Case Study 2: The Midnight Journal Entry
Professional Business Practice – Section 004
Instructor: Gayle Hayashi
Paola Ferri – 100270255
Saksham Garg – 100270927
Sahiba Narang – 100287397
Reginaldo Mattos - 100285880
November 15, 2016
Stakeholders
The stakeholders in this case are:
- Richard Okumoto has the greatest responsibility because he is in charge of the accounting department of the company. He is also legally responsible for the information in case of fraud, although he cannot be personally held responsible for the act. He can lose his job before he has enough time to explain the problem to the members of the board.
- James Dooley is the person responsible for commanding the changes in the journal entries to remove the liabilities, which resulted in positive income for the period related in the case study. As a CEO he
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Whenever you have your own team altering numbers because their boss ordered and no one was brave enough to come forward with it. It is a team created on fear and not on trust under pressure.
Concerns, risks and how to minimize it
The personal risks involved for Mr. Okumoto are:
- Losing his job, which would make him lose his $ 250,000 salary and a chance of 100% performance bonus;
- Personal safety. He was receiving anonymous calls in his home to which people were trying to intimidate him.
- Another risk would be ruining the reputation he has within the market. He has invested his whole career and has many contacts, people who trained and counselled him.
Some of the organizational risks might be:
- Not reporting what happened to the DOJ (Department of Justice) and the SEC (Securities and Exchange Commission) might lead the company to legal issues.
- Another risk would be the company was talking informally about merging with another company. Therefore, improving the results would be cheating to make the other company get into business with the wrong
It is fascinating when two people from completely different backgrounds have common characteristics. A world of poverty is depicted in Liz Murray’s book Breaking Night (2010). The memoir tells the struggles of a young girl’s journey from living on the city streets to attending one of the top schools in the country. Although our lives are quite different, Liz Murray and I show similar traits through struggle and success.
The star-studded romantic comedy Midnight in Paris is one of Woody Allen’s most recent films which he did both, wrote and directed. It is a film about a man named Gil (Owen Wilson) who travels to Paris with his fiancée’s parents in order to expand his imagination and he ends up embarking on a journey to the 1920s while walking the streets of Paris at night. Not only is this film engaging and witty, but it also manages to provide both, overt and covert examples of postmodernism in film. By analyzing Woody Allen’s 2011film Midnight in Paris, we can identify the presence of many underlying motifs in both the narrative and the characterization of the film when using some of Frederic Jameson and Jean Baudrillard’s concepts on postmodernism.
On an overcast afternoon in Portland, Oregon, on Friday, March 28, 2003, Richard Okumoto intently studied a set of hard-copy accounting documents called “adjusting journal entries” spread out on his desk. He had been appointed chief financial officer (CFO) of Electro Scientific Industries, Inc. (ESI), a multi-million dollar equipment manufacturer, just a few weeks earlier. Okumoto was in the midst of closing the company’s books for the third quarter of fiscal year 2003, which ended February 28. An experienced executive who had served as CFO for several other technology firms, Okumoto was familiar with the task, which normally would be routine. But this time, he
A few more days and all of us would have started to scream. But we were pulling into a station. Someone near a window read to us: "Auschwitz.” (27)
His concern was getting older and lifestyle. Looking back, perhaps he could have participated in a few more contests, the money was good and always better to have more then less.
Within the eleven chapters that comprise Waiting 'Til the Midnight Hour lays a treasure chest of information for anyone interested in Black or African American history, particularly the civil rights movement that took place during the 1950’s and 1960’s. I am a self-professed scholar of African American history and I found an amazing amount of information that I was not aware of. Like most who claim to be Black History experts, I was aware of the roles of Martin Luther King, Malcolm X, Rosa Parks, W.E.B. Du Bois and Marcus Garvey. However,
July 31 Midnight—It is always hard to bury your best friend, which is why I have begun this journal entry. The year is 2016; my best friend of 10 years is gone, and my depression has overtaken me. Unfortunately, we have to make hard choices about letting go of a close friend, and although it may hurt us, it is the right thing to do. I still remember the day that I had to lower his body down in to that 6-foot-deep hole; somehow, I feel as if he is still here, right beside me. Oh how I wish he was here, siting right beside me while I drink my nightly glass of red wine. It has now been two weeks since he has been gone, and I have had little rest, but I have slept more than usual
Donald Trump once stated, “Money was never a big motivation for me, except as a way to keep score. The real excitement is playing the game.” (Alford) Donald Trump has maintained his wealth and joy for business simply because he focused on good business practice rather than making the most revenue. Cheating the system in an effort to make quick and easy money cannot last long and often leaves people worse off in the long run. The large salaries given to professional athletes as a result of success in their sport have brought out the worst in athletes, ranging from terrible monetary decisions to putting their life at risk.
Trumps comments have recently cost him in a variety of ways. Recently, NBC uttered the famous words, “Your Fired”, as they have ended its business relationship with Trump. This announcement also followed a similar one from Grupo Televisa as they cut ties due to his racist comments (Schou, 2015). Additionally, two celebrity chefs have backed out of agreements with Trump and his hotels along with Macy’s dropping the Trump brand clothing (Reuters, 2015). Adding to this, the company which manufactures the brand has said it is ending the relationship as well (Brooke, 2015).
I am surprised at the number of Steven Cohen’s fortune. Within two decades, he accumulated a vast fortune: “a sprawling 35,000-square-foot mansion on Connecticut's gold coast; a $62-million beach house in the Hamptons, and several New York apartments, including a $115-million midtown duplex -- all of them furnished with some of the world's most expensive art” (kqed.org). Moreover, I was shocked with Jiau’s illegal gain through insider trading. According to the interview, in exchange for her information, Jiau “reportedly received about $120,000 a year, plus a number of other perks such as three iPhones, a $300 gift certificate to the Cheesecake Factory, and a dozen fresh lobsters” (complianceweek.com).
Stephen Richards’ actions were plain and simply criminal, and therefore very serious. Richards used his position of power as the Global head of sales to compel clients into boosting sales earnings by quarter. And ultimately this led to "overly aggressive accounting practices" to boost their reported earnings. It was well known to CA’s
(1)It’s against the SEC laws and inconsistent with GAAP standards; unfair to stockholders; uncertainty about how long the company can cover up the deficiencies which keep growing with the company; honesty and integrity are challenged. (2)Loyalty to Eddie and the company is challenged. No more personal financial benefit can be generated from the rising stock price and the CFO position any more. Investors are still kept in the dark. (3) The company’s stock price may drop significantly when investors learn about the truth; company may face bankruptcy due to loss of public confidence. The wealth of Eddie’s whole family will shrink seriously. (4) While Eddie may
Pam said my thoughts move too fast that I’m practically drowning in them, and suggested I write them down as a form of release. I asked her how I’m going to write if my brain is really working that fast.
Cameron walked with John into the main school office. She quickly took a scan of the surrounding area. There was a red-haired lady talking to a man and a girl at the counter. The girl was signing a piece of paper on a clipboard. Her analysis concluded that the red-headed lady was not a threat. There were some people in the back part of the office. She could not get a good scan of them but knew that they were four females.
It is a safe move for the company because they will not get bad publicity; they will not undergo into many processes and may be the easiest way to get rid Mr. Deles. Mr. Deles will not lose his source of income unless he makes an unnecessary move against the company.