The WorldCom Accounting Scandal
Adverse business conditions often cause companies resort to unethical practices
The case discusses the accounting frauds committed by the leading US telecommunications giant, WorldCom during the 1990s that led to its eventual bankruptcy. The case provides a detailed description of the growth of WorldCom over the years through its policy of mergers and acquisitions. The case explains the nature of the US telecommunications market, highlighting the circumstances that put immense pressure on companies to project a healthy financial position at all times. The case provides an insight into the ways by which WorldCom manipulated its financial statements. The case also describes the events that led the company to file for reorganization under Chapter 11 of the U.S. Bankruptcy Court in 2002.
The role of the company’s top management in the scandal has also been discussed. Finally, the case explores the initiatives being taken by the company to change its management structure, improve its performance and restore investor confidence.
» Adverse business conditions often cause companies resort to unethical practices
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