The paper “ Worldcom - Reasons behind the Collapse and Nature of the Frauds” is an intriguing example of the business case study. In the year 2002, a few instances of corporate issues were witnessed which included the cases of Enron and WorldCom. It was in this context that the occurrence of the issues related to WorldCom was widely referred to as a consequence of unsuccessful corporate governance and outright greed followed by accounting exploitations. The conception of corporate governance is considered to play an integral part with regard to aspects such as lucidity and truthfulness in terms of financial reporting.
Corporate governance is known to entail associations amid the board, other bodies involving an indirect form of engagement with the organization, management, and stakeholders of the organizations. The mentioned aspect is even supposed to present a comprehensive composition from which the intentions of that particular organization are believed to descend. However, it becomes imperative to mention the procedure through which the behaviors of the directors in a particular organization are supervised and controlled. The process is also learned to entail the factor of decision making, supervision and responsibility and is termed as corporate governance on the whole (Monks & Minow, 2011: 433).
Brief Background of WorldComWorldCom was founded in Mississippi. The nature of its business operations was telecommunications and the company was learned to have surfaced from a murkiness in a period of rage in relation to corporate behavior with regard to the mentioned sector. The rage was measured to be let loose as a result of deregulation in the telecommunications sector in the United States (US). The company was successful in emerging as amongst the leading long-distance carrier in the US telecommunications sector with the aid of its frantic sequence of takeovers amounting to nearly 72 in about 17 years.
The company also proved successful in establishing the protocol network of the internet which was gauged to be amongst the largest in the entire globe. The development of the company was further believed to be fundamentally led by the various amounts of acquirements during the period of 1990s.
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