Internal control

Phar-Mor Inc. was a discount drugstore chain that was founded in 1982 by Michael J. “Mickey” Monus. Within ten years of their first store opening, Phar-Mor had 310 stores, and over 20,000 employees in 34 states. Mickey Monus also owned Tamco warehouse, which was the distributer for Phar-Mor. Mickey Monus also owned 60% of each of the ten teams in the World Basketball Leage (WBL). While everything seemed to be growing, and succeeding rapidly, in reality the company was losing money. Between…

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…

tape”. In order to understand bureaucracy more you’ll have to understand of how it works and the environment that it is used in. Bureaucracy is a system that is based on a set of rules and procedures, it also has a hierarchical system which usually controls a large or small group of people. Bureaucracy is best to be described as a centralized business which is where the decisions for the business is only made by the upper management with no input by any of the lower management or workers in the…

Charles Ponzi was a person who was notorious for his Ponzi scheme in the 1920s, and several others have committed fraudulent acts since then. Fraudulent acts are obtaining something through deception. A lot of fraudulent acts are committed by business students, possibly containing a lack of morals, and science students are also often accused of containing a lack of morals. This paper aims to analyze the connection between low morals, business students, and science students claimed by an…

Ethics play a central role in accounting and the business world in general by addressing questions about the right or wrong of the used methods (Onyebuchi, 2011). Pakaluk (XXXX) states that one of the main reasons for the financial crisis in the year 2008 was caused by unethical accounting. (Pakaluk & Cheffers, 2011, p. 28). AIG, a big insurance company, sold so called credit default swaps (CDS) which serve as an insurance for the buyer XXXXX. If the debtor is not able to pay the debt, the…

Once a locksmith is gone, do we ever think how he came and made our life easy and what could have happened if he had not been there with his much-needed services when he was really expected like anything? A qualified and skilled locksmith is just like any other professional we can see around, but there is something else to their service that teaches everyone some lessons of life. Just take a simple exercise where you have to analyze the last emergency service visit of your locksmith fulfilling…

Definitions Corporate Accountability- When you have to be responsible for your stakeholders Fraud- A criminal acts to achieve more money Whistleblower- A person who knows that the company has been doing illegal acts and decides to tell the government. Canadian Tire Reflecting on Canadian Tire’s Code of Conduct What do I find Interesting about this company’s Code of Business Conduct? Something that I found interesting about Canadian Tire’s code of conduct is that integrity, honesty, and…

PART I: Where you see that theme borne out (AND/OR contradicted) in "Millennium Approaches" (additional examples or explanations beyond what is in the theme statement). Disease is a predominant theme throughout Angels in America that affects every main character. AIDS epidemic rises the climate of hatred and intensifies interpersonal relationships. For instance, Prior’s disease is the fundamental reason that changes his relationship with Louis that he lost him and his loved ones soon after.…

lawsuit. Like other accounting firms, the PCAOB has several duties. One of their main duties is to provide oversight to auditors of public companies; establishes auditing attestation, and qualify control standards for public company audits; and performs inspections of audit engagements as well as quality controls at audit firms performing those audits. The PCAOB reports to the Securities and Exchange Commission. (Auditing and Assurance Services) The PCAOB has an obligation to do these duties…

Phar-Mor Inc. was one of the largest super discount drugstores in the early 1980’S.The Company was a complete success with over 300 discount super stores across the United States and employing thousands of workers. The company’s first signs of financial difficulty became obvious in 1988 as speculation increased about Phar-Mor’s decreasing profit margins. The fraud team consisted of several former auditors, including auditors who had worked for Coopers & Lybrand on prior Phar-Mor audits. The…