Academic Writing

Completed Posted Sep 29, 2015 Paid on delivery
Completed Paid on delivery

Objective:

The purpose of this assignment is to assist students understand the challenges facing

accountants when working in a forensic capacity with limited financial and nonfinancial

information.

Brief Background

The WorldCom scandal which involved nearly a $US4 billion accounting fraud

during the FY2000 and FY2001, wiped out the value of shareholder investments and

created significant public outcry. By late 2003, WorldCom engaged 1,500 people to

work on correcting (i.e. restating) its financial statements at a total cost of $US365

million (McCafferty, 2004).

The accounting fraud essentially involved the capitalisation of expenses and the use of

balance sheet reserves to write off uncollectible debtors, litigation costs and company

acquisition related costs, including overvaluing goodwill..

4. Part A:

Analyze the attached FY2000 and FY2001 WorldCom financial

statements using:

(a) Horizontal and Vertical Analysis.

(b) Beneish ratios and

(c) Calculate M-scores using both the five variable and eight variable models

for FY2000 and FY2001. Show all calculations.

What does your analysis suggest? (15 marks)

Research Writing

Project ID: #8577263

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