The Issue Of A Great Amount Of Money $ 4 Million

2269 WordsMar 9, 201610 Pages
Introduction I am a senior accountant working for Cape Tisbe International (CTI) and am writing this business report concerning the issue of a great amount of money $4 million that has been paid to a PNG government minister as “Consulting Fees” recently. In this report, I would like to identify the fact , the issues needed to be tackled, and then discuss the possible consequences derived from those issues, subsequently I will offer some plausible solutions in tackling this issue in a long-run development. . Facts A year ago, CTI signed a contract for farm machinery, worth $25 million, with Papua New Guinea(PNG). Recently, however, when I was conducting the annual internal audit, I have discovered some issues associated with this signed contract. As soon as I found something wrong with the contract’s accounting records I communicated with George but his answer has not addressed my confusion. Soon after that I had a chat with my boss Gareth because it was my duty to identify and reveal any detailed information related to CTI’s financial records. after the conversation with both of them, I decided to dig it further. Now I discover that the actual sale revenue of the contract was $21 million as around $4 million has been paid to a PNG government minister as ‘Consulting Fees”. I understand that the payment was paid to a certain person in order to secure the contract and maximize the wealth of our company. According to the relevant regulations and rules provided by both

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