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ACC/260 ACC/260 WEEK 2 THE ENRON AND WORLDCOM SCANDALS ASSIGNMENT -ANSWER KEY

ACC/260 ACC/260 WEEK 2 THE ENRON AND WORLDCOM SCANDALS ASSIGNMENT -ANSWER KEY
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ACC/260 WEEK 2 THE ENRON AND WORLDCOM SCANDALS ASSIGNMENT

ENRON

 

  • Which segment of its operations got Enron into difficulties?
  • Did Enron’s directors understand how profits were being made in this segment? Why or why not?
  • Ken Lay was the chair of the board and the CEO for much of the time.  How did this probably contribute to the lack of proper guidance?
  •  What aspects of the Enron governance system failed to work properly, and why?
  • Identify conflicts of interest in:

 

WORLDCOM

 

  • Describe the mechanisms that WorldCom’s management used to transfer profit from other time periods to inflate the current period?
  • How should WorldCom’s board of directors have prevented the manipulation that management used?
  • Bernie Ebbers was not an accountant, so he needed the cooperation of accountants to make his manipulations work.  Why did WorldCom’s accountants go along?
  • Why would a board of directors approve giving its Chair and CEO loans over $408 million?
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