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Q: What action by directors executives and professional accountants could have prevented the Enron and WorldCom debacles?
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Continue Learning about Accounting

What is backpay?

Backpay is a withheld payment for work which has already been completed, or which could have been completed had the employee not been prevented from doing so.


What is environmental and natural resource accounting?

Natural resource accounting is an systematic process of analysing and formulating the natural resource depletion. In other words it is an accounting for natural resources similar to profit and loss i.e. harmful effect to the environment and natural resources versus the steps taken or benefits prevented from the human efforts to the environment. Hence, human uses the natural resources and that is why is accountable for the sustainable development of the environment.


What steps can be taken to prevent budgetary slack?

budget slack can be prevented by good alignment between budgeting process and the organization's strategy which achieved by communication and coordination between top management and line managers or strategic business units to ensure that all line managers have the same perspective about achieving the organizational goals.good implementation of budgetary control also plays a role in preventing budgetary slack.


How do you remove penalties and interest on taxes owed?

In order to remove penalties and interest on taxes owed you must do two things. First, for penalty abatement you must submit a request to the IRS requesting that the penalties be abated due to mitigating circumstances beyond your control which prevented you from paying your tax in full, on time. Plus you have to be able to prove your explanation. IRS is very unforgiving in these matters and it takes a good story to get them to respond. Second, for interest abatement you must submit a request to the IRS proving that the amount of interest charged against you has been a result of their own mistake in handling your account. IRS is very reluctant to ever admit that they make mistakes, so this has to be clear, convincing proof beyond a doubt.


Name change and filing taxes?

First, make sure you have notified the Social Security Administration (SSA) of your new name. The IRS gets records of names and Social Security Numbers on from the SSA. If the name on your return does not match the name on file with the SSA, processing your return and refund may be delayed. You will also be prevented from e-filing. If your e-file is rejected, DO NOT FILE YOUR RETURN LATE. Instead, tell the web site or tax software that you are using that you want to mail in a paper return. Then the program will allow you to print out a return on paper. Write a SHORT explanation of your old and new name on a plain piece of paper, attach it to your tax forms, and mail it in. MAKE SURE YOU FILE ON TIME. A sample of the explanation: "Social Security Number: 123-45-6789 I changed my name on June 1, 2008 My old name was John Smith My new name is Mary Jones."

Related questions

In 1914 the Clayton Antitrust Act prevented a merging of corporations that would have intertwined?

boards of directors


Which segment of its operations got Enron into difficulties?

1. Which segment of its operations got Enron into difficulties? 2. Did Enron's directors understand how profits were being made in this segment? Why and why not? a. Enron's directors realized that Enron's conflict of interests policy would be violated by Fastow's proposed SPE management and operating arrangements because they proposed alternative oversight measures. What was wrong with their alternatives? 3. Ken Lay was the chair of the board and the CEO for much of the time. How did this probably contribute to the lack of proper governance? 4. What aspects of the Enron governance system failed to work properly and why? 5. Why didn't more whistleblowers come forward, and why didn't some make significant difference? How would whistleblowers have been encouraged? 6. What were the common aspects that were necessary for the Enron and WorldCom debacles to occur? 7. What actions by directors, executives and professional accountants could have prevented the Enron and WorldCom Debacles 8. Was the enactment of the Sarbanes-Oxley Act (SOX) necessary? Why or why not? 9. What are the three most important improvements in the governance structure that could result from Enron from SOX? 10. What is wrong with Enron's bank financing transactions they knew were without economic substance? 11. How should boards of directors change incentive remuneration schemes for executives to lessen the risk of motivating executives to risk manipulations to enrich themselves 12. What lessons you could learn from reviewing the cases?


Can a lawyer represent his brother in a criminal matter?

He is not prevented from doing so by either the law or the canons of professional ethics.


Could the attack on September 11th have been prevented?

yes i think it could have been prevented the planes they hacked into could have had better firewall and a skilled professional who knows how to deal with hackers in these kind of cases on the other hand i think it was fate that it happened


How famine can be prevented?

It can't be prevented, sorry.


What cancers can be prevented?

All cancers can be prevented!


Can a tornado be prevented?

No. tornadoes cannot be prevented.


How can otosclerosis be prevented?

Otosclerosis cannot be prevented.


How can carpet water damage be prevented?

The best way to prevent carpet water damage is to call a professional. They have the tools to clean the carpet powerfully and efficiently before it is too late to do anything.


How do you put prevented in a sentence?

He prevented a fight from happening


How is information spillage prevented?

Information spillage can be prevented by:


How acid rain is prevented?

It can be prevented by stopping pollution...