13. List four issues from the summary information on p. 2 that could impact IR at Gamma Answer: a. There is a potential element which will increase the inherent risk because it is easier to commit fraud if the CFO wants to get the bonus. b. Majority of the accounting staff do not have the Accounting degrees. According to the General Standards‚ the audit is to be performed by a person or person having adequate technical training and proficiency as an auditor. will increase the mistakes
Premium Auditing Finance Risk
working capital management‚ contract management‚ and financial risk management (Gapenski‚ 2008). Large health care organizations‚ such as the Veterans Health Administration generally structure the finance department with a chief financial officer (CFO) or vice-president.
Premium Health care Health economics Corporate finance
Aubin D. (2012). Analysis: A decade on‚ is Sarbanes-Oxley working? Retrieved from: http://www.reuters.com/article/2012/07/29/us-financial-sarbox-idUSBRE86Q1BY20120729 Ferrell‚ O. O.‚ & Ferrell‚ L. (2011). The Responsibility and Accountability of CEOs: The Last Interview with Ken Lay. Journal of Business Ethics Gifford‚ R. H.‚ & Howe‚ H. (2004). Regulation and Unintended Consequences: Thoughts on Sarbanes-Oxley. Retrieved from: web.ebscohost.com Kimmel‚ Paul D. (2011-06-28). Financial Accounting:
Premium Enron Public company Finance
Incorporated (MSO). That day her companies stock closed at $ 12.25 a share a 36 % jump. (www.forbes.com) Therefore as one asks the question; as a CEO did Martha Stewart handle the indictment responsibly; you could easily argue that at least on that day she did. She made her shareholders a bunch of money. Isn ’t that the bottom-line‚ isn ’t that what a CEO is supposed to do? If you take Martha Stewarts ’s actions from when she got indicted to the day she walked out of prison and ask the same question
Premium Martha Stewart Stock Stock market
communicated needed change throughout the organization. The sources for my paper will come from Chapter 11 of the textbook as well as other web based sources. Section 2: Content. In 2002‚ the situation at Tyco was a huge debacle‚ in which the then CEO Dennis Kozlowski and his associate‚ Mark Swartz‚ robbed the company’s funds for
Premium Enron Enron scandal Accounting scandals
PIER Recap Report Pamela Bass Kaplan University Table of Contents Executive Summary………………………………………………………………………..…………3 Project Objectives………………………………………………………………………….…………4 Business Areas………………………………………………………………………………………..4 Project Personnel and Organization………………………………………………………………….5 Project History and Time Line……………………………………………………………………….6 Risk Assessment and Mitigation Techniques………………………………………………………..6 Change Control‚ Quality and Configuration Management Techniques……………………….……..7
Premium Project management Decision support system Decision theory
Introduction The rise and fall of Parmalat was an important event as it highlighted the corporate governance issues in the corporate world of Italy. Parmalat was found by Calisto Tanzi‚ CEO and Chairman‚ in 1961 with a pasteurisation plant in Italy. The company was headquartered in Italy and had grown to be a multinational company into all sorts of milk products‚ beverages and bakery goods. Three decades later‚ in 1990‚ it became a publicly traded entity and was listed on the Milan stock exchange
Premium Corporate governance Audit Financial audit
How Enron Do Fraud Ken Lay (Founder and CEO)‚ Jeffrey Skilling (CEO) and Andy Fastow (CFO) found that Enron wasn’t making money so what they did is implemented along with the approval of Arthur Andersen the "future value accounting." This type of accounting was to predict the future profit that Enron was going to make and list it as part of there future profit to the shareholders. “Outside companies” This creative accounting lead to Fastow to create "outside companies" that were directly involved
Premium Enron
support (12)‚ IT strategy and projects (4)” (Mitchell et al.‚ 2007). Altogether they develop a strategic plan which is expected to support the business processes at Richter. However‚ a plan is not very flexible since it first has to be approved by the CFO of Richter and then still has to be agreed on by the senior management. This process though takes place only once a year‚ namely each year in June. But there is not only the headquarter of Richter in Hungary but different affiliates all over the world
Premium Management Investment
operating at a net loss for a while‚ which couldn’t reach the standard sales revenue of bank. That’s why the senior executive team knowingly submitted financial statements overstating sales and receivables accounts. Organizational imperfection The CEO and CFO of the company lack knowledge on accounting and criterions of GAAP. In some situations‚ the boundary between aggressive accounting and fraud is ambiguous. But in this case‚ almost half of the sales this quarter consist of fabricated entries‚ obviously
Premium Generally Accepted Accounting Principles Income statement Financial statements