Adelphia

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    Auditing Frauds

    Deloitte's audit team had been auditing Adelphia and Rigas for numerous years. The 2000 audit remained largely unchanged from prior years. The team consisted of about twenty staff accountants and tax professionals, divided into subgroups that were supervised by ten Deloitte managers and headed by senior manager William Caswell, who reported directly to Dearlove. Several of the Deloitte managers had significant prior experience auditing and reviewing Adelphia's annual and quarterly reports: Caswell

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    Adelphia Communications’ Bankruptcy

    Adelphia Communications’ Bankruptcy Bankruptcy The case talks about the situation Adelphia went through after the governance problem and fraud they had that led them to bankruptcy. Adelphia being a family owned company; by April 2005 they decided to sell out the remaining assets of the company to the one of the other 3 big cable companies; Time Warner, Comcast and Cablevision; each one of them offered different amount in the bid, nevertheless the company had to analyze how certain each offers

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    Mercury Case

    being defended by Herbert Kohler; (ii) Kohler estimates the probabilities of these two outcomes at 30% and 70% respectively. 7. Adelphia a. What did the Rigas family management do wrong? Were any aspects of Adelphia’s corporate governance/ownership structure under the Rigases problematic in your view? Is there anything that concerns you about the Adelphia/Rigas family “co-borrowing” arrangements? b. If one ignores any alleged frauds by the Rigases, how viable was the Adelphia’s business

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    Adelphia Corporate Scandal

    Arthur Gharakhanian Adelphia (A) ACCU-620 Brandman University Week 3, Assignment 1 November 7th, 2012 Adelphia Introduction Founded in 1952 by John Rigas, Adelphia Communications Corporation was a "family" business. John Rigas (father) was the chairman and CEO, Tim Rigas (son) served on the board and was the CFO, and Michael Rigas (son) was EVP and a board member along with James Rigas (son) (USA Today, 2004). Together they owned the majority of Adelphia's stock and occupied

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    Forensic Accountant: Fraud Buster

    major scandals since the early 1990s. These include major accounting failures such as Enron, WorldCom, Adelphia, Tyco, Phar-Mor, Cendant, Computer Associates, AOL, Freddie Mac, ImClone, Qwest Communications, Royal Ahold, Health South Corporation, AIG, Lehman Brothers, and most recently the Olympus Corporation. Some of these have resulted in the collapse and dissolution of the company – Enron, Adelphia; others have resulted in a major restructuring of the company – AOL, AIG, Freddie Mac. Whatever the

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    Forensic Accountant

    Enron’s accountancy firm, Arthur Andersen, received a federal subpoena and was eventually found guilty of fiddling Enron’s accounts. Adelphia Communications Adelphia Communications was founded in 1952 by John Rigas. It was the sixth-largest cable company with $3.6 billion in annual revenues. Headquartered in a small rural town, the Rigases structured Adelphia Communications so that there were no checks and balances at the top. They also set it up so that they retained the majority of the shares

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    Adelphia Research Project

    Adelphia Communications Corporation was a cable company, whose owners, John Rigas and his son Timothy,” were charged with bank fraud, securities fraud, and conspiracy.” (Reference #4) They were charged with all fifteen accounts of securities fraud. Another son of his was acquitted, as well as the former treasurer, Michael Mulcahey. “John and Timothy now face 30 years in prison because of the bank fraud charge.” (Reference #4) “They were charged with hiding over $2.3 billion dollars’ worth of

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    Scholar

    The story of the Adelphia Scandal begins in 1952 with purchase of a cable network company by John Rigas. By the year 1972, the purchased cable network had evolved into Adelphia Communications Corporation. By the late 1990s, Adelphia had acquired Century Communications and eventually became the sixth largest cable company, servicing over 5 million subscribers. Adelphia was a family owned and operated business. Rigas family members were the majority of Adelphia’s board members and controlled a

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    Adelphia

    about the character of John Rigas who owned a movie theatre named Adelphia with the shares of his brother, Gus. After Adelphia, they purchased more new companies such as Adelphia Communications Corporation and Century Communications. The continuous success of their business causes, Adelphia Company became the sixth largest cable company in United States. They faced a lot of problems throughout the journey they run their business. Adelphia always had been as a family business because most of the shareholders

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    John Rigas

    intricate plans which can defraud the companies millions, even billions of dollars. This is something that happened with the Adelphia Communications Corp. in the early 2000's. John Rigas, founder and former CEO of Adelphia, and his two sons, Timothy and Michael Rigas, along with the former assistant treasurer, Michael Mulcahey, were all arrested for defrauding Adelphia out of millions of dollars. All four of the defendants were charged with conspiracy, bank, securities and wire fraud. Only John

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    Forensi Accountant

    completely different outcome. In the last section Forensic Accountant we will evaluate two financial companies with quite a financial history. Enron and Adelphia and the Role of the Forensic Accountant In this section we look at two of the most storied scandals in finance in the past fifteen years. The two companies that will be discussed is Enron and Adelphia. Enron was a company that specialized in producing energy. They were on the top of their game and were a well-respected company within their industry

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    Adelphia Case Study

    head. He had a heart attack and died on the spot. The news traveled quickly through Coudersport, Pa., the town of 2,600 near the New York border where Cowburn had lived. One of the locals moved by his death was John Rigas, chairman and CEO of Adelphia Communications, the nation's sixth-largest cable television provider, a company with $3.6 billion in annual revenues and headquarters in--of all places--this rural town. Rigas knows about bees. He owns a farm outside town that sells Christmas trees

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    Business Ethics

    Introduction The purpose of this case assignment centers on the examination of the how the Adelphia Communications’ executives violated the trust of the company’s shareholders and the trust of the community through the analytical view of deontological ethics. This analysis will be achieved by defining deontological ethics and Immanuel Kant’s Categorical Imperative. A review of the Adelphia Communications Scandal will be conducted with a general assessment of what ethical issues were present

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    Adelphia Communications Scandal

    Adelphia Communications scandal By Insert name Insert institution Adelphia Communications scandal Introduction Adelphia Communications Company was a television cable company whose headquarters centered in Coudersport, Pennsylvania. It ranked as the fifth most prestigious cable companies in United States. John Rigas is the founder of the company. The company was highly respected until an infamous scandal ensued following claims of bankrupt in 2002, at which time its headquarters relocated

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    Adelphia Scandal

    I will explain how deontological ethics and Immanuel Kant’s Categorical Imperative more specifically relate to the two primary business ethics violations in the Adephia scandal. ADELPHIA SCANDAL The Adephia Scandal orchstrated by a family of Business men that had on goal in mind, which was tor created family wealth at all cost. The Rigas Family Members of Adelphia’s included John Rigas, founder and Chief Executive Officer (CEO);

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    Assignment 1: Review of Accounting Ethics

    not breach them. History and background of Adelphia Communications Corporation Adelphia Communications Corporation or “ACC, was a small family-owned cable television company. It was established in a small Pennsylvania town. John Rigas started Adelphia and turned the local cable franchise into a communications empire. (Giroux, 2008). Under the Sarbanes-Oxley, companies must disclose their financial reports and Adelphia did this in May 2002. Adelphia announced earnings restatement for the year 2000-2001

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    Adelphia Story

    HealthSouth Corporation Case Study Managerial Communication Dr. Ben Busbee Dwight Frazier December 12, 2013 A. Executive Summary: The paper highlights the case analysis on one of the big financial fraud which occurred from 1986-2003. The case of HealthSouth is based on fraud, greed and corporate governance. The HealthSouth case shows that unethical management cannot succeed; sooner or later the truth comes out. The case highlights many key points and the major reason for the fraud was the

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    Accounting

    not breach them. History and background of Adelphia Communications Corporation Adelphia Communications Corporation or “ACC, was a small family-owned cable television company. It was established in a small Pennsylvania town. John Rigas started Adelphia and turned the local cable franchise into a communications empire. (Giroux, 2008). Under the Sarbanes-Oxley, companies must disclose their financial reports and Adelphia did this in May 2002. Adelphia announced earnings restatement for the year 2000-2001

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    Accounting Ethics

    environment is more conducive to ethical behavior. The ethical breaches in recent times, Weygandt, Kimel, Kieso( 2012) researched that “financial press open full articles and documents facts about financial scandals at Enron, WorldCom, HealthSouth, AIG, Adelphia Communication and Cable and more. As the scandal came to light people did not play the stock market if they believe that the stock prices were rigged.” Weygandt, Kimel, Kieso (2012) researched that; “the United States government regulators and lawmakers

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    Role of Auditors

    manipulations in the accounting details. When an external auditor finds the fraud it is his duty to report it. Example of Adelphia refer to the ‘’Three cases of corporate fraud: an audit perspective’’ by Karen van Peursem, Maiqing Zhou, Tracey flood and James Buttimore, in department of accounting, working paper series at The University of Waikato. No.94, June 2007. Pages from 3-11. Adelphia began as a small cable franchise with only 25 customers in the year 1952, when John Rigas paid $100 for the franchise

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    Business Ethics

    Graduate Diploma in Master’s Degree in Business Management Introduction The purpose of this assignment is to provide a critical analysis of the 2002 collapse of Adelphia Communications as seen through the lens of Immanuel Kant deontological ethics. This analysis will be accomplished by providing a brief time lime of the Adelphia, identifying and discussing two key ethical problems raised and describing what is meant by deontological ethics. More specifically this paper will show how Kant’s Categorical

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    Analisis

    FRAUDES CONTABLES ADELPHIA COMMUNICATIONS FUNDAMENTOS DE AUDITORIA Grupo No 4 INTEGRANTES: Barragán Rojas Jonathan Francisco Moreira Herrera Damarys Ivette Ronquillo Burgos María Fernanda Vergara Ortiz Lady Marisela Adelphia Communications Antecedentes de la empresa * Adelphia Communications * Ubicada en Wall Street esta división de la organización se centró en el desarrollo local, regional y nacional que anuncia las oportunidades promocionales con la inserción comercial

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    Ac557: Final Project Adelphia

    AC557:01: Internal Control Assessment and Design Unit 5 Final Project: Adelphia Introduction This case analysis is about the Adelphia Corporation fraud that was considered to be one of the massive corporate scandals in US history. This company did not receive as much television and news exposure as Enron and WorldCom, but the fraud the Rigas family had engaged in caused the company to sustain tremendous losses. Adelphia was considered a family owned business to the Rigas family members. John

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    Bus 501 Module One Case Assignment

    Assignment ETH 501: Business Ethics Dr. Mark Friske 24 November 2013 Introduction Adelphia Communications, one of the largest cable companies is the country at the time, is defunct as of 2006 due to multiple unethical decisions by the Rigas family. Any business, if subjected to unethical decision making to this extent, would be destined for failure and Adelphia Communications is no exception. The two main unethical actions that are highlighted are lying and stealing.

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    Business Ethics

    Graduate Diploma in Master’s Degree in Business Management Introduction The purpose of this assignment is to provide a critical analysis of the 2002 collapse of Adelphia Communications as seen through the lens of Immanuel Kant deontological ethics. This analysis will be accomplished by providing a brief time lime of the Adelphia, identifying and discussing two key ethical problems raised and describing what is meant by deontological ethics. More specifically this paper will show how Kant’s Categorical

    Words: 2168 - Pages: 9

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    Buisness Ethics

    The purpose of this discussion is to analyze the decision making process of the Adelphia Communication’s executive board, namely John Rigas, and how his decisions not only violated the basic trust of their shareholders but violated the ethical framework of what should have been a successful, solid, honest family business. Ethics is loosely defined as rules of behavior based on ideas about what is morally good and bad (Webster’s on line dictionary). As morality and Ethics are defined as one in the

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    Adelphia Scandal

    Adelphia Scandal Andrew Hurt RES/351 – Business Research John Gilpin 1/20/14 In July of 2004, John and Timothy Rigas (father and son) had been found guilty by a federal jury on two counts of bank fraud, as well as 15 counts of security fraud. John Rigas was the founder of Adelphia communications, and his son Timothy was the chief financial officer. The two of them were found guilty on conspiracy to steal millions of dollars from the company. At one point the Adelphia was founded in 1952

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    Ethics

    notion of right and proper business behavior (Pearce, J.A.,II, Robinson, R.B., 2011, p. G2), however in 1952 Adelphia Communication was founded by John Rigas in Coudersport, Pennsylvania, he took his company public in 1986 and built it by acquiring other systems in the 1990’s. The major players that headed up this nine-person board included John Rigas, his three sons and a son-in-law. Adelphia was ranked as the nation’s fifth largest cable company in the United States before filing bankruptcy in 2002

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    Adelphia Communications Scandal

    Running head: Adelphia Communications Scandal TUI UNIVERSITY Errol Hammonds Case #1 ETH 501 Business Ethics and Deontology Dr. Bonnie Adams 21 October 2013 Adelphia Communications Scandal Adelphia – which means “brothers’ in Greek – used to be one of America’s largest cable companies. John Rigas [http://en.wikipedia.org/wiki/John_Rigas] founded the company and served as CEO and chairman. His son Tim had the position of Chief Financial Officer and two other sons were

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    Business

    the present product. Another well-knoen and widely discussed case of business company violating BUSINESS ETHICS AND DEONTOLOGY principles of ethics is the case of Adelphia company. It can not be even mentionrd that in some periods of its business activity Adelphia company was honest and complying ethical principles. Adelphia is the cable connection providing company. It was opened by the family Riga. It is required by the stockholders and regulatory organizations that the heads and sponsors

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    Adelphia Communications Scandal

    Adelphia Communications scandal Matthew Tassin Trident University Ethics 501 Introduction Adelphia Communications Company was a television cable company whose headquarters centered in Coudersport, Pennsylvania. It ranked as the fifth most prestigious cable companies in United States. John Rigas is the founder of the company. The company was highly respected until an infamous scandal ensued following claims of bankrupt in 2002, at which time its headquarters relocated to greenwood Village

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    Related Party Matters

    Conducting Financial Reporting Research: Related Party Matters Dom Panetta Accounting 305 Abstract The topic of discussion involves the Rigas family and their Adelphia Communications Corporation scam. In 2000 they tried hustling investors into believing that their company was doing fine, when in fact they were embezzling over a billion dollars. In their year end 10-K report they noted, under related party, that they paid out over 30 million to its shareholders, which are primarily family members

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    Adelphia Communications: a Family’s Power

    Adelphia Communications: A Family’s Power It started as a striving business dedicated to providing cable service to the public. What became of Adelphia Communications would be just another example of the vicious act known as fraud. Fraud is the intentional act of misleading others about financial information for profit, personal gain, or other dishonest advantage. As the new millennium dawned 14 years ago, we saw an unraveling of numerous fraudulent activities by organizations large and small

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    Ethics

    2011 US Federal Judge Marcia Krieger issued a summary judgement rejecting all SEC's claims against Afshin Mohebbi and ruling in his favor. Adelphia Communications Corp. Pennsylvania-based Adelphia Communications ranked as the fifth largest cable company in the country before internal corruption and a $2.3 billion debt led to its 2002 bankruptcy. The Adelphia founders were charged with securities violations. Five officers were indicted and two, John and Timothy Rigas, were sentenced to 15 years and

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    Business Ethics

    deontology Adelphia Communications Company was a family business company and later incorporated by the founders’ sons. It was ranked sixth of the largest cable selling company in the U.S. Its revenue exceeded $ 2.9 billion annually with its offices located in 32 states having subscribers exceeding five million (Barlaup, 2009). However, in 2002 a financial analyst realized that some funds were missing in the books of the company leading to investigations. Later, the SEC announced that the Adelphia Company

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    Financial Statement Analysis and Ratios

    Statements…………………….7 b. Fraud Triangle………………………………………………………….8 c. What to look for in a fraudster…………………………………………9 Past Cases of Fraud……………………………………………………….10 a. WorldCom…………………………………………………………….11 b. Tyco International Ltd………………………………………………..15 c. Adelphia Communications Corporation…………………………....…17 Sarbanes-Oxley Act of 2002………………………………………...…....20 a. Analysis of SOX: Costs vs. Benefits…………………………………34 i. Interview of a Current CPA…………………………………..35 Recent Case of Fraud…………….……………………………………….38 a. Bernie

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    Corporate Corruption

    Adelphia: Family Corruption Case Introduction Adelphia Communication Corporation, formerly a cable television company was established in 1952 by John Rigas. The company provided cable and internet service to approximately 5.6 million subscribers (Sweeney, 2006). Adelphia signified Rigas’ Greek heritage and family oriented business. Majority of Adelphia’s management positions were comprised of family members. This allowed the Rigas to maintain financial control of the company. Adelphia was the

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    Adelphia Communications

    Firstname Lastname Instructor’s Name Course Number 20 July 2015 Adelphia Communications Adelphia is the 6th biggest cable television provider in the United States and, with various subsidiaries, gives services of cable television and local telephone service to customers in 32 states and Puerto Rico. Adelphia means "brothers" in Greek. It used to be one of America's largest cable companies. John Rigas established the company and served as CEO and chairman. John's son Tim was CFO, and Tim's brothers

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    Adelphia Scandal

    The Adelphia Communications scandal The Adelphia Communications Scandal Strayer University, Online ACC 100 September 2009 The Adelphia Communications scandal Before I get into the scandal I would like to give a brief history on how the company was founded. In 1952 John J. Rigas started Adelphia with his brother Gus Rigas. The company was based in Coudersport, Pennsylvania. The purpose for starting this company was to employ many future generations of the Rigas family. When John entered

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    Adelphia

    DEFINE BUSINESS STRATEGY. The definition of business strategy includes six areas of analysis. The product-market focus is the first step.  The underlying capabilities in implementing a product-market strategy include the technologies, processes and market access that a firm has. These address the business and its key success factors. Businesss strategy includes customer targeting, product lines and positions, technical capabilities, strategic processes, and market access. * Describe the customer

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    Accounting Ethic Case

    Case analysis 3 Chao Yao Major case 1 Adelphia Communications Corporation 1. What are the facts? In September 2005, the SEC charged Dearlove, a certified public accountant and formerly a partner with the accounting firm Deloitte& Touche LLP, with the improper conduct resulting in a violation of applicable professional standards. On July 24, 2009, the U.S. Court of Appeals for the District of Columbia supported the finding of the SEC that Dearlove engaged improper professional conduct

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    Questions in Corporate Management

    being defended by Herbert Kohler; (ii) Kohler estimates the probabilities of these two outcomes at 30% and 70% respectively. 7. Adelphia a. What did the Rigas family management do wrong? Were any aspects of Adelphia’s corporate governance/ownership structure under the Rigases problematic in your view? Is there anything that concerns you about the Adelphia/Rigas family “co-borrowing” arrangements? b. If one ignores any alleged frauds by the Rigases, how viable was the Adelphia’s business

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    Learning Am

    7/1/2015 Adelphia founder sentenced to 15 years in jail ­ Business ­ Corporate scandals | NBC News Adelphia founder gets 15­year term; son gets 20 Recommend Tweet 0 0 0 Below:    Discuss    Data    Related 108 Rigases were convicted of stealing $100 million in company funds updated 6/20/2005 7:04:56 PM ET NEW YORK — John Rigas, who turned a $300 investment a half­ century ago into cable behemoth Adelphia Communications Corp., was sentenced to 15 year

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    Adelphia: Lying, Cheating, and Stealing

    example is Adelphia Communications and the Riga family. In the late 1990s, Adelphia Communications was a major cable operator with over 5 million subscribers. In 2002, the SEC pressed charges against the founders (Rigas family) and accused founder John Rigas of taking $2.3 billion from the company to buy stock and invest in a golf course. Also alleged was for years Rigas and his two sons falsified Adelphia’s earning, costing investors more than $60 billion. John Rigas formed Adelphia Communications

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    Adelphia Corporatopn

    ACCT632-04 MS Business Analysis Using Financial Statements Spring 2016 Individual Project Name: Shenqian Duan Date: April 3 2016 Adelphia Communication Corporation Executive Summary: Adelphia Communications Corporation was founded in 1952 with a $300 license by John Rigas,-(Founder), Willaim T. Schleyer (Chairman and CEO), Ronald Cooper (President and COO) and Vanessa Wittman (EVP and CFO) in the town of Coudersport

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    Ethics

    social responsibility into the company's mission and vision statement have a greater chance of succeeding. Ethics is based on an individual's actions. These individual actions affect the business. Adelphia, one of The United States largest cable company, failed because of poor leadership. Leadership at Adelphia did not conduct business in an ethical fashion and these actions created an atmosphere of greed and corruption, which resulted in prosecution and jail time. Companies have a responsibility to

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    Ethics

    social responsibility into the company's mission and vision statement have a greater chance of succeeding. Ethics is based on an individual's actions. These individual actions affect the business. Adelphia, one of The United States largest cable company, failed because of poor leadership. Leadership at Adelphia did not conduct business in an ethical fashion and these actions created an atmosphere of greed and corruption, which resulted in prosecution and jail time. Companies have a responsibility to

    Words: 642 - Pages: 3

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    Adelphia Communications Corporation

    Adelphia Communications Corporation Credit Analysis ______________________________________________________________________________ Overview We have performed a credit analysis on Adelphia Communications Corporation using information provided for the years 1992-1996. We compared Adelphia’s company practices to standard industry practices; evaluated its ability to repay debt; looked at Adelphia’s competitive position in the telecommunication industry; and evaluated its business strategy to grow

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    Accounting

    a major fraud in order to ensure that the accounts show a true and fair view. The following are some cases of corporate scandals that have affected the perception of audit Work in detection of frauds in the recent past. 1. Adelphia Communications Adelphia Communications was one of many firms that got into financial trouble as the result of poor corporate governance and improper accounting practices in 2002. The primary subject matter of this case concerns poor corporate governance that

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    Adelphia Communication

    Synopsis of Adelphia Communication Issue in the Scenario that is facing the company Adelphia Communications was a publicly held company owned mostly by the founder John Rigas and his family. Adelphia had a board of directors the consisted of nine people, five of them appointed by the Rigas. Over a five year period of time the Rigas family “loaned” $3.1 billion dollars from Adelphia. This was $800 million more than what was initially reported during an SEC investigation (Patsuris, 2002). These “loans”

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