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Stricter Auditing Criteria Implemented Because of Enron-WorldCom Scandals

Introduction

In 2001-2002, the business enterprise and finance community was rocked, by the Enron and WorldCom scandals. Both of these scandals alone resulted in billions of dollars being misplaced to shareholders, as a result of misleading financial reports. “Enron Company was an American strength, commodities, and Services Provider located in Houston, Texas. Before its bankruptcy in late 2001, Enron employed approximately 22,000 staff and was among the world's leading electricity, gas, communications, and pulp and paper businesses, with claimed revenues of practically $101 billion in 2000.” WorldCom can be an American telecommunications subsidiary that's headquartered in Ashburn, Virginia. The organization was formed as a result of the merger of WorldCom and MCI Communications. The organization was purchased by Verizon Communications with the offer closing on January 6, 2006 and is now discovered as that company's Verizon Organization division with the neighborhood residential divisions slowly built-into local Verizon subsidiaries. These businesses used fraudulent accounting solutions to mask its declining revenue by painting a fake picture of financial expansion and profitability to prop up the cost of its stock, eventually mailing them both into personal bankruptcy.

Analyze the new or increased standards for

Introduction

In 2001-2002, the business enterprise and finance community was rocked, by the Enron and WorldCom scandals. Both of these scandals alone resulted in billions of dollars being misplaced to shareholders, as a result of misleading financial reports.
Assignment ID
100011707
Discipline
Type
CREATED ON
30 July 2018
COMPLETED ON
31 July 2018
Price
$31
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30 July 2018
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30 July 2018
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