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Boxes-and-Stuff, a box-packing and mailing company in a small town along the Gulf Coast, lost a key employee last month when its
1. Which risks do you think Boxes-and-Stuff might face?
2. How do you think the company should handle the risks you’ve identified?
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- Boxes-and-Stuff, a box-packing and mailing company in a small town along the Gulf Coast, lost a key employee last month when its accounting manager was fired for embezzling company money. Now, the owners of Boxes-and-Stuff, Jerome and Natalia, need to find another accounting manager fast. But as they hurry to fill the position, they don't want to select a dishonest or incompetent employee. They need to be cautious. Fortunately, the police chief found the embezzled funds in a bank account set up by the former employee and authorized the return of the money. This means that Boxes-and-Stuff will not lose the embezzled amount, after all. However, Jerome and Natalia are already thinking of ways to protect their company from other risks. They want to be prepared for risky situations in the future. Questions: 1. Which risks do you think Boxes-and-Stuff might face?Peter Pan is a young accountant who came from a poor family. He was recently hired by a big company called PetraPak. When it was time to audit the accounting books of the company, Peter was instructed by his boss to manipulate the numbers in order to reduce the taxes expense the company will have to pay the Bureau of Internal Revenue. The company official said that if he would not heed the command, he would be terminated. The employment condition that time was really tight and the chance of finding another job is very minimal. Question: If you were Peter Pan, will you obey your boss? Why? Or why not?Read the following scenarios and answer the questions that follow: i) A young graduate has just been employed as the Receivable Officer, responsible for billing of customers, maintaining customers’ accounts and preparing monthly control accounts. Management has found out that the officer has not been straightforward and honest in the discharge of his duties. He was found to be “cutting corners” and connives with the customers to understate their bills and accounts in order to enrich himself. Management has fired him sadly. ii) You met a friend in church recently and she was looking very flashy, showing clearly that she got a good job. Upon a short conversation, she indicated that she is blessed to be in charge of the payroll of the company. In fact, she told you exactly how much your four other mates working in that organisation are earning. She went further to inform you that the new car driven by Jojo, a popular mate back in school, was a loan of GHc100,000 he took from a bank and…
- Matt Holmes recently joined Klax Company as a staff accountant in the controller’s office. Klax Company provides warehousing services for companies in several midwestern cities. The location in Dubuque, Iowa, has not been performing well due to increased competition and the loss of several customers that have recently gone out of business. Matt’s department manager suspects that the plant and equipment may be impaired and wonders whether those assets should be written down. Given the company’s prior success, this issue has never arisen in the past, and Matt has been asked to conduct some research on this issue. Instructions If your school has a subscription to the FASB Codification, log in and prepare responses to the following. Provide Codification references for your responses. a. What is the authoritative guidance for asset impairments? Briefly discuss the scope of the standard (i.e., explain the types of transactions to which the standard applies). b. Give several examples of…brenda, an accounts payable employee, is going out on maternity leave for three months. susan, another member of the accounting department who is responsible for bank reconciliations and filing, has given her two weeks’ notice. their departures leave just your three existing members of the accounting department. what is your plan to cover their responsibilities? write a memo to the ceo of your company, from a controller’s perspective, considering the need for internal controls.Harmony is the Senior accountant of a Bank. Junior accountants of all the branches reportto her. While preparing for the final quarter sales report, she finds that two out of the fourbranches have failed to achieve the sales targets for the second consecutive quarter.According to the company policy, the branches that fail to achieve targets in twoconsecutive quarters have to be closed. Harmony feels sad for all the people losing theirjobs and decides that she will overstate the sales revenue generated by every branch andreport manipulated figures in the financial statements. Answer the following questions. Describe Harmony’s actions from ethical standpoint. Is she doing the right thing? What can be the consequences of Harmony’s actions. What are the risks involved? What would you suggest to Harmony? (please cite paragraph according to the MLA citation? Please note this is not an essay.
- Alexia Jones is a worker at a local 24-hour pharmacy. Alexia works the night shift and is the only worker. Because management is cost-conscious and business is slow at night, Alexia has been given the responsibility to do the accounting from the previous day. Alexia has two children, and her husband does not work. Alexia has strong pressure to provide well for her family. Is the pharmacy at risk for fraud? Why or why not?Sarah, a friend of yours, recently started her own business, The Bike and Boulder Company (B&B). B&B specializes in the sales of mountain bikes and rock climbing equipment. Sarah is putting the finishing touches on her company policies and procedures. She knows you are taking a fraud class and asks you to review what she has completed thus far. You quickly notice that Sarah has neglected to address fraud and fraud prevention in her policies and procedures. What policies and procedures would you suggest Sarah implement to prevent and detect fraud at B&B?At most movie theaters, one employee sells tickets and another employee collects them. Onenight, when you’re at the movies, your friend comments that this is a waste of the theater’smoney.Required:1. Identify the name of the control principle to which this situation relates.2. Explain to your friend what kind of fraud could occur if the same person did both jobs
- How could Pascal and Super Tech have identified and addressed this risk? What should Pascal do now? Case - Pascal is the manager of software development for Super Tech. He discovered that Bill, the lead software designer, has announced that he is leaving the company next week. Pascal finds that Bill has accepted a job with Super Tech main competitor. Pascal fear that in his new job, Bill will use technology developed while at the company and disclose the identities of key customers.Identify the fraud triangle risk factor (Opportunity, Pressure, or Rationalization) in each situation. 1. The business has no cameras or security devices at its warehouse. 2. A worker sees other employees regularly take inventory for personal use. 3. Payroll manager feels she is greatly underpaid. 4. No one matches the cash in the register to receipts when shifts end. 5. Managers are expected to grow business or be fired. 6. Managers are told to make extreme cuts in expenses. Opportunity Rationalization Pressure Opportunity Pressure PressureStrivant Industries is a struggling company whose profits are dropping. Manager Jill Trainor is looking at the numbers on the annual report she is preparing to send out to investors. She takes a red pencil and strikes through several numbers, replacing them with figures that make Strivant seem more profitable than it really is. This is an example of Multiple Choice editing. auditing. embezzling. fraud.
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