Extraordinary Circumstances Report 100 points. Assignment:
Using your opinion and knowledge from Cynthia Cooper's book, Extraordinary Circumstances, answer the questions below. Some minor research will be required, but can be completed via the internet. A minimum of 1500 words is required and a maximum of 2500 words. Please see the next page for formatting requirements. Questions to be covered in the Report:
1. In general, what was your over-all opinion of the book. Did you like it? Do you feel you learned some valuable lessons as you move into the work force? There is not a right or wrong answer. Please be honest and provide reasoning for your answer.
2. What do you think of the Wall Street analyst Jack Grubman? Do you believe he contributed to the loss of investors? Was Jack's opinion regarding WorldCom stock illegal or unethical? Does this impact your personal opinion of Wall Street and investing?
3. Is there any part of the book that surprised you? For example, did you know that even if an employee is following the instructionsof his/her boss, the employee is still held accountable?
4. Cynthia Cooper suggest that each person should write down the values he/she will live by and what you dill do if the value collide. In other words, know what you believe is right and wrong. Please list a minimum of 5 values you live by (personally or professionally) and explain why those values are important.
5. What were your thoughts when you read the sentencing for Betty, Buddy, Troy, David, Scott and Bernie? Do you believe anyone was over or under sentenced? Do you believe Betty, Buddy or Troy should have been found guilty? Please explain all of your answers.
6. Did the sentences of the five people above match the Enron sentences? Please do some basic research to learn the jail-time of the convicted Enron employees.
7. How would you compare Bernie to men such as John D. Rockefeller, J.D. Morgan and Andrew Carnegie? Would Bernie been sent to jail back in the late 1800's or early 1900's? How do you see the progression of capitalism in America during the past 200 years. Has it been good or bad for the country and for you personally?
8. How has the accounting world changed since WorldCom and Enron? Please research Sarbanes Oxley, specially Title III and Title IV. Below are the areas to research. (This area should be a minimum of 300 words) a. For Public Company Audit Committees 1) Who does the external auditor report to? 2) What are the requirements to be a member of the Audit committee 3) Can audit committee members accept compensation from the company? b. According to Sarbanes Oxley, what are the responsibilities of the CEO and CFO in regards to financial reports? Internal Controls? c. Code of Ethics for Senior Financial Officers
9. Do you feel that the accounting classes at Ivy Tech have stressed the importance of ethics in the work-force and the types of situations that accountants may encounter in their careers? Grading Rubric: The assignment will be graded on content and not length. For a paper to earn 100 points, please express your opinions with reasoning and explanations. E.g. Did you like the book? Wrong: No, I did not like the book because it was hard to remain focus on the topic. Correct: No, I did not enjoy the book primarily because I felt the book focused more on Cynthia's life versus the details of WorldCom. I would have appreciated more information regarding the opinions of other employees in WorldCom after the fraud was released and perhaps personal interviews with Betty, Buddy, and Troy. Format: Please use block style format to write the report. Each section should be titled either using the question or summarizing the question. In general, what was your over-all opinion of the book. Double Space between header and paragraph Answer: Single Space, paragraph format. What do you think of the Wall Street analyst Jack Grubman? Double Space between header and paragraph Answer: Single Space, paragraph format.