Lastly, in the sales cutoff test, they did not notice the bogus sales to West Coast Liquidators during the final month of 1995, or the bogus sales to Wow Wee on the last day of 1995. The mistakes made by Coopers & Lybrand
Target Analysis Summary We carefully reviewed Target’s 10 K report and found that Target’s auditor Ernst& Young LLP, expressed unqualified opinions on both Target’s consolidated financial statements and internal controls. Based on that, we reviewed the notes to Target’s financial statement and concluded summary in the following. According to independent auditor’s report, financial statements of Target Corporation and its subsidiaries comply with US GAAP, and Target doesn’t have significant accounting policy changes for the past year. No major development beyond the end of accounting period was found in the notes. Also, based on Target’s income statements, Target doesn’t have any revenues or expenses non-recurring in nature.
was cited in four different categories after a two month investigation after a complaint was made by an employee. The company was issued fines totaling up to $101,500. One of the biggest offenses made during this investigations was negligence toward the ammonia that was being used in the refrigerating system. The ammonia can cause lung issues, as well as caustic burns, this can be avoided by changing the pressure safety valves but those hadn't been changed in some time. All of the violations resulted in fines as stated above added to $101,500 however no imprisonment was necessary.
However, the company still made a great number of gross profit, which aroused the SEC’s suspicion and resulted in an investigation. Looking at this, one can see the damaging consequences of misleading investors. During 2010 and 2011, Diamond engaged in several instances of misleading conduct. One of these involved payment to growers. In mid-2011, Douglas Barnhill, a farmer of 75 acres of California walnut plantation, received a check for about $46,000 from Diamond.
Problems found in the Accounting and business practices There were innumerable issues with Enron’s books and reporting practices before the company finally collapsed. The most glaring of these problems were the many companies set up by Fastow designed to finance business ventures and bury debt, keeping them out of the Enron reporting. These dealings involved setting up special purpose entities to hedge risk on investments, allowing investments to be reported at higher values. What was not disclosed was that these special purposes entities were using Enron stocks and financial guarantees as collateral, providing no real protection against down-side risk (Bufkin & Dharan, 2004). These dummy companies were financed by several banking institutions in order to make these deals, allowing Enron to hide billions in debt.
No one was in charge of figuring out new business partners (carrying out due diligence) and negotiating deals with them- on the recommendation of Dev (based on one positive experience his cousin had with the company), the JV went ahead with Suriyapa Computers (SC) without comparing it to others and without doing a background check. There was no one designated exclusively for dealing with litigations and other legal problems like following up on cases with SC and Ritcher Bank or for suing Dev. Natoli dealt with everything from technical to infrastructural to legal to human resourcing to financials.
British Petroleum’s Organizational Structure Jack Pierre-Louis MGT/230 February 28, 2013 M. Caserta British Petroleum’s Organizational Structure What was first known as the Angelo-Persian Oil Company soon became known by its common name, British Petroleum (BP). In 1901 BP was funded by William D Arch. For six full years, starting in 1901, William D. Arcy searched for oil in Persia. Mr. Arcy spent huge amounts of money employing a team of researchers to find oil. This team, however, was not successful on their own.
The false perception Jack Carter abstains that his company is not in any immediate danger of discrimination lawsuits, tells me that he never received any legal representation or solicited advice from a reputable Human Resource company. So the answer is, yes, he can be accused of being discriminatory. 2-30. How should Jennifer and her company address the sexual harassment charges and problems? Jennifer will have to conduct an investigation.
Calls for increased transparency and concerns about ethical behaviour ever since the Enron debacle have led to increased regulation over the financial reporting process, with the profession having lost a great deal of its credibility and public trust. Once considered by the public to be highest in integrity among all professions (Paine, cited in Satava et al. 2006, p. 273), the regard that this profession enjoyed has deteriorated in the wake of a succession of high profile scandals (Herron & Gilbertson 2004, p. 499). The loss of credibility has identified that there exists an expectations gap between what the public wants and expects to receive from the profession and from financial statements, versus what auditors are in fact able to deliver and the level of responsibility that auditors are willing to acknowledge for the services they
Did Steve Ward directly competed with Taser before resigning? Did Ward improperly used Taser’s materials and confidential information? No, Ward was not found guilty of competing because first, there was no agreement were it restricted of competing. No, Ward did not improperly used Taser’s material and confidential information when developing his product. The development of the clip on camera device did not used any resources, information from Taser.