Worldcom Accounting Scandal

It is noteworthy that in WorldCom's accounting scandal, two accountants, Dan Renfroe and Angela Walter, each received a journal of $ 150 million and $ 771 million without detailed assistance. This is not uncommon for WorldCom, but it is not a correct accounting practice, as it violates bookkeeping and accounting principles. This is because detailed support of the voucher form is an important element in supporting journal entry and explains the reason or reason why the journal entry was originally created.

WorldCom scandal is one of the biggest accounting scandals in the US corporate history. WorldCom is a US telecommunications company. World Communication Accounting scandal was released in 2002. The company adopted fraud accounting practices in the five quarters (the fourth quarter of 2001 and the first quarter of 2002) (The World Com Accounting Scandal, 2002). A famous telecommunications company WorldCom and accounting, auditing and consulting companies are involved in this large accounting fraud. WorldCom's corporate scandal eventually invited the company's stigma, the biggest bankruptcy in American history.

WorldCom is the second largest telecommunications company in the United States in 2000 (The World Com Accounting Scandal, 2002). In 1983, in the hinterland of the state of Mississippi there was not much business, reaching the peak of corporate success, revenues exceeded $ 39 billion and MCAP was $ 150 million (The World Com Accounting Scandal, 2002). In that process, it ranked 42nd in the Fortune 500 list. Under the leadership of CEO Bernie Ebbers, the proliferation of acquisitions in the 1990s and the demand for telecommunications services further boosted the development of communications in the world. However, on June 25, 2002 WorldCom announced that it exaggerated revenues in excess of $ 3.8 billion in the first quarter of 2001 and 2002 (The World Com Accounting Scandal, 2002). scandal

People need only consider Enron and the World Communications Accounting scandal in 2001 and 2002 to understand the damage that can occur if public accounting professionals do not fulfill their obligations to customers and the public . Due to accounting corruption by Enron and WorldCom, the two listed companies went bankrupt, employees lost their jobs and pensions, and investors suffered a large loss in the stock market. There is no strict and prompt rule for writing accounting resume. The most important thing is to concentrate on presenting your skills, qualifications, specialties and specific outcomes in an attractive and easy-to-read format. However, by following best practices for creating resumes, you can create a simple, easy-to-scan resume for potential employers to respond to.