WorldCom's Financial Statement Fraud
With the passing of the 20th anniversary of WorldCom filing bankruptcy in the aftermath of the whistle being blown on its reporting of fraudulent financial statements, I wanted to revisit Cynthia Cooper's page-turner, Extraordinary Circumstances.Why was the fraud committed? How? What was internal audit's role in detecting the fraudulent entries created by the CFO and four members of his staff?In this episode, Aaron Beam helps me to answer these questions as he draws on his experience in the f...