As the case illustrated, there were dozens of serious and valid red flags that SEC was bombarded with by efforts made from Harry Markopolos. One alternative solution is for SEC to properly review the case itself, along with closely monitoring those assigned and affiliated with the case. From reading the case, it appears that one of the major flaw can be traced back from the audit work that was performed. It’s noted in the case that Bernie Madoff presented a purely fictitious financial statements to SEC for review and nothing alarming was discovered. Furthermore the case stated that there was actually no audit work that was done, and Madoff’s cousin was the sole practitioner conducting the audit.
1) b. 2) c. 3) d. 3) Problem 2-20 a. Since Rossi and Montgomery, CPA never had a client go public before, it would probably be a challenge for them to perform all the audit work for a public company since there are more requirements of the company to file with the SEC. The firm needs to assess whether they have the proper staff and training to audit a public client. Also the CPA firm cannot perform any more consulting or accounting services for the audit client since it is not allowed under the PCAOB audit standards.
An example of this is an employer may have the right to listen to telephone calls however they do not have the right to listen to telephone calls on your personal cell phone. However, in the case Michael A. Smyth vs. The Pillsbury Company, Defendant [Pillsbury Company] maintained an electronic mail communication system (“e-mail”) in order to promote internal corporate communications between its employees. Defendant repeatedly assured its employees, including plaintiff, that all e-mail communications would remain confidential and privileged. Defendant further assured its employees, including plaintiff, that e-mail communications could not be intercepted and used by defendant against its employees as grounds for termination or reprimand.
4. AVOID SUBJECTIVE OPINION OF FELLOW GEOLOGIST Section 5. A Geologist shall not express any professional opinion, which reflects on the ability or integrity of any person or organization, unless his responsibility to the profession and the community requires him to do so. 6. NO FALSITY OF INFORMATION Section 7.
delays, c. No legal or other leadership review on contract; Gerry signed with statements “best efforts/whenever possible” except Jana (IT manager) d. Jason stated “Who wrote the specs for the software?” II. Major Problem Did Captiva Conglomerate President (Gerry) know of the major change within his company, and did he delegate an effective CFT task to research a custom inventory management and spare parts management system before awarding a contract to SOS? III. Possible Solutions/Alternatives A. Captiva should stop the work until a meeting is coordinate with Captiva leadership to include Gerry and legal to explain the situation. I would get Gerry to communicate the importance of the
Furthermore, there were other, more contractually damaging findings that produced questions as to whether these certain distributors were conducting themselves as honest representatives of Handy Andy, Inc. It is completely apparent that all issues found within the study that Mr. Ortega conducted captured a systemic and calculated customer service problem. Exploiting Distributors? When looking at the many different ways that Handy Andy, Inc. and its licensed retailers were exploited, we find that information was selective and guarded. Customers in the areas of concern were under the impression that they had to contact the factory directly rather than the actual retailers or even Handy Andy, Inc. Exploiting Distributors?
There was not a written agreement between United Thermostatic Control and the customers, so therefore, the shipments should not have been sent. Campbell had been reassured by Lorenzo, Executive Vice President of sales and marketing, that there is nothing wrong with recording the revenues in 2010, however, this was still a concern for the CPA, Tony Cupertino. The legality of the events was within the laws of federal, state and local government. Reporting the revenue properly after sending out the shipments would not have violated the FOB shipping point. Although the shipments were sent before they were scheduled to, Cupertino was uncertain whether to pursue this issue any further.
* Use of the internet for personal reasons (e.g. online banking, shopping, information surfing) must be limited, reasonable and done only during non-work time. * Staff may face disciplinary action or other sanctions if they breach this policy and/or bring embarrassment on the Company or bring it into disrepute. Use of Email When using Company email, users must: * Ensure they do not harm the Company’s reputation, bring it into disrepute, incur liability on the part of the Company, or adversely impact on its image. * Must not use email for the creation, retention or distribution of disruptive or offensive messages, images, materials or software that include offensive or abusive comments about ethnicity or nationality, gender, disabilities, age, sexual orientation, appearance, religious beliefs and practices, political beliefs or social background.
It is so important to note that because no such programs or culture exists, there seems to be no communication being conducted from top management down to the entry-level employees about any ethical procedures or values. The most prevalent assumption to be taken away is that Eclipse Airline wants to succeed and share the success within the organization across all relevant personnel. By assuming these three elements, it is to the benefit of the board of directors for the company of Eclipse Airline to immediate put into effect few recommendations. By assuring ethical
They should also check for potential contaminants after post-production process and deem if the product is acceptable by ISO 9000 standards. Reference to : http://en.wikipedia.org/wiki/ISO_9000 c. Eastern Diary has bad management and a lack of control over its employees. There are no managers or superintendents during the night shift to ensure that the production processes is going smoothly nor is there any authority to oversee and manage its employees. Shutting down the entire production process on the whim of an operator is unproductive and unprofessional even though work is completed at the end of the