Abstract:
Fraud affects everyone. Sometimes without them even knowing. Accounting fraud in the
corporate world may seem infrequent, but some of the largest accounting scandals happened
within years of each other. WorldCom was a telecommunications company that existed until the
early 2000s. After several WorldCom employees committed accounting fraud, the company filed
for the largest bankruptcy ever recorded in the United States. This accounting scandal
demonstrates the importance of ethical standards and internal controls in the work place. Even if
one thinks they will never commit fraud on a large scale, they will never know until they are in a
situation where they feel they have no other choice.