Corporate failures, such as Smith Holdings (DSH) and WorldCom, have led to increased scrutiny of accounting requirements and to the introduction of future regulation. Corporate governance practices and earning management have also come into greater focus with an expansion of the duties and role of accountants. Using case study approach, you are required to Identify factors and theories which explain the such high-profile corporate failure. Analyse critically the causes and consequences of the collapse of above mentioned two high-profile corporate failures.

I want to start writing the report but first i need to identify the probem and introducing the background of this case. I need please a comprehensive response with the corresponding references. I have uploaded this question again, I just need a good ntroduction and background of this case. Please answer