, and reused water carry various solid particles/pollutants which ultimately increase the risk of clogging. Products manufactured by Molecules ltd provide functionality of high degree at the time of heap leaching cycle which reduced the chances of clogging in the closed cycle. These products ensure the self-flushing of solid particles and pollutants in the area of filtration by providing high metal recovery to the mining companies. Above stated trademark shows the clear crystal water drop of blue color which signifies the clear water flow at the time heap leaching cycle. Name of the company Molecules means the group of atoms which bonded together and represents the small fundamental unit related to chemical compound that can take part in a chemical reaction. Products delivered by the company contain the molecules which flushed the solid particles without damaging the core product. Color of the trademark is blue which signify oxygen the purest form gases. Eligibility of trademark: Before applying for the trademark, it is necessary that organization ensures the eligibility criteria defined for trademark. For being eligible owner of the trademark must be an individual, company, and incorporated person, and more than one of these if owners are more than one in number. Unincorporated association can also be the owner of trade mark but in case of collective trademark only and body must exists under legislation such as any registered charity. It must be noted that, it is not possible that applicant is a business name or trading name. in other words, applicant should be the owner of the registered business and trade mark must be in the name of the corporation in case it is owned by the corporation but not in the name of the directors or shareholders. It should be in the name of the trustee instead of the name of trust. It must be noted that, owner of the trademark must have intention to use the trademark in relation to the goods and services only which are stated in the application. In case trademark is to be used by a corporate entity which is about to be formed then in that case, owner can assign the trademark to the new body once such body is formed (IP Australia, 2017). In the present case, owner of the Molecules Ltd can apply for trademark because it is a corporate entity which is about to be formed, and later owner can assign the trademark to the new body once such body is formed. When owner applied to the department for registering the trademark, it is necessary that owner must provide the description of goods and services which they intend to use for the purpose of their trade mark. These goods and services must be identified into one or more classes. Products supplied by organization in this case falls under class 7 of classes of goods (IP Australia, 2017). Types of trademark: Generally, trademark is termed as brand and considered as identity. Usually, it is the way to show the customers who you are. Trademark can be a corporate logo, a jingle which person used in the advertisement, name of the business painted on side of truck, signage, or packaging. Trademark can also be a word written in plane or fancy font, phrase, letter, number, logo, picture, aspect of packaging, or any combination of these things. In the present case, trademark used by the owner is the combination of picture and words and owner used this trademark for differentiate its products from other traders (IP Australia, 2017). Process of application for registering the trademark: Once owner is settled that what he consider is an appropriate trademark, and for registering the trademark there are almost three ways through which person can enter the application process. Individual can apply for trademark through online services. Before individual applied for registering the trademark it is better to ensure that in which class of goods and services a trademark will be registered. It is necessary to know the class of goods and services, because owner can make minor changes to the trademark and for one more reason also that goods and services cant be extended once application has been submitted. Once application has been started it is not necessary to complete the application in one session, which means once applicant save the application he/she can return to the form at any time. If applicant has everything, then he must: Pay the filing application fees in context of his application. Application takes time of 10-15 minutes to finish if applicant already prepared to information. Login session of the site will timeout after the one hour of inactivity for the purpose of protecting the privacy of applicant. Browser of the applicant must have JavaScript enabled. Information stated by the applicant in the application regarding the contract address for both the owner and address for service of your trade mark will be make available on the internet once application has been published. If applicant does not have cookies enabled on computer then it might be possible that form does not work properly, applicant make sure your computer's cache is set to refresh every page, every time you view it. Applicant must attach the files which are limited to a maximum of 10MB. Applicant must file the application through these available methods: There are two methods through which applicant can apply for the trademark, and it must be noted that each method meet the different needs, and for this department charge different fees. These methods are stated below: Our pre-application service known as TM Headstart, as these services provides the assessment of the application before applicant officially apply for application by using online services (IP Australia, 2017). Applicant can also opt for standard online application process using online services. Applications filed by applicant must include the following: Name of the applicant, ownership details, and contact details. Representation of the trademark. Description related to goods and services to which trademark will applied. List related to relevant classes of offered goods and services. a translation/transliteration of any part of the trade mark that is in another language. Required fee charged for application (IP Australia, 2017; WIPO, n.d.). Available options if application is not successful: Application submitted by applicant must be in approved form, and after that examination of application will be done. In examination, examiner check whether application is in accordance with the Trade mark Act and no grounds are present for rejecting the application. In case, any deficiency are present in the application then adverse report is issued by the examiner, and such report explains the deficiencies present in the application. After issuing the adverse report, authority waits for the applicants response and if applicant request for reconsideration of application then opportunity is provided to applicant by the registrar to be heard before such application is rejected. Applicant also get the opportunity to remove such deficiencies from the application of trademark, and even after providing the opportunity of reconsideration registrar finds failure of any detailed criteria in the application then registrar rejects the application. In other words, if application was not successful then applicant gets the chance of reconsideration and to remove the deficiencies (IP Australia, 2017). Conclusion: After considering the above facts, it can be said that trade mark is mainly help the individual in protecting their innovations and it helps the customers in comparing the quality of products and services of one business from its competitors. In the present case, irrigation firm is incorporated for the purpose of getting the trade mark of goods and services fall under class 7. References: IP Australia. (2017). Trade mark eligibility. Available at: https://www.ipaustralia.gov.au/trade-marks/understanding-trade-marks/trade-mark-eligibility. Accessed on 18th December 2017. IP Australia, (2017). Trade Marks Classification Search. Available at: https://xeno.ipaustralia.gov.au/tmgns/facelets/tmgoods.xhtml. Accessed on 18th December 2017. IP Australia, (2017). Types of trade marks. Available at: https://www.ipaustralia.gov.au/trade-marks/understanding-trade-marks/types-of-trade-marks. Accessed on 18th December 2017. IP Australia, (2017). How to apply for a trade mark. Available at: https://www.ipaustralia.gov.au/trade-marks/applying-for-a-trade-mark/how-to-apply-for-a-trade-mark. Accessed on 18th December 2017. WIPO. The Trade Mark Guide. Available at: https://www.wipo.int/wipolex/en/text.jsp?file_id=203812#LinkTarget_1424. Accessed on 18th December 2017. IP Australia, (2017). A guide to applying for your trade mark. Available at: https://www.ipaustralia.gov.au/sites/g/files/net856/f/tm_application_guide.pdf. Accessed on 18th December 2017. IP Australia, (2017). Trademarks examination process. Available at: https://www.ipaustralia.gov.au/trade-marks/understanding-trade-marks/trade-marks-examination-process. Accessed on 18th December 2017.