Auditing

OCM is concerned primarily with marketing activities of Allround brand and any line extensions or new product introductions. Brand Management Group at OCM Marketing management group responsible for Allround consists of brand manager, assistant brand manager, and brand assistant. Brand assistant has major inputs on decisions related to retail price, promotional allowances, consumer and trade promotional expenditures, advertising expenditures, and number of direct and indirect sales force…

A marine surveyor can be very helpful in diverse ways to the ship owner, particularly in assisting the ship prepare for an audit. As required by the ISM code, every ship must undergo periodic audit either to ascertain her compliance, or to renew related documents and certifications. The expertise of a marine surveyor is therefore, needed to assist the ship owner prepare for impending ISM audit, and against any possible deficiencies. Practically, there are two types of ISM audits performed to…

With respect to the Enron case, there were initially two red flags leading to the fraud that should have been noted and thoroughly reviewed: (1) Enron and other corporations previously pressed for deregulation of the energy industry, and (2) lack of monitoring the industry and corporation practices by the government after deregulation (Albrecht. Fraud Examination, p. 431). After the deregulation of the industry, many corporations were, more or less, free to do as they please, which provided the…

In 2002, the Sarbanes-Oxley (SOX) Act was passed by congress and signed into law by President George W. Bush. SOX was written as a response to several major accounting scandals that occurred at large companies (including Enron, WorldCom, and Tyco) in the early 2000’s. These scandals forced capital providers and the general public to question the judgement of public accounting firms as well as at the overall reliability of the financial reporting and audit process. The requirements included in…

After pronouncing judgment in Ghasi Ram on February 7, 1968, Hidayatullah, J., decided Om Prabha Jain v. Abnash Chand on the same day dealing with the same issue, i.e., whether making of discretionary grant by a Minister on the eve of election amounts to bribery or not. Applying the test laid down in Ghasi Ram, i.e., "that a Minister in the discharge of his duties may be required to do some acts of administration including the granting of money for the uplift of a certain communities and this…

Tanglin Polymers Case Study Why do you think so few requests were received? From a clear analysis of the case, it is evident that Tanglin Polymers was facing great managerial issues that affected the financial status of the company. In regards to the approval requests expected by Chan Kee Tong, it is clear that the plant managers were ignorant, as they did not treat the request email seriously. Ignorance in the management team is a great problem for most organizations that seek to enhance their…

Assignment #2 There are numerous concerns in Jim Jensen’s approach to resolving his team’s customer service difficulties. Prior to conducting research, Jensen does not collect any information from his sales staff or other colleagues. Instead, he assumes the customer complaints are due to his team’s inadequacy in providing satisfactory customer service. This assumption is a substantial flaw in Jensen’s process. There may be other reasons why the number of customer complaints has increased such…

Fraud Case Analysis Rita Crundwell started working for the City of Dixon’s finance department as a high school student, but she eventually became the city’s treasurer and comptroller in 1983. Seven years after her appointment, she began a twenty-two-year fraud scheme that enabled her to embezzle approximately $54 billion dollars from the taxpayers she was serving. To embezzle the municipality’s funds unnoticed, Crundwell discretely opened a bank account at the Fifth and Third Bank…

In Cormac McCarthy’s book No Country for Old Men, there is a certain character that stands out from the rest of the characters. That character’s name is Anton Chigurh. Anton Chigurh is hired to retrieve the case of money that Llewellyn Moss took by any means necessary. Chigurh is described as a cold and calculated killer who will eliminate anybody that gets in his way. Even though Anton Chigurh kills, steals, and works for a leader of a drug gang, he possesses values, skills, and principles that…

One of the internal control deficiencies that found in Societe Generale is the incapability of back office in detecting and inspecting the fraud activities. Based on the case study, we know that the back office staffs are unaware about the responsibilities to disclose the abnormal or significant transaction to their supervisor, because it is not specifically stated in their job description. Besides that, even though the back office staffs have discover some abnormal transactions that may cause…