Learning Goal: I’m working on a accounting case study and need the explanation and answer to help me learn.
Clearly and distinctly identify the internal and external controls at Worldcom and how they functioned. Comment particularly whether each internal or external control was effective in protecting the company against human errors or mis-behavior. Then comment carefully on the extent to which the failure/success of the company ultimately depended on the failure/success of each control. Indicate which internal controls contributed the most to the company’s failure/success.