WorldCom

A U.S. *multinational telecommunications corporation that filed for Chapter 11 bankruptcy reorganization in 2002. The importance of WorldCom in the history of auditing arose not only from the magnitude of the corporation’s accounting scandal that led to adjustments of more than $7 billion to its *financial statements. It was also the timing of events - the WorldCom scandal broke as the business and auditing worlds were still reeling from the aftershocks of the *Enron affair. (WorldCom and Enron shared the same external auditing firm, *Arthur Andersen.) Among mechanisms used to boost its *earnings, WorldCom had *capitalized billions of dollars of *operating expenses and exploited the use of *cookie jar reserves. Essentially, the corporation appears to have overstretched itself through a series of poorly integrated *acquisitions, and it tried to meet market expectations by *cooking the books. Some sections of the media started to use the term "WorldCon" (Jeter, 2003, 176). Tenacious internal auditor *Cynthia Cooper played a key role in uncovering the accounting *fraud, and she was nominated by Time magazine as one of its "Persons of the Year 2002." Her role in the WorldCom affair brought the importance of internal auditing to public attention. Further reading: Jeter (2003); Piper (2003); Toffler and Reingold (2003)

Auditor's dictionary. 2014.

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  • Worldcom — Logo de WorldCom Siège social Ashburn, Virginie   …   Wikipédia en Français

  • WorldCom — WorldCom,   eines der weltweit führenden Kommunikationsunternehmen, das in mehr als 65 Ländern vertreten ist und im Jahr 2000 einen Umsatz von etwa 40 Milliarden Dollar erreichte. Angeboten wird ein vollständiges Portfolio von… …   Universal-Lexikon

  • Worldcom — may refer to:* MCI Inc. * Worldcom Public Relations Group …   Wikipedia

  • WorldCom — Este artículo o sección sobre empresas necesita ser wikificado con un formato acorde a las convenciones de estilo. Por favor, edítalo para que las cumpla. Mientras tanto, no elimines este aviso puesto el 22 de junio de 2010. También puedes ayudar …   Wikipedia Español

  • WorldCom — Logo de WorldCom Siège social  Ashburn, Virginie  …   Wikipédia en Français

  • WorldCom — MCI (vormals WorldCom bzw. MCI WorldCom) war die weltweit drittgrößte Telefongesellschaft mit Hauptsitz in Ashburn, Virginia. Die Übernahme von MCI durch WorldCom und die Verschmelzung zu MCI WorldCom war mit etwa 60 Mrd. DM die bis dahin… …   Deutsch Wikipedia

  • WorldCom — Formerly known as WorldCom, now known as MCI, this U.S. based telecommunications company was at one time the second largest long distance phone company in the U.S. Today, it is perhaps best known for a massive accounting scandal that led to the… …   Investment dictionary

  • Worldcom Public Relations Group — is an consortium of individual public relations and communications firms. Established in 1988, the network consists of more than 112 partner offices in 42 countries and six continents. [* PR Week , April 16, 2007] It allows independent firms… …   Wikipedia

  • WorldCom, Inc. — WorldCom, Inc.,   weltweit (in 65 Ländern) tätiger amerikanischer Telekommunikationskonzern; entstanden 1989 durch Fusion von LDDS Communications, Inc. und Advantage Companies, Sitz: Clinton (Mississippi); Umsatz (2001): 35,18 Mrd. US $.,… …   Universal-Lexikon

  • Worldcom Public Relations Group — Die Worldcom Public Relations Group ist ein Zusammenschluss von inhabergeführten PR Agenturen und Kommunikationsunternehmen. Derzeit zählt die 1988 in den USA gegründete Gruppe 114 Partner Büros in 42 Staaten auf fünf Kontinenten.[1] Mehr als… …   Deutsch Wikipedia

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