Academic Writing
$30-250 AUD
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)
Project ID: #8577263
About the project
Awarded to:
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