In the case of Goodner Brothers‚ Inc. ‚ the six key control weakness were no proper segregation of duties‚ no proper procedure on recording documents‚ lacking monitoring on performance review‚ low gross profit margin than benchmark‚ no control on accessing to the accounting system and inventory storage and too depends on the honesty of the employees. Woody Robinson know very well that the company have these weaknesses that give him the chances to enter the hole to start the fraud activities. Firstly
Premium Gross profit margin Generally Accepted Accounting Principles Sales
Comprehensive Case 1.1 Enron 1. There were several parties responsible for the "crisis of confidence" created by the Enron debacle. Enron’s executives were responsible for their behavior in trying to adjust their financial statements. Andersen’s auditors were responsible for not doing their jobs with integrity and not keeping their independence in from Enron. Regulatory groups were responsible for making
Premium Auditing Enron Audit
and insuring those employees. Lastly the foundry will create 30% more floor space which has not yet been used for due to the old machines current location. 3. What is an appropriate discount rate? - The appropriate discount rate should be 9.86%. 4. Does the NPV warrant the investment in the machine? - Yes the NPV warrants the investment of the machine as shown in the excel file. 2. What uncertainties or qualitative considerations might influence your recommendation? How (if at all) would
Premium Economics Inflation Cost
Sam Li Case: Jamaica Water Properties 1. Place yourself in David Sokol’s position. After discovering the suspicious items in JWP’s accounting records‚ would you have taken a different course of action than he did? Why or why not? I doubt if I can reach the position that David Sokol had in my career’s life. However‚ let say that if I was in David Sokol’s position‚ I would probably do the same thing David had done. I believe the proper working ethics are accountability‚ professionalism and
Premium Auditing Audit Internal control
specilSpecialised audit services SECTION 2: SPECIALISED AUDIT SERVICES 2003-04 This section of the report includes information on audits conducted over and above the regularity audits. These include the following: • Forensic audits • Performance audits • Integrated audits • Performance information reviews For an explanation of each type of audit‚ please refer to my 2003-04 Activity Report. It is important to highlight that some of the forensic and performance audits result in a report to management
Premium Audit Auditor's report Auditing
MEMORANDUM TO: Mariott Corporation Board of Directors FROM: Chanunnett Manoonpong‚ Rennick Palley‚ Zhihui Zhang‚ Aaron (Jialin) Zhong DATE: August 22nd‚ 2013 ------------------------------------------------- RE: Mariott Corporation Capital Structure ------------------------------------------------- Marriott Corporation‚ with its comparative advantage in hotel development and management‚ has expected excellent future growth and profitability. Such increase in sales might bring in extra cash
Premium Stock Finance Weighted average cost of capital
inventory of Waqec Stationary Sdn Bhd‚ are essentially buying the merchandise and held them for sale in the ordinary cost of business which is under the classification of inventories. As we can see from the figure 1.1 above‚ FRS 102 Inventory in this case mainly focuses on the shaded area‚ which are numerous accounting issues arise particularly in determining the costs of inventories‚ Net Realizable Value. Purchase Order Activity When purchasing a certain commodity‚ Waqec Sdn Bhd will be issued invoices
Premium Inventory FIFO and LIFO accounting Costs
room-hour Test room burden Total cost ICA $917 $183.40 8.5 10 $1‚664.69 $2‚765.09 ICB $2‚051 $410.20 14 26 $3‚815.14 $6‚276.34 CAPACITOR $1‚094 $218.80 3 4.5 $696.86 $2‚009.66 AMPLIFIER $525 $105.00 4 1 $365.99 $995.99 DIODE $519 $103.80 7 5 $1‚006.53 $1‚629.33 Total $13‚676.41 Q4 The Seligram‚ INC. should consider consultant’s three-overhead-pool system. Though cost of five components are not necessary lower
Premium Costs Cost Variable cost
expectations throughout those countries. In Hong Kong‚ children’s birthdays had traditionally gone unrecognized‚ but McDonald’s introduced the practice of birthday parties in its restaurants‚ and now such parties have become popular among the public. Case 2: 1.
Premium Culture Saudi Arabia
An expense is normally incurred by a firm to generate sales‚ e.g. promotional expenses which are selling expenses which are directly related to the generation of sales. Most of the expenses normally form a part of operating expenses and are included in ‘cost of sales’. It may either be raw materials‚ labor‚ etc.‚ or capitalized assets which are either depreciated or amortized over a period of time. These are known as matching costs. The other types of costs are ‘period costs’ which are mostly mentioned
Premium Revenue Balance sheet Income statement