世通公司财务舞弊

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1、TheRiseandFallofWorldComTheWorld’sLargestAccountingFraud07-11-2012Contentslong-distancephonecompanydeclaredbankruptfinancialfraud2ndlargestYoursitehereContentsFraudulentMethodsImpactofthefraudOverviewofWorldComInspirationsYoursitehereOverviewofWorldComWorldComwasthedarlingofWallSt

2、reetandtheTelecomIndustryofthe90’sGrewrapidlythroughacquisitionsandfromincreaseddemandfortelecomservices;Highstockpricewasapowerfulcurrencytomakeacquisitions;WorldComwasacasualtyoftheDotcomBubbleBurst(互联网泡沫破灭)of2000Resorted（凭借）toaccountingfraudtomeetfinancialtargets;Wentbankrupt;Y

3、oursitehereOverviewofWorldCom1996:AcquiredMFS(includinginternetbackbone)1998:AcquiredMCI(morethantwiceit’ssize)2000:Failedmerger(合并)withSprint(wouldhavebeenthelargestmergerinhistory)2000:DotcomBubbleBurst(rapiddeclineintelecomstockvalues)2000-02:WorldComloans$400MtoCEO(Ebbers)2002

4、:AccountingFrauduncovered2002:Filedfor(申请)BankruptcyProtection2004:EmergedfromBankruptcyasMCI2005:Verizonagreestoacquirethecompanyfor$6.75B(plusassumptionof$6BofDebt)KeyEventsYoursitehereIn2002,SEC(证券交易委员会)ChargedtwoformerWorldComaccountants,BettyVinsonandTroyNormand,withparticipa

5、tinginmulti-billiondollarfinancialfraud.Financialfraud—lawsuitYoursitehereScottSullivanDavidF.MyersBufordYates,Jr.BettyL.Vinson&TroyM.NormandCFOControllerDirectorofGeneralAccountingAccountantsScottSullivanDavidF.MyersBufordYates,Jr.ScottSullivanDavidF.MyersBettyL.Vinson&TroyM.Norm

6、andBufordYates,Jr.ScottSullivanDavidF.MyersDirectedandapprovedbyWorldCom'sseniormanagementFinancialfraud—lawsuitYoursitehereFraudulentMethods1.MisusedofreserveaccountstooffsetthelinecostUsedtheprovisionforreserveaccounts(likedeferredtax,baddebtreservesandaccruedexpense)ofpreviousy

7、earstooffsetthelinecost,inordertoexaggeratetheprofitsinexternalreporting.TheSEC(美国证券交易管理委员会)andDepartmentofJustice(美国司法部）hadbeenalreadyverifiedsuchfraudupto1.635billion.Yoursitehere1.MisusedofreservefundstooffsetthelinecostAfterreviewedthethirdandfourthquarterfinancialstatementsof

8、2000,ScottSullivanconsideredtheli