Premium Essay

Cose Corporation Case

In:

Submitted By zaradutch
Words 3373
Pages 14
Embezzlement at Koss over 12 Years! Introduction John C. Koss is recognized for creating the stereo headphone industry in 1958 with his first stereo headphone. Koss Corp. (KOSS) was incorporated in 1971 in Milwaukee, Wisconsin and manufactures stereo headphones, speaker phones, computer headsets, telecom headsets, noise reducing headsets, and wireless headsets. It is in the audio/video segment of the home entertainment industry. Koss Corp. went public in 1965 at $5 per share. Over the last ten years, its stock price has ranged from $8 in July 2002, to its peak at $15 in July 2006 to its low at $4 in July 2010. It currently trades at approximately $5.50 per share. Accordingly, its market capitalization has ranged from $3.4 million to $12.8 million to its current level of $5.1 million. Thus, it was below the full implementation level of the Sarbanes-Oxley Act (SOX) where the cutoff is a market valuation of $75 million. The Chief Executive Officer (CEO), Michael J. Koss, the founder’s son, and his family directly or indirectly own in excess of 70 percent of the company’s 851,000 shares. A $34 million embezzlement of cash from the Koss Corp. occurred over a 12 year period from 1997 through December 2009. June 30, 2009 10-K Report Excerpts The Koss Corp. received an unqualified opinion on its financial statements as of June 30, 2009 and 2008 (as well as in prior years) by a Big Five auditing firm. However, in accordance with SOX, the audit firm was not required to have, nor was it engaged to perform an audit of Koss’s internal control over financial reporting. The audit did include consideration of internal control over financial reporting as a basis for designing audit procedures that were appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of Koss’s internal control over financial reporting. The following excerpts are

Similar Documents

Premium Essay

Zara Triangle

...Angelica Acevedo Week 1 - Information Systems Strategy Triangle Step 1: Create lists of case details that fit each side of the triangle. Step 2: Then look at each item and think about how that item affects the other sides of the triangle. Step 3: Take a look at the industry. Make a list of triangle attributes you find. Compare the industry items with the case company items. Step 1: Create lists of case details that fit each side of the triangle. Step 2: Then look at each item and think about how that item affects the other sides of the triangle. Step 3: Take a look at the industry. Make a list of triangle attributes you find. Compare the industry items with the case company items. Information Strategy Information Strategy Organizational Strategy Organizational Strategy Business Strategy Business Strategy Business Strategy Elements | Organizational Strategy Elements | Information Strategy Elements | New collection at start of each season | Changes color, cut, fabrics and other details throughout season | POS terminals not connected store to store or to headquarters | Less IT spending | Tries to understand, through its network of stores, not just what people are buying, but also, what they want to buy. | Use dial up modems to send daily sales and inventory orders | Introduce 11,000 new garments per year | Lead time from inception to delivery, of garment, can be as short as 3 weeks | IT staff of 50 – less than .5% of revenue | | No advertising – used...

Words: 1206 - Pages: 5

Premium Essay

Anythg

...institutes etc. * Only Basic and Dearness allowance should be considered as wages for the purpose of Gratuity. * Gratuity payment formula:   Example: If an employee leave company after 10 years and his last Basic + Dearness allowance is 10000 then his gratuity will be paid as per following formula.   (10000/26)*15* 10   Please note that above formula will remain same irrespective of employee working in 5 days a week establishment.     FAQ  1: Can an employee claim Gratuity even before completion of 5 years? Yes, An employee can claim gratuity even before completion of 5 years in followings cases: * Death (to his nominees) * Disablement   But the quantum of gratuity will be as per act.   FAQ  2: Can employer forfeit Gratuity, even if employee has completed 5 years? Yes, employer can forfeit gratuity even if employee has completed 5 years in following cases:   * If the services of such employee have been terminated for his riotous or disorderly conduct or any other act of violence on his part, or * If the service of such employee have been terminated for any act which constitutes an offense involving moral turpitude, provided that such offense is committed by him in the course of his employment.     Please note that above act should have been committed by employee during his employment. There should be a proper enquiry held after which employee was found guilty for aforesaid act or misconduct. Once proved guilty, employer should issue termination...

Words: 2148 - Pages: 9

Free Essay

Kraft Foods Stakeholder

...Stakeholder: Fornitori: La Kraft Foods punta ad avere una forza-lavoro diversificata e una multitudine di fornitori diversi. L'obiettivo dell'impresa è quello di ispirare fiducia, essere aperrti e basarsi sulle cose semplici. Per più di 25 anni Kraft Food ha investito nella diversità dei fornitori, perché avere una vasta gamma di opzioni di acquisto porta ad una più efficiente crescita dell'impresa. La forza, l'agilità, e l'innovazione si vedono soprattutto nei prodotti e nei servizi offerti da minoranze e da imprenditrici donne. Infatti Kraft Foods consente a queste categorie di diventare fornitori di minoranza. Tra i principali fornitori poi, possiamo ricordare la Cano Container Corporation che collabora con Kraft Foods dal 1992 fornendo scatole di cartone per una varietà di prodotti. Come la più grande azienda alimentare negli Stati Uniti e il secondo più grande al mondo, Kraft Foods ha colto al volo l'opportunità di collaborare con ASI-Henkel, con l'obiettivo di aumentare l'efficienza, il risparmio, le innovazioni e la diversità nella sua supply chain. L'azienda utilizza una fornitura costante di prodotti agricoli, come il caffè, il cacao, lo zucchero, i prodotti lattiero-caseari, grano e olio vegetale. Costi delle materie prime lattiero-caseari in media sono stati superiori nel 2011 rispetto al 2010. Sta cercando di incoraggiare pratiche agricole sostenibili così che si ottengano materie prime di maggiore qualità, ma anche di migliorare e proteggere l'ambiente....

Words: 1608 - Pages: 7

Premium Essay

Feasibility Study

...Feasibility Study Outline for New Manufacturing Project There is a saying, hindsight is 20-20. Smart business people, however, do not rely on hindsight but on foresight. A feasibility study is more of a scientific foresight, a way of reducing guessing as to what things should be considered. The following is an outline of a feasibility study based on new manufacturing business. There are hundreds of variations of a feasibility study but this is good because it is applicable to big and small businesses, either domestic and international. Feasibility Study Outline for New Manufacturing Project A. Project Summary 1. Brief description of the project 2. Summary of the findings and conclusions a. Project timetables and status b. Management aspects c. Marketing aspects d. Technical aspects e. Taxation aspects f. Financing aspects g. Financial aspects h. Social aspects B. Project Timetable and Status 1. General project planning 2. Incorporation 3. Preparation of engineering specifications 4. Building construction 5. Selection...

Words: 2131 - Pages: 9

Premium Essay

Consultant

...CASE 29 j ^ j j j j j j j j j j j j j j j j j j j j j j j j j j j j j j j j j ^ j j - i j j j j j j j j j j j j Video Concepts, Inc. cose wos prepared by John Dunkelberg and Tom Goho,Wake Forest niversity. All rights reserved to the authors and the North American Case Research Association. As Chad Rowan, the owner of Video Concepts, Inc., looked over his monthly income statement, he could only shake his head over how it could have been so much different. In many ways he was a very successful entrepreneur, having started and grown a profitable business. In other ways, he felt trapped in a long-term no-win situation. The question now was what should he do given the current business environment. Basically, Chad had a profitable business, but the profits were relatively small and had stopped growing since a strong competitor, Blockbuster Video, had moved into town. The profits, however, were not enough to pay off his long-term debts and provide him with any more than a subsistence living. In addition, the chances of selling his business for enough to pay off his debts and then start another business were not good. In reflecting on what might have been, Chad commented: I had really hoped to expand Video Concepts into several similar-sized towns within a couple of hours' driving distance from here. The financial projections, 'which had been fairly accurate until Blockbuster arrived, indicated expansion was possible. I thought I was growing fast and had put about as much capital...

Words: 3480 - Pages: 14

Free Essay

Zeff 1978

...THE RISE OF ECONOMIC CONSEQUENCES The impact of accounting reports on decision making may be the most challenging accounting issue of the 1970s. by Stephen A. Zeff Since the 1960s, the American accounting profession has been aware of the increasing influence of "outside forces" in the standardsetting process. Two parallel developments have marked this trend. First, individuals and groups that had rarely shown any interest in the setting of accounting standards began to intervene actively and powerfully in the process. Second, these parties began to invoke arguments other than those which have traditionally been employed in accounting discussions. The term "economic consequences" has been used to describe these novel kinds of arguments. By "economic consequences" is meant the impact of accounting reports on the decisionmaking behavior of business, government, unions, investors and creditors. It is argued that the resulting behavior of these individuals and groups could be detrimental to the interests of other affected parties. And, the argument goes, accounting standard setters must take into consideration these allegedly detrimental consequences when deciding on accounting questions.* The recent debates involving foreign currency translation and the accounting for unsuccessful exploration activity in the petroleum industry have relied heavily on economic consequences arguCopyright © 1978 by Stephen A. Zeff. *Ed. note: For the opinion of an accounting standard setter, see Oscar...

Words: 5829 - Pages: 24

Premium Essay

Fundamental Analysis of Power Sector

...[pic] [pic] 1.1 INTRODUCTION ABOUT SGSSL The South Gujarat Shares and Share brokers Ltd. (SGSSL) was started with authorized share capital of Rs. 3 crores and it’s paid up capital 1.27 crores under the company Act 1956. In 1992, The Company started its activities as association of person as sub broker giving service for buying and selling of securities to investors in Surat. Mr. Anil Choksy, Mr. Ashok Mehta, Mr. Jagdish Patel, Mr.Paresh Jhaveri Who took initiative to forming a limited company, So as become member of NSE India .In this way SGSSL was registered under company Act on the 5th January 1995, and conducted it’s trading business as member of National Stock Exchange. 31st march 1995 which was first financial year completed by the company after its registration & in this year the company suffered a loss of Rs.80000 due to heavy expenses like assets purchase, maintenance, establishment of building, furniture etc. The company had also faced loss in next financial year (1995) of RS.118000 because of prevailing poor market condition. During the year ended 31st march, 1997 the company has turned the table. On the total income of Rs. 45,80,000, the company made a net profit of Rs.3,70,000 and after adjusting the losses of Rs. 1,98,000, the Net Profit shown to the Balance Sheet was Rs. 1,78,000. On the 27th February 1996, the company obtained SEBI registration as broker. Originally the operation was started at Baroda because at that time National...

Words: 21454 - Pages: 86

Premium Essay

Pest

...ECRM 2007: 6th European Conference on Research Methodology for Business and Management Studies Using PEST Analysis as a Tool for Refining and Focusing Contexts for Information Systems Research Guo Chao Alex Peng, Miguel Baptista Nunes Department of Information Studies, University of Sheffield, Regent Court, Sheffield, S1 4DP, UK lip05gcp@sheffield.ac.uk, j.m.nunes@sheffield.ac.uk Abstract It is common for inexperienced researchers and research students to aim at investigating very wide contexts such as countries (e.g. China, India, UK), regions (e.g. the Arab Countries) or even continents (e.g. Africa). Such studies in Information Systems (IS) are not only unrealistic and potentially unfeasible, but may result in findings that are neither significant nor meaningful. Research supervisors often face difficulties in explaining and resolving these common pitfalls in research proposals. This paper proposes the use of Political, Economic, Social and Technological (PEST, also often referred to as STEP) analysis as a tool to identify narrower contexts and focus research questions around feasible and meaningful regional contexts. It illustrates this process with the results of an analysis carried out as part of an ongoing PhD research project. The project aims to investigate the barriers and risks associated with the post-implementation of Enterprise Resource Planning (ERP) systems in Chinese companies. PEST analysis was used to define an appropriate region in China (i.e. Guangdong)...

Words: 5493 - Pages: 22

Free Essay

A Cursed Love

...Resources for Teaching Prepared by Lynette Ledoux Copyright © 2007 by Bedford/St. Martin’s All rights reserved. Manufactured in the United States of America. 2 1 f e 0 9 d c 8 7 b a For information, write: Bedford/St. Martin’s, 75 Arlington Street, Boston, MA 02116 (617-399-4000) ISBN-10: 0–312–44705–1 ISBN-13: 978–0–312–44705–2 Instructors who have adopted Rereading America, Seventh Edition, as a textbook for a course are authorized to duplicate portions of this manual for their students. Preface This isn’t really a teacher’s manual, not, at least, in the sense of a catechism of questions and correct answers and interpretations. Because the questions provided after each selection in Rereading America are meant to stimulate dialogue and debate — to generate rather than terminate discourse — they rarely lend themselves to a single appropriate response. So, while we’ll try to clarify what we had in mind when framing a few of the knottier questions, we won’t be offering you a list of “right” answers. Instead, regard this manual as your personal support group. Since the publication of the first edition, we’ve had the chance to learn from the experiences of hundreds of instructors nationwide, and we’d like to use this manual as a forum where we can share some of their concerns, suggestions, experiments, and hints. We’ll begin with a roundtable on issues you’ll probably want to address before you meet your class. In the first section of this manual, we’ll discuss approaches to...

Words: 57178 - Pages: 229

Free Essay

Business

...LA CARTOLARIZZAZIONE: ORIGINI DELLA CRISI Abstract In questo paper andrò a spiegare il sistema di cartolarizzazione dei crediti il suo processo ed i soggetti che coinvolge; poi introdurrò la sua origine, la sua storia, dove, come e da chi veniva utilizzata. In seguito spiegherò l’evoluzione di questa tecnica in America e i mutui subprime e in nuovo modello di cartolarizzazione. Infine andrò a provare come la crisi americana si sia espansa e il perché della globalizzazione della crisi. IL SISTEMA DI CARTOLARIZZAZIONE DEI CREDITI La cartolarizzazione (securitization) è una complessa operazione finanziaria che consiste nel ricorrere a strumenti di debito, come l’emissione di titoli obbligazionari, per ottenere nell’immediato il rimborso di un credito a lungo termine, senza attenderne negli anni la restituzione da parte del debitore. Il processo di cartolarizzazione si svolge tramite l’intervento di apposite società, denominate “società veicolo”, poiché fungono da canale di congiunzione tra il soggetto titolare dei crediti (originator) e gli investitori sui mercati finanziari. Il processo si articola in due fasi; nella prima fase, al fine di recuperare nell’immediato il denaro prestato, l’originator “cede” - o meglio rivende - i suoi crediti alla società veicolo. A fronte della cessione, la società veicolo paga subito l’originator la somma corrispondente all’ammontare del prestito, e quindi si sostituisce al creditore originario...

Words: 5075 - Pages: 21

Premium Essay

Alternative Cancer Therapies

...Alternative Cancer Therapies Table of Contents 714-X ABM Mushroom AHCC Aloe Vera Anticoagulants Antineoplastons Antioxidants Anvirzel Artemisinin Asparagus Berries Boluses Bovine Cartilage Cancell Cansema Carnivora Alternative Cancer Therapies Page 1 Updated 05/17/11 Bookmark this page...as we learn of more therapies throug Please report any broken links by contacting info@mnwelldir.org Perhaps we should call these "unproven therapies" since many of them are on the American Cancer Society's infamous black list. Simply because something is "unproven" does not mean that it has been "disproven." And if a therapy fits the following— 1. It works. Castor Oil Packs Cayenne Pepper Chaparral Chinese Bitter Melon Chiropractic Clodronate Coley's Toxins Contortrostatin C-Statin D-limonene DMSO Electrolyzed Water Ellagic Acid Enzyme Therapy Escharotics Essential Oils 2. It's inexpensive. 3. Few, if any, negative side effects. 4. It's not patentable. —odds are it will stay on the black list because no one is going to spend a dime to prove its effectiveness. Medicine is a business. Cancer is a business. The FDA is running a protection racket, protecting drug companies and the AMA from anyone with an inexpensive and effective treatment for money making diseases. The following therapies are not guaranteed to work, at least by us. They are presented to you for information purposes only. For many, their effectiveness has been shown in limited clinical trials, but each one, by itself, is not...

Words: 12249 - Pages: 49

Free Essay

La Csr Nella Moda

...0120.art_A1_313_0120.art_A1_313.qxd 09/05/13 11.39 Pagina 61 economia & management 3 - 2013 corbellini - marafioti LA CSR NELLA MODA Strumento di marketing o elemento fondante della strategia di impresa? Senior Lecturer Area Strategia e Imprenditorialità, SDA Bocconi erica.corbellini@sdabocconi.it Elisabetta Marafioti Docente Senior Area Strategia e Imprenditorialità, SDA Bocconi elisabetta.marafioti@unibocconi.it LO SCENARIO POST CRISI DEL 2008 HA SEGNATO UN CAMBIAMENTO PROFONDO NELLE ATTITUDINI DI CONSUMO DEI BENI DI ALTA GAMMA. IL PRODOTTO È TORNATO PROTAGONISTA E IL CONCETTO DI QUALITÀ DEL PRODOTTO NON PUÒ PRESCINDERE DA TRACCIABILITÀ, DENOMINAZIONE D’ORIGINE, UN’ORGANIZZAZIONE DEL LAVORO ATTENTA AI BISOGNI DELLE PERSONE E UN CICLO DI PRODUZIONE-DISTRIBUZIONE RISPETTOSO DELL’AMBIENTE. È CRESCIUTA, NELLE AZIENDE DELLA MODA, L’ATTENZIONE ALLA CORPORATE SOCIAL RESPONSIBILITY. L’ARTICOLO SI PROPONE DI INVESTIGARE IN QUALE MISURA QUESTA NUOVA SENSIBILITÀ SIA UNA STRATEGIA CONCRETA O SIA PREVALENTEMENTE LIMITATA A OPERAZIONI DI MARKETING. L’ANALISI DELLE POLITICHE DI CSR DI 26 AZIENDE LEADER MOSTRA COME LA RESPONSABILITÀ SOCIALE SIA DESTINATA A DIVENTARE ELEMENTO INTEGRANTE DELLA VALUE PROPOSITION AZIENDALE E PREMESSA DEL SUCCESSO COMPETITIVO. 61 © RCS Libri SpA - TUTTI I DIRITTI SONO RISERVATI Erica Corbellini 0120.art_A1_313_0120.art_A1_313.qxd 09/05/13 11.39 Pagina 62 e. corbellini, e. marafioti economia & management 3 - 2013 ...

Words: 8985 - Pages: 36

Premium Essay

The Prince

...The Project Gutenberg EBook of The Prince, by Nicolo Machiavelli This eBook is for the use of anyone anywhere at no cost and with almost no restrictions whatsoever. You may copy it, give it away or re-use it under the terms of the Project Gutenberg License included with this eBook or online at www.gutenberg.org Title: The Prince Author: Nicolo Machiavelli Translator: W. K. Marriott Release Date: February 11, 2006 [EBook #1232] Last Updated: November 5, 2012 Language: English *** START OF THIS PROJECT GUTENBERG EBOOK THE PRINCE *** Produced by John Bickers, David Widger and Others THE PRINCE by Nicolo Machiavelli Translated by W. K. Marriott Nicolo Machiavelli, born at Florence on 3rd May 1469. From 1494 to 1512 held an official post at Florence which included diplomatic missions to various European courts. Imprisoned in Florence, 1512; later exiled and returned to San Casciano. Died at Florence on 22nd June 1527. CONTENTS INTRODUCTION YOUTH Aet. 1-25—1469-94 OFFICE Aet. 25-43—1494-1512 LITERATURE AND DEATH Aet. 43-58—1512-27 THE MAN AND HIS WORKS DEDICATION THE PRINCE CHAPTER I HOW MANY KINDS OF PRINCIPALITIES THERE ARE CHAPTER II CONCERNING HEREDITARY PRINCIPALITIES CHAPTER III CONCERNING MIXED PRINCIPALITIES CHAPTER IV ALEXANDER WHY THE KINGDOM OF DARIUS, CONQUERED BY CHAPTER V CONCERNING THE WAY TO GOVERN CITIES OR PRINCIPALITIES CHAPTER VI ACQUIRED CONCERNING NEW PRINCIPALITIES WHICH ARE CHAPTER VII ACQUIRED ...

Words: 53109 - Pages: 213

Free Essay

Up from Slavery

...A TEACHER’S GUIDE TO THE SIGNET CLASSIC EDITION OF BOOKER T. WASHINGTON’S UP FROM SLAVERY By VIRGINIA L. SHEPHARD, Ph.D., Florida State University S E R I E S E D I T O R S : W. GEIGER ELLIS, ED.D., ARTHEA J. S. REED, PH.D., UNIVERSITY OF GEORGIA, EMERITUS and UNIVERSITY OF NORTH CAROLINA, RETIRED A Teacher’s Guide to the Signet Classic Edition of Booker T. Washington’s Up from Slavery 2 INTRODUCTION Booker T. Washington’s commanding presence and oratory deeply moved his contemporaries. His writings continue to influence readers today. Although Washington claimed his autobiography was “a simple, straightforward story, with no attempt at embellishment,” readers for nearly a century have found it richly rewarding. Today, Up From Slavery appeals to a wide audience from early adolescence through adulthood. More important, however, is the inspiration his story of hard work and positive goals gives to all readers. His life is an example providing hope to all. The complexity and contradictions of his life make his autobiography intellectually intriguing for advanced readers. To some he was known as the Sage of Tuskegee or the Black Moses. One of his prominent biographers, Louis R. Harlan, called him the “Wizard of the Tuskegee Machine.” Others acknowledged him to be a complicated person and public figure. Students of American social and political history have come to see that Washington lived a double life. Publicly he appeased the white establishment...

Words: 13713 - Pages: 55

Premium Essay

Study Habits

...FOREWORD In a span of only five years, the population of the Philippines grew by 7.7 million – from 68.8 million in 1995 to 76.5 million in 2000. During this period, the population growth rate (PGR) was 2.36 percent per year, which means the population doubling time will be within 29 years if the rate does not decline (NSO, 2001). Side by side with rapid population growth is poverty, which still grips about a third of the country's 15.3 million households (NSO, 2001a). This Country Report is timely in that it revisits the link between population/development and poverty, environment, and resources. The Report has two purposes. First, it intends to review the Philippine population/development situation, including issues of reproductive health and gender equity, from the perspective of goals affirmed in the Bali Declaration, the ICPD Program of Action and other related documents. The report's second purpose is to highlight priority population issues in the context of alleviating poverty and improving the quality of life of Filipinos. To reduce poverty significantly within the coming decade, the Philippines must face the challenge of building the capacities of its vast human capital. Only in this way can Filipino families, especially the poor, meaningfully, responsibly, and productively participate in the development process. CONTENTS |FOREWORD ...

Words: 36049 - Pages: 145