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Accounting Written Communication Assignment Instruction Sheet Course ACC 415/515 Format Question & Answer Instructor CRANE Font type and size Calibri 11 font, or Times New Roman 10 font Semester Summer Spacing Single Assignment # 1 Minimum # of words 200 Due Date 7/25/2013 Maximum # of words 600 Assignment Title: Worldcom Fraud Assignment Description: At the time, Worldcom, Inc., became the largest company to file for bankruptcy in corporate history. The bankruptcy was precipitated by the discovery of one of the largest accounting frauds, with profits fraudulently inflated by more than $11 billion. Company internal memos indicate that the senior WorldCom executives overrode internal control and ordered subordinates to alter the company's books1. David Myers, the former WorldCom controller gave a presentation to the accounting community and students at Baylor University in 2009. The video is approximately 1 hour, 15 minutes long. Please view the video in its entirety including the Q&A portion which is required to answer the questions fully. Note, this assignment is an individual assignment and does not require collaboration. The video can be found at the link below (and on the class portal): http://www.baylortv.com/video.php?id=001496 After viewing the video in its entirety answer the following questions in paragraph format: 1. Please describe the \"fraud triangle\" factors (Incentive/Pressure, Opportunities, and Attitude/Rationalization) that were present at Worldcom and site specific examples of how they related to Mr. Myers' committing fraud (refer to class handouts, textbook p.205-209). 2. Who eventually caught the fraud, and why does David Myers believe that the external auditors did not catch the fraud and what could the auditors have done differently to catch this fraud (hint: presentation & Q&A discuss this)? Note: The video is online and available in a media format that most computers should recognize. This assignment can be completed at the Walsh library if you do not have a home computer or internet capabilities that are conducive to viewing streaming video. 1 Pany, Kurt. "Audit Planning, Understanding the Client, Assessing Risks, and Responding." Principles of Auditing. By Ray Whittington. 18th ed. McGraw-Hill Irwin. 206. Print. 1 Notes: 1. In the upper right corner of page one, indicate: Example Name XYZ Student Walsh Email Address XYZ@walshcollege.edu Phone # (248) 123-4567 Course ACC 418/518 Instructor Professor Berschback Assignment # Essay #1 Assignment Title XYZ memo Due Date September 23, 2011 Page # of # Page 1 of 2 Word Count: Word Count: 367 2. On additional pages, indicate Name and Page # of # in the upper right corner. 3. Do not use a separate cover sheet, folder, or binder. 4. Staple Assignment. 5. The word count should include only the essay itself. The word count should not include the information in the upper right corner or any other words unrelated to the essay itself. 6. Note that this is an individual assignment that does not require collaboration with other classmates or students at the college. Any collaboration will be considered academic misconduct. Please see \"Statement Regarding Academic Misconduct\" section of this courses syllabus for more information
