WorldCom was not just the biggest accounting scandal in the history of the United Statesit was also one of the biggest bankruptcies. The revelation that telecommunications giant WorldCom had cooked its books came on the heels of the Enron and Tyco frauds, which had rocked the financial markets. However, the scale of the WorldCom fraud put even them in the shade. This spate of corporate crime led to the Sarbanes-Oxley Act in July 2002, which strengthened disclosure requirements and the penalties for fraudulent accounting. In the aftermath, WorldCom left a stain on the reputation of accounting firms, investment banks, and credit rating agencies that has never quite been removed. Based on secondary research answer the following: 1. Explain in detail the background and all the events that led to the financial fraud. 2. Post and current business law in place. 3. Role of executives especially the CEO. 4. Sarbanes-Oxley Act and its legal reach (similar Act in Canada) 5. Importance of Transparency, Integrity and Accountability. 6. Measures in place to avoid similar frauds. 7. Personal viewpoints/comments - effective and corrective business law and remedies