Posted: September 19th, 2015

Forensic Accounting.

The assignment is divided into 3 parts:
1. Use the Fraud Triangle and Fraud Scale to critically analyze the behaviour of Bernie Ebbers and Scott Sullivan during the WorldCom saga. What does your analysis suggest? (10 marks).
2. * The following actions featured in the WorldCom fraud:
Action 1
WorldCom employees Dan Renfroe and Angela Walter made journal entries in the amount of $150 million and $771 million, respectively, without detailed support.
Action 2
A journal entry was made to recognize $35 million of revenue in 2001 from the EDS contract based on performance projections.
Assuming WorldCom was a company operating in Australia at the time of the fraud, select ONE of the above Actions and discuss in plain English if the selected action represents ‘false accounting’. Your discussion must consider relevant accounting principles.

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