Week 5 AC564 Group B - Satin Fye August 9, 2011 AC 564...

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Satin Fye August 9, 2011 AC 564 Group B Professor Curvo Internal Controls Discuss the methods and events in which the findings of the Internal Controls and what was reported in the WorldCom case? o “Management promoted a culture fixated on "the numbers" o Customers, employees, and shareholders were an afterthought o Mentality of cashing in.” Were these appropriate or timely? The World Com Scandal Wasn’t appropriate and was untimely Was the reaction to the findings appropriate and timely? When Ms. Copper discovered that Mr. Sullivan was knowledgeable in the “Underreporting ‘line costs’ (interconnection expenses with other telecommunication companies) by capitalizing these costs on the balance sheet rather than properly expensing them. Also, that Sullivan was knowledgeable in the “Inflating revenues with bogus accounting entries from "corporate unallocated revenue accounts". She reported her findings AICIPA. It was responsible for primary operational audits to measure business unit
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Week 5 AC564 Group B - Satin Fye August 9, 2011 AC 564...

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