I.

GII THIU V TP ON WORLDCOM.

Tp on Worldcom tng l mt trong nhng tp on vin thng ln nht nc M ng u l cu Tng gim c Bernard Ebbers, gim c ti chnh l ng Scott Sulliva, gim c ph trch kim ton l ng Buford Yates Jr Cc ct mc lch s hnh thnh tp on ny c th tm tt nh sau: 1983: Hai thng nhn Murray Waldron v William Rector phc tho mt k hoch nhm thnh lp cng ty in thoi ng di c tn LDDS (Long-Distance Discount Service) 1985: Nh u t Bernard Ebbers tr thnh Tng gim c iu hnh LDDS 1989: LDDS ni danh nh v mua Advantage Companies Inc. 1992: LDDS sp nhp trong mt tha thun trao i c phiu vi cng ty in thoi ng di gi r Advanced Telecommunications Corp. 1993: LDDS mua cc cng ty in thoi ng di Resurgens Communications Group Inc v Metromedia Communications Corp. Trong mt tha thun trao i c phiu c tin mt gia 3 bn to ra mng in thoi ln th 4 nc M. 1995: LDDS mua cng ty truyn d liu v in thoi Williams Telecommunications Group Inc. (WilTel) vi gi 2,5 t USD bng tin mt v i tn thnh Worldcom Inc. 1996: Worldcom sp nhp vi MSF Communications Company Inc. (MFS), s hu cc c s truy cp mng a phng qua cc mng cp quan k thut s trong v xung quanh cc thnh ph ln ca nc M v Chu u, cng nh UUNet Technologies Inc., mt hang cung cp dch v truy cp Internet cho cc doanh nghip. 1998: Worldcom hon tt 3 thng v hp nht. Vi MCI Communicatipns Corp. (40 t USD) thng v ln nht vo thi im , Brooks Fiber Properties Inc. (1,2 t USD) v CompuServe Corp (1,3 t USD). 1999: Worldcom v Sprint Corp, ng sp nhp. 22/07/2002: Worldcom np n xin ph sn. y l v ph sn ln th 2 trong lch s nc M. Trc khi ph sn, tng ti sn ca Worldcom l 104 t USD, nhng ang gnh khon n khng l 30 t USD. Khong 20.000 nhn vin b sa

thi sau v ph sn ny Sau khi chnh thc tuyn b ph sn, Worldcom i tn thnh MCI. Nhng gian ln ti chnh ca Worldcom c a ra cha y 1 nm sau khi Eron tuyn b ph sn do nhng scandal ti chnh hng t USD. V vic ca Worldcom v Enron c nh gi l hai v ph sn ln nht nc M. II. QU TRNH KHNG HONG V SP CA TP ON WORLDCOM Khng hong ca Worldcom bt u c pht hin t nm 2002: T thng 3-2002, cng ty WorldCom bt u gy ch khi SEC (U ban chng khon v hi oi M) thc hin cuc iu tra ti sao v lm th no m WorldCom cho tng gim c iu hnh (cng l ngi sng lp) Bernie Ebbers vay 366 triu USD trc khi Ebbers tuyn b t chc vo cui thng 4-2002 (v c hng lng hu 1,5 triu USD/nm n sut i). S tin c ng vay t cc vo cc c phiu ca WorldCom. Khon vay ny thc t c ng Ebbers chuyn sang ti sn c nhn, bao gm mt cng ty bn thuyn th thao, mt trang tri u nnh v gn 27 triu c phiu ca WorldCom. Tng gim c mi l John Sidgmore. V mt kim ton vin ni b pht hin ra, cng ty ang c nhng biu hin "bt thng" trong vic ghi s cc chi ph vn. Mt iu tra sau ca hng kim ton KPMG (thay th hng kim ton ang gp kh khn Arthur Andersen) bi ra cc khon chi ph tr gi ti 3,85 t USD. Khon chi ph ny b phn loi mt cch nhm ln vo chi ph vn (trong c nm 2001 v qu I nm 2002, WorldCom tnh 3,85 t USD vo cc khon u t vn mc d s tin ny c s dng vo cc chi ph hng ngy). Chnh v vy m trong nm 2001 lung tin v li nhun ca WorldCom b thi phng, thay v l 1,2 t USD, h li 1,6 t USD v qu I/2002 l 172 triu USD. Cc con s ny nu c tnh khon chi ph trn s khng ng. Nhng g m WorldCom lm l nh hng ti lng tin mt to ra t hot ng kinh doanh. Trc y, WorldCom cng b, cc hot ng kinh doanh nm 2001 ca cng ty to ra 7,7 t USD tin mt. Nhng gi y, cng ty cho bit, s tin mt thc t to ra l 4,6 t USD. Tng lung tin ca WorldCom s khng b nh hng bi nhng

sai st trong s sch v vic cng b li ca WorldCom cng s lm gim lng tin s dng trong cc hot ng u t. Cc hot ng ny c tnh n u t vn. Nh vy, 2 s thay i s trit tiu nhau. Tuy nhin, iu ny li nh hng n mt cch o lng lung tin khc l thu nhp. Nm 2001, thu nhp (EBITDA) m WorldCom cng b l 10,5 t USD. Con s theo tnh ton gi y s l 6,3 t USD. Tng t nh vy, EBITDA ca WorldCom qu I/2002 theo cng b l 2,1 t USD nhng khi ph sn, con s ny c pht hin ch l 1,4 t USD. WorldCom n 2,65 t USD v vo thi im trc khi v vic b cng ty ny cn thng lng vay 5 t USD. Trong s ngn hng tr thnh nn nhn ca WorldCom, c Ngn hng Hoa K (Bank of America), J. P. Morgan Chase, Citigroup, FleetBoston Financial, Mellon Financial, Bank One, Wells Fargo Nm 2001, WorldCom tr cho cng ty kim ton Arthur Andersen chi ph dch v ln n khong 16,8 triu la M trong chi ph cho kim ton l 4,4 triu la, dch v t vn thu l 7,6 triu la, chi ph cho vic kim ton cc bn bo co ti chnh l 1,6 triu la v cc dch v t vn khc l 3,2 triu la. Ngy 19/7/2002, WorldCom, cng ty in thoi vin thng ng di ln th hai nc M sau AT&T, np n ph sn sau v gian ln li nhun k ton tr gi 11 t USD. V ph sn ca WorldCom tr gi 103,9 t USD. Gim c iu hnh WorldCom, Bernie Ebbers, b tuyn n 25 nm t giam vi ti danh la o chng khon, gian ln s sch. Worldcom b ph sn khin cc c ng ca hng chu thit hi khong 180 t USD v trn 20.000 nhn vin b mt vic lm, kinh t M thit hi khong 10 t USD. Sau khi chnh thc tuyn b ph sn, Worldcom i tn thnh MCI. Vic Worlcom sp ko theo phn ng dy chuyn khin gi c phiu ca nhiu hng vin thng khc cng tt dc th thm v chnh ph M phi ci cch li ton b cc quy nh hin hnh v k ton. III. GIAN LN KIM TON TI TP ON WORLDCOM

1. Cng b sai lch v dng tin

Bo co lu chuyn tin t l 1 trong 3 bo co ti chnh quan trng. Bo co ny th hin dng tin chy vo v chy ra trong nm ti kha ca 1 doanh nghip. Do , y l bo co th hin tt nht kh nng thanh khon v tnh hnh hot ng thc s ca cng ty . WorldCom s dng bo co lu chuyn tin t che giu cc chi ph bng cch chuyn chi ph hot ng vo hot ng u t. Do , s tin ny khng c ghi nhn vo mc chi ph. Bng k hoch ny, WorldCom thi phng dng tin thm 3,8 t USD v ghi nhn li thay v l. Trong c nm 2001 v qu I nm 2002, WorldCom tnh 3,8 t USD vo cc khon u t vn mc d s tin ny c s dng vo cc chi ph hng ngy. Hai khon ny r rng l khc bit v cc khon u t vn c i x khc vi cc chi ph v mc ch k ton. u t vn l s tin c s dng mua cc ti sn lu di, chng hn nh vi WorldCom l cp quang hay cc thit b chuyn mch dng nh hng cc cuc in thoi. V vy, chi ph ny s c ri u ra trong vi nm. V d, nu WorldCom chi 10 triu USD mua thit b chuyn mch v d kin s dng cc thit b ny trong 10 nm, cng ty s ghi s k ton cc khon chi ph tr gi 1 triu USD trong 10 nm. Ngc li, nu WorldCom b 10 triu USD u t thu ch vn phng, h s phi tnh vo s k ton ton b 10 triu ny l chi ph b ra trong k k ton . WorldCom cho rng, khon 3,8 t USD l chi ph vn (u t vn). Cc khon ny lin quan n "cc chi ph ng truyn", khon ph m WorldCom phi tr cho cc cng ty vin thng khc c th truy nhp vo cc h thng mng ca cc cng ty ny. nh hng ti li nhun? Vic tnh cc khon chi ph thng xuyn thnh cc khon u t vn s lm tng li nhun v cc khon chi ph l ra c tnh trong 1 qu s b tri ra trong nhiu nm. Trc y, WorldCom cng b li nhun trc thu l 1,4 t USD nm 2001 v 172 triu USD qu I/2002. Cn by gi, cng ty cng b thua l trong c khong thi gian . WorldCom khin cho cc nh u t thy mnh ang hot ng v sinh li rt tt nhng thc ra li khng phi vy. nh hng ti lung tin?

Thut ng "lung tin" (cash flow) c s dng khc nhau cho cc mc ch khc nhau. Tuy nhin, nhng g m WorldCom lm l nh hng ti lng tin mt to ra t hot ng kinh doanh, mt khon thng c xem xt k lng trong cc bo co ti chnh. Trc y, WorldCom cng b, cc hot ng kinh doanh nm 2001 ca cng ty to ra 7,7 t USD tin mt. Nhng gi y, cng ty cho bit, s tin mt thc t to ra l 4,6 t USD. Tuy nhin, tng lung tin ca WorldCom s khng b nh hng bi nhng sai st trong s sch v vic cng b li ca WorldCom cng s lm gim lng tin s dng trong cc hot ng u t. Cc hot ng ny c tnh n u t vn. Nh vy, 2 s thay i s trit tiu nhau. Tuy nhin, iu ny li nh hng n mt cch o lng lung tin khc, cch m ngi ta gi l EBITDA. 2. Mua bn ni gin c phiu. Bt u t nm 1999 ko di ti thng 5-2002, WorldCom dng nhng phng php k ton m m che giu tnh trng ti chnh suy yu, gi to tng trng ti chnh v li nhun nhm nng gi c phiu. Thng 6-2002, ban kim ton ni b WorldCom pht hin che giu khon chi ph 3,8 t USD k t nm 2001, ng thi, li nhun 1,4 t USD nm 2001 v 130 triu USD trong qu I-2002 u l bo co sai. Gi tr c phiu ca tp on WorldCom c lc tng ln 63.5$/ c phiu vo ngy 18/6/1999. Tuy nhin, vo thng 3 nm 2002, c quan iu tra ca M iu tra v nhng gian ln ti WorldCom v pht hin nhng gian ln ti y ln ti 3,8 t USD v gi tr c phiu ca WorldCom ngay lp tc gim xung mc 6.74$/ c phiu v tip tc gim cho n ngy 25/6/2002 th Tp on tuyn b ph sn. 3. Cc th lc ngm gip Worldcom. iu ng quan tm l khng ch c Worldcom trc tip tham gia vo nhng gian ln trong bo co ti chnh m lc cn c rt nhiu th lc ngm khc tr gip. Nh Enron, WorldCom cng c nhng ng dy mc ni n Nh Trng. Cch y hai nm, WorldCom cn trng hp ng 450 triu USD vi Lu Nm Gc. Trong mt thp nin qua, WorldCom bm hn 4 triu USD cho cc chin dch tranh c ca ng Cng ha ln Dn ch. Trong ma tranh c Quc hi thng 11-2002, WorldCom

 gp hn 1 triu USD cho ng c vin c hai ng. Dn biu Charles W. Pickering Jr (Cng ha) ngi i din khu vc Clinton, ni c i bn doanh WorldCom l chnh khch nhn nhiu nht. Ngoi ra cn c cc ngn hng, v cc chuyn gia nh cc chuyn gia phn tch th trng chng khon,... IV. NGUYN NHN SP CA TP ON WORLDCOM

C 5 nguyn nhn chnh sau: Th nht: cc v scandal v ti chnh, trong c vic gian ln v lm tri cc th tc k ton. Trong khi nhng gian ln ti Eron lin quan ti cc th thut k ton tinh vi th ti Worlcom cc gian ln din ra rt n gin. Worldcom khi tng gi mo cc ch s k ton hin hnh v b i cc s liu v vn theo thi gian m nh ra phi cng b cng khai. V bn cht, Worldcom chuyn dch mt lot cc con s t ct ny sang ct khc trong bo co ti chnh. l mt vic lm ht sc sai lm ca ban lnh o tp on Worldcom. Trong c nm 2001 v qu I nm 2002, WorldCom tnh 3,8 t USD vo cc khon u t vn mc d s tin ny c s dng vo cc chi ph hng ngy. Hai khon ny r rng l khc bit v cc khon u t vn c i x khc vi cc chi ph v mc ch k ton. u t vn l s tin c s dng mua cc ti sn lu di, chng hn nh vi WorldCom l cp quang hay cc thit b chuyn mch dng nh hng cc cuc in thoi. V vy, chi ph ny s c ri u ra trong vi nm. Th hai, nhiu v bun bn ni gin c phiu c phanh phui. Tp on gp rc ri khi ch tch Bernard Ebbers-mt sng lp vin ca Worldcom vay hng trm triu la tin cng mua c phiu ca hng lc tng gi. C phiu ca Worldcom tng mnh, mang li cho Ebbers cng nhiu tin hn lin tip mua cc cng ty khc nhm thng tr ton cu v ng ta cho rng: Quy m cng ln th cng tt. Vic sp nhp nh vy to cho cng ty c hi thun li gi mo li nhun . Ebbers lin tc tm kim hp ng mi v n lm cho bng quyt ton ti chnh ri rm che giu cc chi ph thc. Chi ph v s tin u t vo khong 1,06 t USD nm 2001 v 797 triu USD trong nm 2002 lm cho ngun tin ca cng ty c v di do, nhng trn thc

t h gp nhiu kh khn. y l mt bc i sai lm bi nhiu cng ty mi gia nhp th trng khin gi gim, qu nhiu nh mng nhng li t ngi s dng dch v y gi dch v xung di mc cn thit trang tri chi ph. C phiu ca Worldcom st gim mnh cn khon n ca cng ty ln ti khong 30 t USD. Con ng pht trin bng cch sp nhp ca h b chn li. Th ba: Do tnh trng kim ton lng lo, v rt nhiu ban kim sot khng h thc hin nhng bo co v tnh hnh cng ty vi trch nhim cao nht. Th t: Cng ty ch quan tm ti nh u t bng cch l tng ha bng bo co ti chnh ca mnh ch khng quan tm n cc c ng, cc i tc. Nguyn nhn cui cng l mu thun v quyn li gia Worldcom v nhng thnh vin bn ngoi c lin quan trc tip v gin tip n cng ty. iu ng quan tm l khng ch c Worldcom trc tip tham gia vo nhng gian l n trong bo co ti chnh m lc cn c rt nhiu th lc ngm khc tr gip. Nh Enron, WorldCom cng c nhng ng dy mc ni n Nh Trng. Cch y hai nm, WorldCom cn trng hp ng 450 triu USD vi Lu Nm Gc. Trong mt thp nin qua, WorldCom bm hn 4 triu USD cho cc chin dch tranh c ca ng Cng ha ln Dn ch. Trong ma tranh c Quc hi thng 11-2002, WorldCom gp hn 1 triu USD cho ng c vin c hai ng. Dn biu Charles W. Pickering Jr (Cng ha) ngi i din khu vc Clinton, ni c i bn doanh WorldCom l chnh khch nhn nhiu nht. Ngoi ra cn c cc ngn hng, v cc chuyn gia nh cc chuyn gia phn tch th trng chng khon,... V. KIM TON GP PHN VO GIAN LN V S SP CA WORLDCOM NH TH NO? 1. Cng ty kim ton: Arthur Andersen Arthur Andersen thnh lp 1913, tng l mt trong Nm cng ty kim ton ln nht th gii cng vi PricewaterhouseCoopers, Deloitte Touche Tohmatsu, Ernst & Young v KPMG, cung cp dch v kim ton, dch v thu, v dch v t vn cho cc cng ty v tp on ln. Nhiu nm lin cng ty ni ting biu trng v tnh trung thc v trch

nhim trong kim ton cho n nm 2001-2002 khi h vng no b bi kim ton vi cng ty Enron v Worldcom. Andersen coi Worldcom nh mt khch hng hng u v mun tr thnh mt thnh vin cam kt ca i ng ca mnh . Mc d phn mm qun l ri ro ca Andersen nh gi Worldcom nh mt "nguy c cao " ca khch hng , i ng kim ton ti Worldcom tip tc xp hng n nh mt khch hng nguy c trung bnh. Kim ton vin ca Andersen c a ra gii hn truy cp n cc thng tin k ton Worldcom gi li cc thng tin , ti liu b thay i, b qua thng tin t cc ti liu c yu cu v chuyn hng triu la trong s d ti khon nh la Andersen . Sau khi gian ln ca Worldcom b phanh phui, Cng ty Arthur Andersen kim ton cho WorldCom (v c Enron) cho bit khi Andersen pht hin cc chi ph c bo co lo thnh vn u t, Andersen bo ng cho ban kim ton ni b ca WorldCom rng bo co ti chnh 2001 khng ng tin cy. Trong 1 bn tuyn b, Andersen nhn mnh: Vn l ch lnh o ca WorldCom giu cc nhn vin. H thm ch khng cho chng ti bit gi chuyn nhng cc ng truyn v nhiu ln khng nh Andersen t vn. V Andersen c s sch chng t mnh minh bch trong v b bi ny. Tuy vy, cc phn tch, nh gi cho rng cng ty Arthur Andersen mc phi cc sai lm sau: Sai st v m hnh kim ton Cc m hnh kim ton hin i bao gm m hnh kim ton trn c s h thng v m hnh kim ton trn c s cc ri ro. Kim ton da trn c s h thng ch yu thin v h thng qun l ni b: Da trn phn tch v nh gi h thng qun l ni b t c mc tiu kim ton. T nhng nm 1990, m hnh kim ton ca M nhanh chng thay i t m hnh da trn h thng thnh m hnh da trn ri ro. Trn thc t, vic thay i m hnh kim ton l mt bc tin quan trng trong lch s ngnh kim ton. l vic ngi ta thay i cch thc kim ton ch khng phi l thay i khi nim kim ton truyn thng, thng dn n tnh trng ln xn v cc kin thc kim ton. C kh nng kim ton s tr thnh mt ngh nghip sinh li ln m mi i tng x i tm kim (bn

cht cng vic ch yu l cn nhc gia ri ro v li nhun em li) so vi cc ngh nghip cao qu khc (c bn cht cng vic c c kt t nhng nh gi chuyn nghip v trch nhim vi cng ng). Theo m hnh da trn ri ro th cc cng ty k ton thng tp trung ht sc lc phn tch cc thng v v qun l ri ro cho khch hng, nhng li khng ch trng n vic tin hnh kim tra thc s trc tip h tr kt lun kim ton. Vi h thng bi thng khng han ho v n cha nguy c bi thng sai thc t, kim ton da trn c s ri ro c th khin cc Kim ton vin khng tun th theo cc nguyn tc o c ngh nghip nhm tit kim chi ph kim ton. Trn thc t, trong cc trng hp bin th ti chnh ti cc cng ty Enron Corp hay WolrdCom ta u thy rng cch thc bin th khng qu thng minh. Nu Kim ton vin tun th nghim ngt tiu chun kinh doanh khi tc nghip, hon tt chi tit cc cuc kim tra trn thc t th s d dng pht hin ra nhng v tham ti chnh ny v kp thi ngn chn chng. Kim ton vin lm vic thiu c lp, t ch trong cng vic. Tnh c lp t ch l nhn t quan trng bo m cht lng kim ton, khin cho x hi tin tng vo cc cng ty kim ton. Tuy nhin, tnh c lp ca ngnh kim ton ca nc M li ang b li nhun e da nghim trng. Mt trong cc yu t gy nh hng n tnh c lp khi tc nghip ca cc Kim ton vin c th l: Thu nhp t cc ngnh khng lin quan n kim ton cao hn rt nhiu so vi thu nhp ca nhn vin lm trong ngnh kim ton. Cc ngnh khng lin quan n kim ton c th l ngnh dch v i l, t vn v thu v t vn qun l. Theo cc d liu thng k ca hn 50 cng ty c nim yt M t nm 2001 n nm 2002, t l gia thu nhp ca cc ngnh khng lin quan n kim ton so vi tng thu nhp chung l 69% v 62% thm ch c lc cn ln n 92%. Theo y ban Chng khon v Hi oi M (ASEC), thu nhp ca ngnh khng lin quan n kim ton nh hng n tnh c lp v mt ti chnh 2 mt. Th nht, do lng tin thu nhp t cc ngnh khng lin quan n chng khon ln c th dn n vic cc cng ty kim ton ph thuc vo khch hng v lnh vc ti chnh, do c th khin cho cc kim ton vin t b nguyn tc ngh nghip khi pht sinh mu thun gia pha kim ton vin v khch hng.

Th hai, l nh t vn qun l lm vic trong lnh vc giao dch khng lin quan g n kim ton b buc phi lm vic trong lnh vc qun l cng ty, iu ny khin cho kim ton vin lm vic trong phm vi qun l cng ty cm thy tht kh khn nh gi cng nh a ra cc phn xt lin quan n cc giao dch v cng vic kinh doanh mt cch khch quan. Nm 2001, WorldCom Inc. tr cho cng ty kim ton Arthur Andersen chi ph dch v ln n khong 16,8 triu la M trong chi ph cho kim ton l 4,4 triu la, dch v t vn thu l 7,6 triu la, chi ph cho vic kim ton cc bn bo co ti chnh l 1,6 triu la v cc dch v t vn khc l 3,2 triu la. Ch tch tin nhim ca SEC (y ban Chng khon M) Arthur Levitt ln ting ph bnh cng ty Arthur Andersen thiu tnh c lp, t ch khi lm vic. ng cho rng mt trong nhng nguyn nhn chnh l cc cng ty kim ton li cung cp c dch v t vn qun l. Thiu tnh thn trng. Khi tin hnh cc th tc kim ton, Kim ton vin thng bc l nhc im ca h l thiu tnh thn trng v tnh hoi nghi nghip v cn thit, v do thng tin vo li gii thch ca cc v lnh o qun l cng ty. Trong bo co kim ton t nm 1991 n 2001 do cng ty kim ton Arthur Andersen cung cp, ASEC v ta n ch ra rng cng ty Arthur Andersen coi WorldCom Inc. l khch hng c mc ri ro cao nht. Mc d Arthur Andersen cng a nhn ra rng c nguy c ri ro rt cao trong bo co ti chnh k ton ti WorldCom Inc. Bng 1: nh gi mc ri ro ca WorldCom Inc. Ni dung nh gi ri ro Ri ro trong bo co ti chnh k ton Mc ri ro Cao

Thm quyn phn b nhim v gia ban gim c v nhn vin Trung bnh lm thu Thi v vic che giu thng tin khi kim ton S lin h gia thng tin vi nhn s Trung bnh Trung bnh

Mi quan tm ca c quan chc nng vi vic bin th v cuc Trung bnh iu tra Kh nng thc hin bo co ti chnh Doanh thu trn thc t v mc tiu li nhun Trung bnh Cao

Thc hnh nghip v k ton v vch trn vic che giu thng tin Trung bnh Xy dng h thng qun l ni b tha mn cc yu cu t ra Mc phn ng li cc xut bo co v k ton Trung bnh Trung bnh

Tuy nhin, Arthur Andersen vn khng c s thn trng ti u v thi hoi nghi cn thit. Trnh kim ton khng cao. Kim ton l mt qu trnh i hi s nh gi chuyn nghip. S nh gi chuyn nghip ph thuc vo kinh nghim lm vic phong ph. Nu kim ton c coi l mt dy chuyn sn xut, th s c chia ra rt nhiu cng on. Nhng kim ton vin mi c o to hn ch v thiu kinh nghim lm vic s kim ton nhng bo co ti chnh ca cng ty c nim yt. Nu vic kim sot cht lng kim ton khng hiu qu th kt qu kim ton cht lng s khng cao. Nhng ti sao li li xy ra vi cc kim ton vin cng ty Arthur Andersen? Li gii thch l Arthur Andersen c th c cc kim ton vin khng c kinh nghim kim ton hoc c tin vo kt qu bo co v kim ton ca cc cng ty, trong khi nhng kim ton vin gii khng trc tip dnh vo qu trnh kim ton. Sau v tp on Enron sp , tng bin tp ca tp ch ti chnh Bowman Accounting report nghin cu qu trnh kin co lin quan n Kim ton vin v ch ra rng tng doanh thu ca cng ty kim ton Arthur Andersen c c t dch v t vn. Cc kim ton vin giu kinh nghim v thu nhp cao mi m m rng dch v t vn trong khi nhng ngi tr t kinh nghim v thu nhp thp th ch yu lm kim ton. iu ny gii thch mt hin tng: mt cng ty ln lun chuyn hng t nh kho ny sang nh kho khc, cc Kim ton vin tr thng kim k cng mt loi hng ha nhng

li hai a im khc nhau m khng h bit. V d ny cho thy nhng tht bi trong kim ton thng bt ngun t cc kim ton vin thiu kinh nghim. Mc tiu ca h thng khuyn khch. H thng khuyn khch ca cc cng ty k ton s thng cho cc kim ton vin thu c nhiu ph tr cho vic kim ton, khin cc kim ton vin ch yu tp trung vo chi ph kim ton m khng ch n cht lng kim ton. Nhng sai lm ca Andersen to iu kin cho Worldcom gian ln s sch k ton ln n hng t la. V vic ny nh mt vt nh ln tn tui ca Andersen vn lung lay t v Enron. Cng trong nm 2012, d Ta n Ti cao M hon tr Giy php hnh ngh Kim ton, Arthur Andersen khng th hot ng tr li. 2. Cng ty kim ton KPMG Tng gim c mi ca Worldcom l John Sidgmore v mt kim ton vin ni b pht hin ra, cng ty ang c nhng biu hin "bt thng" trong vic ghi s cc chi ph vn. Mt iu tra sau ca hng kim ton KPMG (thay th hng kim ton ang gp kh khn Arthur Andersen) bi ra cc khon chi ph tr gi ti 3,85 t USD. Khon chi ph ny b phn loi mt cch nhm ln vo chi ph vn (trong c nm 2001 v qu I nm 2002, Worldcom tnh 3,85 t USD vo cc khon u t vn mc d s tin ny c s dng vo cc chi ph hng ngy). Chnh v vy m trong nm 2001 lung tin v li nhun ca Worldcom b thi phng, thay v l 1,2 t USD, h li 1,6 t USD v qu I/2002 l 172 triu USD. Cc con s ny nu c tnh khon chi ph trn s khng ng. Cng t y gian ln b phanh phui v dn n s sp ca Worldcom. VI. HU QU CA GIAN LN K TON TI TP ON WORLDCOM.

Theo c tnh th Worldcom b ph sn khin cc c ng ca hng chu thit hi khong 180 t USD v trn 20.000 nhn vin b mt vic lm. S ph sn ca tp on Worldcom v nh hng ca n ti ch s chng khon trn Th trng chng khon NewYork vo ngy 19 thng 7 nm 2002

 Ch s Dow Jones trn th trng chng khon New York gim 390,23 im v t mc 8019,26 im ko theo s st gim ca 30 c phiu xung 1360 im trong sut 2 tun v a ch s chng khon ca th trng New York sung mc thp nht k t thng 10 nm 1998. Ch s chng khong Nasdag gim 37,8 im v t mc 1319.15 vi mc gim tng ng l 4,5% ko di trong 1 tun. Nh vy trong 1 nm ch s Nasdaq gim 35% gi tr. Ch s Standard&Poors 500 gim 33,81 im v t mc 847,75 im v tng ng vi vic gim 27% gi tr trong nm 2002. IV. Bi hc t Worldcom: Th trng chng khon (TTCK) Vit Nam i vo hot ng khng lu nhng c nhng bc pht trin nhy vt. Ch s VN Index lin tc tng trong nhng nm qua. Trong khi TTCK th gii bin ng mnh, TTCK Vit Nam vt ln v tr dn u v tc tng trng. S thu ht ca TTCK ngy cng tng mt cch t bin. Tuy nhin, trn TTCK Vit Nam cn tim n nhng ri ro m cc nh u t c th khng lng ht c. Theo qu tin t IMF, t l p/e (price earning ratio) (li nhun u t) ca 20 cng ty ng u TTCK l 73,3 mt con s th hin mc bong bng ca TTCK Vit Nam. Nhng nh u t ca Vit Nam trong giai on ny khng phi l cc nh u t thc th nhm kim c li nhun t cng ty u t m l cc nh u c nhng ngi ch quen kim li bng cch mua i bn li c phiu. Do khi c mt bin ng ca mt loi c phiu c gi tr ln trn th trng th cc nh u t s bn tng bn tho c phiu, t s gy s c trn TTCK. TTCK Vit Nam cn non tr nn vic giao dch trn TTCK u l cc giao dch theo tin n. Chnh c ch tin n y gi c phiu cao. Bi hc nhn c t Tp on worldcom Th nht, i vi cc doanh nghip, mc tiu trc mt ca doanh nghip l khng nn tp trung vo quyn li ca nh u t, m nn tnh n li ch ca nhn vin, khch hng v i tc kinh doanh. Phng chm gi tr c ng da trn c s gi c phiu

 khng cn thch hp, thay vo cc cng ty nn dnh nhiu cng sc cho vic xy dng phng php qun tr, trong nn nng cao tnh ton vn ca h thng k inh doanh v tnh chnh xc ca cc s liu hot ng. iu quan trng l phi to iu kin cho cc nh u t, cc nhn vin, c ng hiu r thc t hot ng ca doanh nghip. Th hai, y ban Chng khon Nh nc (UBCKNN) phi c nhim v l qun l nim yt chng khon ca cc cng ty. Hn nay UBCKNN khng c chc nng qun l nim yt chng khon ca cc cng ty, nh vy s l k h cc doanh nghip bng bt thng tin tht s ca doanh nghip. Cui cng, v thng tin: Cc doanh nghip cung cp hng ng thng tin, ti liu cho cc nh u t nhng kh nng s dng c cc thng tin cp ch t 1%. Gii php by gi l TTCK nn la chn mt s tiu ch v tc tng trng li nhun c trng cho tng ngnh ngh nh u t c th so snh d dng, xy dng h thng ngn t nh gi thng nht trong bo co ti chnh ca cng ty.