Mitchem Lethbridge Ltd. is an individual franchise of the parent company Mitchem Office Corporation, which holds a contest every third year to award the franchise with the greatest improvement in net income. This year the Lethbridge franchise has won the contest, however the Halifax franchise, who had a net income increase of 60%, contends that Lethbridge’s financial records have been manipulated to reflect higher net income numbers. The Mitchem head office has asked us to look at the financial records and interview the Lethbridge management to determine if an audit is required because of suspect manipulations to the statements. We also have been required to suggest some improvements to the contest rules to the Mithcem head office. The Lethbridge franchise is currently solely owned by Lisa McGovern and had been going through a tough year in 2010. At the end of the period they made many adjustments that had negative effects on the net income in the 2010 year and positive effects towards the net income of the 2011 year. These issues and the effects they had on net income will determine if there is a need for an audit. They will also help provide insight to determine any improvements that can be applied to the rules of the contest to ensure the future winners are indeed complying with the rules. Improvements would also help curb franchises towards the purpose of the contest, which is to be continually improving net income each year. After determine Mitchem Lethbridge Ltd. Financial statement, we comment on some issues them may address, and…
Smith Consulting has been retained in order to develop a functional and effective Frequent Shopper program for Kudler Fine Foods. Kudler Fine Foods has decided that it is in its best interest to implement this type of new marketing plan in order to build customer loyalty. The program will allow the shoppers at Kudler Fine Foods to earn points based on the purchases they make. These points will allow consumers to earn high end rewards. Kudler Fine Foods has specified to Smith Consulting that the desired program must be easy for the customers to understand and participate in. The reward points must be set as a reasonable limit for both the merchant and the consumer and available for redemption of items that are considered "high-end." Smith Consulting will also be responsible for constant evaluation of the program in its early stages in order to determine what type of reception the program is receiving from the customers of Kudler Fine Foods.…
The Kennedy Law Firm, PLLC, serves the north-central part of Tennessee and south-central part of Kentucky, with offices in Clarksville, Tennessee. The firm was established on Christian principles, focusing on helping individuals through their greatest times of need, in 1984. The firm handles a wide array of types of cases, including personal injury, criminal defense, bankruptcy, divorce, and custody matters in state, federal, and military courts. Kevin C. Kennedy is its founding member and managing partner, yet still practices and is still active in the firm’s operations. There are three office locations across the city; with a main office by the county courthouse, another office close to Fort Campbell’s gates, and the last location provides a location closer to individuals on the northeastern part of town.…
Kendall Square Research Corporation is a technology company that has recently been scrutinized for its liberal revenue recognition policies. Currently this company recognizes revenue on product sales upon written acceptance of the product. However, acceptance typically occurs prior to the configuration of a particular system being finalized or payment being received from the customer.…
.Performance, as well as revenue, is reviewed every 6 months. This way it allows JVA Corp. to cut or increases pay every 6 months and review its bottom line. Employees can also benefit by having the opportunity to earn pay raises potentially twice a year, rather than the typical annual reviews.…
It would impact the work of auditors in terms of the care they exercise in preparing the auditor’s report. The cost would be more time spent on audits and the clients would need to better prepare their own reports. The range and number of persons who could suffer loss consequent upon negligent of auditors is large and includes investors and creditors. It would benefit them greatly because the audit work should be done with better care therefore they can use the statements with more trust. I feel that the judge should have authority to decide who auditors are liable to. In this case is clear that Touche was negligent and they should have liability to all foreseen third parties.…
Montee Law Firm, P.C. is a law firm. Their law offices are located in Kansas City, Missouri and St. Joseph, Missouri. Montee Law Firm, P.C. is servicing clients in Missouri, Kansas, and across the country. This law firm is comprised of car accident lawyers. Montee Law Firm, P.C. is representing injured people. Montee Law Firm, P.C. does not represent insurance companies. Since 1996, they have recovered more than $250 million.…
People across the country recognize Jon Urbana as a man that is on the move. His strong interest in sports has led him to face another challenge. The fact is that the former lacrosse player is use to facing challenges and winning. Now, Jon Urbana faces a new challenging with GoFundMe. His strong desire is to bring people across the world together and to unite them with his concern about helpless animals. His wish is to help in the effort to preserve Denver's wilderness and save helpless animals facing life threatening challenges to their existence. Go to his GoFunMe page to make a donation.…
Candace Kendle, the chairman and CEO of Kendle International Inc and her husband Christopher C. Bergen, the president and CFO privately hold Kendle, a Contract Research Organisation which was incorporated in Cincinnati, Ohio in 1981. The Company provides integrated clinical research and drug developmental services on a contract basis to the pharmaceutical and biopharmaceutical industries. The Company's services comprise Phase II, III and IV of clinical trials. The CRO industry is a full service industry which provides integrated product development services to the pharmaceutical and biotechnology industries. CROs thus derive most of their revenue from the R&D spending of pharmaceutical and biotechnology companies which is growing at a rate of 10% a year. These services are provided in accordance with government regulations. In 1995, worldwide spending on R&D by pharmaceutical and biotechnology companies was estimated at $35 billion, of which $22 billion was spent on drug development activities and $4.6 billion was outsourced to CROs. CRO’s strive to boost revenues through faster drug development while also dealing with cost control pressures. The CRO industry is highly fragmented, with several CROs ranging from small, limited-service providers to full-service corporations. The number of new smaller entrants is increasing, however to develop capabilities of a full service CRO, significant cost and experience are necessary in order to: develop expertise in the various therapeutic areas, to develop the ability to manage complex clinical trials, to prepare regulatory submissions and also for developing integrated clinical data management capabilities. These factors have led to an increased rate of industry consolidation. Key Success Factors in the CRO Industry: Therapeutic expertise, broad range of service offering across multiple phases, Integrated Clinical Data Management (for efficiency in collection, editing, analysing date from thousands…
usually 3 years or less, at an agreed-upon price. The borrower pays an option fee,…
McKesson Corporation is one of the leading providers of health care products and services. When it comes to analyzing the external environment; the political, economic, social, technological (PEST) analysis shows that the environmental situation is favorable for the company. The environment agrees with what the company wants to achieve. The environmental factors are giving the company a chance to succeed in its endeavor. In politics there is no direct problem that might affect the company. In terms of economy the company might experience growth and prosperity in this field. In terms of society people have to buy health products thus the company may find this beneficial for them. In terms of technology the industry tends to be improving and because of this the new advancing technology can help the McKesson lessen its production cost and acquire more profits.…
1) 1. What are the defining characteristics of the luxury goods industry? What is the industry like?…
LJB Company, a local distributor, has asked your accounting firm to evaluate their system of internal controls because they are planning to go public in the future. The President wants to be aware of any new regulations required of his company if they go public so he met with a colleague of yours at a local restaurant. The President of the company explained the current system of internal controls to your colleague. Your colleague has since been promoted to a tax position so she has passed on the information below so you can generate recommendations for the partner at your accounting firm to share with the President of LJB Company.…
The Waste Management fraud primarily centered on inappropriate estimates of salvage values and useful lives for property and equipment. Describe techniques Andersen auditors could have used to assess the reasonableness of those estimates used to create Waste Management’s financial statements.…
DeVry University was opened in Chicago by Dr. Herman DeVry in 1931. It was called DeForest Training School to prepare students for technical work in electronics, motion pictures, radio and later, television. It was in Chicago. In the 1940’s during WWII, DeVry University was selected by United States to educate Army Air Corps instructors on electronic devices. It was one of the first schools to be approved under the original G.I. Bill. In 1953 DeForest Training School became DeVry Technical Institute. 1973 Keller graduate School of Management was founded in Chicago. Today, DeVry Incorporated includes:…