1. List what you believe should have been the three to five key internal control objectives of Goodner’s Huntington sales office. • Existence – Record the purchase orders in standard form as soon as sales reps receive them. • Rights and obligations – Limit rights for sales reps. • Completeness – Record the purchase order‚ ship the inventory‚ and receive payment. • Valuation – Keep accuracy for the value. 2. List the key internal control weaknesses that were evident in the Huntington unit’s
Premium Procurement Internal control Supply chain management terms
Name: Siqi Zhao Date: 1/14/2015 To: A424 Case 1.2 Subject: Case Questions 1. Since E&Y performs its auditing duties merely as an external auditor for Lehman‚ the scope of auditing work should be based on the audit needs from Lehman. On the other hand‚ it is very important for external auditors to keep the independent and objective standpoint in order to ensure their auditing opinions are effective. E&Y did not have a responsibility to be involved in the development process of new
Premium Audit Auditing External auditor
TOO BIG TO FAIL Jamie Dimon‚ CEO‚ of JP Morgan Chase‚ attended an emergency meeting at the Federal Reserve Bank of New York on September 17‚ 2008. A dozen CEOs from rival firms were present-the meeting’s goal was to devise a plan to save Lehman Brothers‚ the nation’s fourth largest investment bank‚ from bankruptcy. Dimon knew Merrill Lynch and AIG were also in trouble. Many present at the meeting thought the government would step in and rescue Lehman Brothers. Dimon held a conference call
Premium Subprime mortgage crisis Great Depression Goldman Sachs
Haley Ankenbauer Lehman Brother’s Discussion Questions Question 1: The financial position of Lehman Brothers on September 14th was that they were facing bankruptcy. The firm’s liquidity problem was much more than they expected. Just 5 days earlier the firm’s management had assured the board that they had $42 billion in liquidity. The firm actually had much less than this. This problem was very serious and the firm did not know what to do. Companies like JP Morgan kept pulling money for collateral
Premium Board of directors Management Corporate governance
I. Summary One of the main points brought up is how income inequality is getting worse and worse. The Koch brothers were raised in a rich discriminating household. Their father owned the oil empire‚ putting 100 billion dollars in the Koch brother’s pockets making them rich oil barons. In general‚ the Koch brother’s want to buy America by paying others to listen to them and bribing council members with money for a total of at least 400 million dollars. From 2010 to 2014‚ the Koch brother’s spent
Premium United States John D. Rockefeller Standard Oil
Three Brothers” will relate. Wishes shows a person’s character through how they act‚ how they think and what they say. In the short story of “The Monkeys Paw” By Jacobs‚ W.W. Mr. White wished for 200 pounds to pay off his house (36). It was not something he really wanted but did not believe that the wishes were true so he was testing to see if the wish actually works. Considering that Sergeant Major Morris had warn him to a sensitive wish‚ he was not a rest taker so his wish was not as big and he
Premium Thought Human Meaning of life
Lehman Brothers Holdings Inc. (former NYSE ticker symbol LEH) /ˈliːmən/ was a global financial services firm. Before declaring bankruptcy in 2008‚ Lehman was the fourth-largest investment bank in the US (behind Goldman Sachs‚ Morgan Stanley‚ and Merrill Lynch)‚ doing business in investment banking‚ equity and fixed-income sales and trading (especially U.S. Treasury securities)‚ research‚ investment management‚ private equity‚ and private banking. At 1:45AM on September 15‚ 2008‚ the firm filed for Chapter
Premium Subprime mortgage crisis Lehman Brothers
A Marine‚ A Hero‚ My Brother Laying my hotel bed at the Days Inn in Camp Lejeune‚ North Carolina‚ I wondered if I would ever see my big brother again. Words can not express the feelings of emotions that were going through my head that day he deployed for Iraq‚ the feeling that one hopes they will never have to even consider in ones lifetime. For me that feeling came when I was in the tenth grade and my big brother‚ Jeffrey‚ was off to do bigger and better things. Just entering high school I was
Free English-language films American films Love
My first experience watching a Coen brothers’ movie changed how I viewed film. Upon my first viewing of The Big Lebowski‚ I realized it was much more than a film about a middle aged stoner who lost his rug. I was able to identify different characteristics from a wide range of genres represented in classic films I had seen over the years. After numerous viewings‚ I could piece together a message the Coen brothers were trying to communicate to their audience through the film’s narrator: “Sometimes
Premium Film Film director English-language films
of the most beloved comedies of the eighties‚ The Blues Brothers (1980‚ John Landis) is a masterpiece of absurdist comedy packed with a staggering amount of musical and acting talent. The cinematography is unparalleled in any comedy of it’s era‚ and the camera work greatly enhances the impact of the many‚ many gags. From singing‚ dancing preachers to the Illinois Nazi Party‚ there is no shortage of foes to stand in the way of the Blues Brothers in their goal. Will they fail? Of course not - they’re
Premium English-language films Film Narrative