Internal audit

Specific Identification Method My wife manages Stark Carpet’s San Francisco showroom. Their offerings include antique Oriental and Persian rugs with retail values in the tens to hundreds of thousands of dollars. This kind of inventory fits the specific identification method’s criteria i.e., high-end/price, low volume sales that track each inventory item individually as either a cost of goods sold on the income statement or a remaining asset on the balance sheet. Dr. Walther presented specific…

What do you think is causing Braddock's problem? I believe the underlying problem lies with Braddock’s new metal supplier. Ms. McCarthy believes that one of her employees, Shorty McCune is behind the incidents but I don’t believe so. Her concerns about McCune are only stipulations. If Shorty McCune was in fact drinking on the job, then that should be handled. Braddock’s problem is product quality control when it comes to inventory. Efficient product quality control was not present when Braddock…

The improper accounting of commercial real estate loans by Fifth Third Bank and its former chief financial officer (CFO) during the financial crisis created a sense of distrust and uncertainties when was discover in 2013 between its shareholders and the members of the board of directors. The charges presented by the Security and Exchange Commission against the company was a significant hit for the company that in 2013 was trying to finally resurge from the financial crisis of 2008. Various…

Small and Micro Business Owners certainly have more compliance issues since the introduction of GST! A lot of Micro business owners find it quite challenging keeping track of all their Tax Invoices. Prior to GST most bookkeeping entries were coded to the correct expense account straight from the Business Bank Statement, but now it is necessary to refer to your Tax Invoices when recording your expenses in your Accounting Software Program. Setting up a system to keep track of your Tax Invoices is…

Ratification-Rick can request the executives to ratify their decision of renting two costly autos for them. if he picks this privilege than directors need to review their choices. 2) Injunction-rick can apply for order u/s1324 which will limit Tanya and Rachel from renting the auto and different acts. It will also help Rick to stay in the board. 3) Oppressive behavior- being in a minority, Rick can speak to the court u/s 233 for the oppressive behavior of the individuals from the board i.e.…

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…

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…

use in the work field to advice Merry Go Round retailer , and its explains why they violated some of the GAAS. However, the second part of the case is about the Ethical demission of the audit work that E&Y are failed to conduct in their work with MGR. 2-27: Merry-Go-Round Part I a. Although this was not an audit engagement for E&Y, some of the allegation against the firm can be framed in terms of the 10 generally accepted auditing standards. Which of the 10 GAAS was E&Y alleged to have…

Enron - Scandals in Auditing Introduction: In 2000, Enron went from being one of America’s largest company, to filing for bankruptcy in 2001. This scandal is pinnacle in understanding how the regulation of auditing has reformed and how new legislation has been issued in an attempt to prevent such fraud from reoccurring. The number of stakeholders affected by such a scandal is unaccountable, from employees to governmental bodies and leading to the dissolution of the firms’ auditors, Arthur…

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…