An Evaluative Report On Company Fraud

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An Evaluative Report on Company Fraud How does a company truly know if they have accurate check and balancing in place to detect malicious activity that may impact financial statements? The main obligation for the sufficiency and release in the company’s annual statements resides within the management of the company (Whittington & Pany, 2014). It is a critical component, for management to have a strong financial management system that is documented, meaningful and well-considered accounting policies and procedures manual (Reineking, Chamberlain, Rudolph, & Smith, 2013); this has been demonstrated through other published audits as company have provided documentation around this policies and procedures. Additionally, all companies should create operational internal controls to improve the accuracy and validity of financial data and serve as a mechanism to defend the company’s financial assets, and to prevent fraud. The success of a company is directly influenced by procedures and policies, implementation of internal controls, checks and balancing, annual auditing, which all aid in ensuring that the company is acting in accordance to rules and regulation set forth, furthermore reflecting in positive results and successful audit reviews. The Leslie Fay Company History The Leslie Fay Company, founded in 1947 by Fred Pomerantz and was a family–run business with a distinctive style (Macdonald & Bounds, 1997). The company was named after Fred Pomerantz’s daughter Leslie Fay
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