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19 May 2003
The company, formerly known as WorldCom, needs to complete its settlement with the SEC, which was partially agreed last autumn, in order to continue with its plan to emerge from Chapter 11 protection from bankruptcy. Any forthcoming announcement will clarify how large a fine MCI must pay for the fraud and the amount is thought to be much larger than any company has previously paid.
The SEC charged WorldCom with accounting fraud after a $3.8bn hole in its accounts was reported due to deliberate misreporting of regular line items such as capital expenditure.
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Briefings
By looking at the reasons supplier statements became unfashionable, and the reasons why it is different today, this paper delves into the many benefits that can be obtained by automating the process.
Having a real and true view of your organisation’s current financial position, and having the right systems and processes in place, will ensure that you can make strong choices and are ready to capitalise on opportunities
AccountancyAgeInsight is a frequently updated resource centre for finance professionals, offering a free and easy-to-use digital library of briefings, white papers and other information resources. 
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