Auditing and Accounting Cases 4th Edition by Deborah Freier,Jay Thibodeau

Exercise 3

Consult Paragraph A5 (in Appendix A) of PCAOB Auditing Standard No. 5 and Paragraph 68 of PCAOB Auditing Standard No. 12. Do you believe that WorldCom had established an effective system of internal control over financial reporting related to the revenue recorded in its financial statements?