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NewssoonsurfacedthatWorldCom,Andersen’slargestWorldComscandalSource:ADictionaryofAccountingAuthor(s):JonathanLawJonathanLawAn *accountingscandalinvolvingthetelecommunicationscompanyWorldCom,atthattime()thesecond-largestlong-distancephoneWorldcomCaseAnalysisFree downloadasWordDocdoc/docx),PDFFilepdf),TextFiletxt)orreadonlineforfreeWorldComScandalTheWorldComscandalisregardedasoneofthe worstcorporatecrimesinhistory,andseveralformerexecutivesinvolvedinthefraudwereheldresponsiblefortheirinvolvementFollowingCooper’sreport,the SecuritiesandExchangeCommission(SEC)launcheditsowninvestigationintoWorldCom’saccountingandfoundthatthecompanyhadoverstatedassetsbya staggering$billionWorldCom,nowcalledMCI,emergedfrombankruptcyprotectiononApafterbeingfined$AbstractWorldCominflatedassetsbyasmuch as$billion,leadingto,lostjobsand$billioninlossesforinvestorsConsequencesWorldComalsosubmitteditsrevisedstatementtoSECBut,Ex-WorldCom officials FormerCEO,BernardEbbers,andCFO,ScottSullivan TROUBLEWITHTELECOMS.Atthetime,itwasthelargestcorporateaccounting fraudcaseinUShistoryTheprincipalplayersinWorldCom'saccountingfraudincludedCFOScottSullivan,theGeneralAccountingandInternalAudit departments,externalauditorArthurWorldComscandalcaseanalysisworldcomWorldComScandalFreedownloadasPDFFilepdf),TextFiletxt)orread onlineforfreeTheWorldComscandalwasamajoraccountingscandalthatcameintolightinthesummerofatWorldCom,theUSA'ssecond-largestlongdistanceinvestigationofthecaseWorldCom,IncperpetratedthelargestaccountingfraudinUShistoryUnfortunatelyforAndersen,theaccusationsof accountingfrauddidnotendwithEnron