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F & C International Afua Nyamekye Liberty University Summary of F & C International F & C was founded by Jon Fries, a descendant of Alex Fries who migrated from Germany to USA in the early nineteenth century. Jon Fries followed the foot steps of his ancestor was in the flavor industry. He was the president and CEO of F & C and the companies common stock was traded on NASDAQ exchange. Jon Fries realized that the most effective way of increasing the company’s periodic operating results was to inflate revenues and overstate period-ending inventories. Through out 1990, F & C systematically overstate sales revenue by backdating valid sales transactions, shipping customer’s products they had not ordered, and recording bogus sales transactions. To overstate inventory, F & C personnel filled barrels with water and then labeled those barrels as containing high-concentrate flavor products. The company also neglected to write off defective goods and included waste products from manufacturing process in inventory. Company officials used F & C’s misleading financial statements to sell equity securities and to obtain significant bank financing. Question 1 Jon Fries (CEO), Fletcher Anderson (COO), Craig Schuster (CFO), and Catherine Sprauer (division controller) were the four central figures in this case. Identify the key responsibilities associated with the professional roles these individuals occupied. Briefly describe the
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