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Tangle Webs

In: Business and Management

Submitted By JANNETromero123
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Scandal and Fraud in the Business World
Diana Christina Lopez
The University of Houston-Victoria

Abstract
These papers explore the scandal and fraud of two multibillion dollar companies who file for the largest bankruptcy in business history. In the case of both Enron and WorldCom, the causes of fraud surrounded the manipulation and misleading financial reports created by accountants. Enron was accused of lying about its profits and committing a range of inappropriate deals, including hiding the company’s debt so it would not show in the financial statements to the public. Enron was not the only company that made history for fraudulent events. WorldCom, the largest handler of long distance internet data filed for bankruptcy a year after Enron. Although Enron and WorldCom were scandals that shocked the world, they are learning examples of what can no longer be happen in corporations. Government leaders are also announcing major changes in the regulations of accounting and corporate governance to bring trust back into the financial market.

Key terms: Enron, WorldCom, Sarbanes-Oxley Act, Accounting, Fraud, Scandal, Financial reports

Scandal and Fraud in the Business World
Over the past few years, all we heard and seen in the media is how multibillion dollar companies are filling for bankruptcy. Many wonder how companies with growing income can fall apart from one day to another. Who is to blame? Many experts blame the unethical practices by accountants. Accounting is a field that analyzes and provides financial data to companies, individual clients, Federal, State and local government. Accounting is an important part of any business organization because it is responsible for providing financial information that is used to determine the present and future economic stability of an organization. Accounting becomes a problem to society when the profession is…...

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