The Phar-Mor Code of Ethics Phar-Mor strives to be the leading retailer in providing the lowest priced and highest quality goods for our communities‚ while delivering exemplary levels of customer service. Phar-Mor believes in providing a positive and ethical working environment to help guide all employees in word and action‚ which promotes an unshakable framework of integrity and trust between all stakeholders. Phar-Mor endeavors to proactively contribute to its communities through local philanthropies
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Phar-Mor‚ Inc. 1. 2 cases which companies have committed fraud by misstating inventory: • Rocky Mount Undergarment Company‚ Inc. • Leslie Fay Company 2. Intentional misstatements of inventory is difficult to detect‚ as was in the case of Phar-Mor‚ Inc.‚ because of the collusion by employees and/or management to commit fraud. 3. Coopers & Lybrand won the Phar-Mor‚ Inc. account with a very low bid‚ so they wanted to limit their costs by testing only 4 out of the 129 stores
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Case 2-9 Phar-Mor I feel that one major flaw in the Phar-Mor company is the fact that Mickey Monus has full control of the company and could pull off such a giant fraud scam. This is a flawed system in management. There were no checks and balances to keep this fraud from happening. Mickey Monus had so much control of those under him that he convinced them to go along with the fraud. That everything would get better soon and they would not have to worry. The ones that did know about the fraud
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| | | |Phar-Mor‚ Inc.: | |Accounting Fraud‚ Litigation‚
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Sean Russi The Case of Phar-Mor Inc ACCT-525 October 31‚ 2012 Case Summary The case of Phar-Mor Inc was one of the biggest pre-Enron frauds that have been uncovered. Phar-Mor Inc established in 1982 Phar-Mor was a small little known discount drugstore. Phar-Mor became well known for offering medications at a 25-40% discount rate compared to your normal pharmacy store prices. Phar-Mor’s first six years of existence seemingly were
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2. A) A client can be put in a more powerful position than the auditor in an auditor-client relationship if the auditor is trying to sell the client additional services. B) According to SOX external auditors are prohibited from providing certain services to clients: book keeping or other things related to the accounting records or financial statements of the audit client‚ they are not allowed to design and implement financial information‚ appraisal or evaluation services‚ internal audit outsourcing
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History Founding Henry Silverman‚ a business executive and private equity investor created Hospitality Franchise Systems (HFS) as a vehicle to acquire a number of hotel franchises in the early 1990s. Among Silverman’s purchases were such brands as Ramada and Howard Johnson’s as well as Days Inn‚ which he was able to buy for $290 million (less than half what he had sold it for) after the company had filed for bankruptcy in 1991. Silverman quickly took Hospitality Franchise Systems public in a
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Ethical Issues in the Medical Field There are many ethical issues that could arise throughout working in the medical field. Daily‚ medical practitioners are put into extremely complicated and stressful situations‚ where they need to make a major decision regarding someone’s life or treatment. There are many ethical issues that could arise throughout working in the medical field. Daily‚ medical practitioners are put into extremely complicated and stressful situations‚ where they need to make
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Ethical Issue at Coca-Cola Ethics in Management – PHL/323 Derrek Choy 12/21/2009 Ethical Issue at Coca-Cola The Coca-Cola Bottling Company is a well-recognized brand and they have a chance to do extremely well in different aspects of business performance. However‚ this drink giant has experienced thoughtless ethical troubles with its affiliation amid their stakeholders. Although they engage in philanthropic contributions to learning and neighborhood programs‚ several stakeholders
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discussing an ethical issue. I will talk about employees that steal at the workplace. I will have a fact based scenario. The unethical issue will be stealing and selling the stolen property. Also‚ I will be explaining how the student‚ teachers‚ and Detroit Public Schools are affected by the theft. I will apply how the business code of ethics applies to this situation. I will state in my conclusion how this issue can be resolved. Ethical Issue Stolen Property This ethical issue is that Robert
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