1. Retrieve the SEC’s complaint against ClearOne Communications (link provided on Blackboard with the case). Describe management’s alleged scheme for inflating revenue. Management’s alleged scheme for inflating revenue is that in 2001‚ when the company was not able to meet their sales and revenue goals‚ they would record sales on the books as soon as products left the warehouse. So if ClearOne shipped a lot of products during the last week of the quarter (or swept the floor as they call it)‚ they
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applied: 1. Your wealthy aunt just established a trust fund for you that will accumulate to a total of $100‚000 in 12 years. Interest on the trust fund is compounded annually at an 8% rate. How much is in your trust fund today? 2. On January 1‚ you will purchase a new car. The automobile dealer will allow you to make increasing annual December 31 payments over the following four years. The amounts of these payments are $4‚000; $4‚500; $5‚000; $6‚000. On this same January 1‚ your mother
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1. The Body Shop market SWOT Analysis Strengths: The Body Shop is focusing on products made out of natural products and natural ingredients. They believe these products will give the Body Shop a distinctive niche which will attract customers whom believe in environmental friendly products and that are more environmentally aware. The brand value of the Body Shop will be of a high standard‚ due to the education of their staff and service
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Case 1 Analysis of a Potential Audit Client Shea Galvin Review Comments Table of Contents Page 4: Discussion Questions Pages 5-6: Exercise Discussion Questions 1. An independent auditor would be needed so they can continue to be neutral. There is a possibility it could make the auditor not as self-governing if they are auditing Lakeside as well as the bank in which they are taking loans from. The auditing firm needs to stay free in mind
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Ethical Dilemma Executive Summary By: HARRY PAYE Week 1 Assignment This case is about Jackson Daniels a CPA who is faced with an ethical dilemma due to the discovery that the budget he prepared for management to extend a particular project was faulty and the projected values were overstated. Legally the implementation of the project on this faulty budget has the potential to expose management to possible lawsuit from creditors who believe that they were mislead‚ it also will cost management
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Case Analysis The Body Shop MBA 223 Social Responsibility and Good Governance CASE STUDY No. 1 1. VIEWPOINT The Body Shop faced lots of criticisms and challenges. There were periods of losses‚ poorly motivated shareholders‚ de-motivated franchisees‚ unsuccessful restructuring attempts and negative public propaganda against the company‚ proving to be too strong for the company to cope up. The main reasons behind the success of
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barred by a statute of limitations * Promises to make charitable contributions Promissory estoppel- a person who has reasonably relied on the promise of another may be able to obtain some measure of recovery. Requirements to make a claim 1. Must be a clear and definite promise 2. The promisor should have expected that the promisee would rely on the promise 3. Promisee reasonably relied on the promise by acting or refraining from some act 4. Promisee reliance was definite and
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1. Arthur Young was criticized for not encouraging Lincoln to invoke the substance-over-form principle when accounting for its large real estate transactions. Briefly describe the substance over form concept and exactly what it requires. What responsibility‚ if any‚ do auditors have when a client violates this principle? Substance-over-form is an accounting principle used to ensure that financial statements give a complete‚ relevant‚ and accurate picture of transactions and events. If an entity
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could be as big a car‚ or even as small as a ring. The main thing about a possession is the meaning it holds within it. One possession that I hold dear to me is my baseball glove. I’ve had it for what will be 5 years by the time my birthday comes around. It’s nothing fancy or extraordinary‚ just a black Wilson A2000 left-handed glove that I still use to this day. I go out of my way to always make sure it is in the best condition possible. I change the laces on it every 6 months. I always keep a rubber
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