...Goodner Brothers Case 1. In most fraudulent acts three circumstances lead to such crimes being committed, and should be considered when carrying out risk assessment. These conditions are an incentive, an opportunity, as well as a rationalization; the three make up what is known as the Fraud Triangle. The three circumstances are present throughout the fraudulent acts of Woody Robinson. For instance, Woody had a rampant gambling addiction that was developed throughout college, which had led him to accumulate a debt of over $50,000, some of which was owed to his good buddy, Al Hunt. In addition he was behind on mortgage payments, had maxed out credit cards, as well as received threats from two bookies he was in debt to; all of which could serve as an incentive for Woody to steal tires from his employer, Goodner Brothers. Next an opportunity for Woody to commit fraud must be recognized.Goodner Brothers held a dominant market share due to undercut competitors' prices, as well as high volume sales stressed by upper management. This strategy yielded a much lower gross profit margin than Goodner's competitors, and drove them to undercut their own operating expenses, such as internal controls. In addition to the lack of internal controls, Goodner Brothers had no separation of powers within the company. With an overwhelmed accounting system, sales representatives were allowed to enter their sales records directly into the accounting records. Not only did the sales representatives have...
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...KNAPP CASE 3.5 : GOODNER BROTHERS, INC. 1. Internal control objectives Goodner’s Huntington sales office should have implemented: a. Separation of duties: Sales reps like Woody were given unrestricted access to the accounting system where they could directly enter transactions. Sales reps also had direct access to inventory storage areas, and often delivered customer orders. b. Physical controls: Pad locks served as the security of Goodner’s inventory. There should have been stronger security since the value ranged from $300,000 - $700,000. c. Monitoring: Management should have monitored inventory more often than once a year. Also, “throwaways” were not adjusted to accounting records until the year-end inventory was taken. 2. Huntington unit’s operations displayed internal control weaknesses. One main weakness was giving sales representatives so much access. Sales reps did not keep proper documentation of sales orders and had direct access to the accounting system. This gave the internal auditors no way to verify sales amounts. Sales representatives also had direct access to inventory storage units. 3. The Huntington unit should require all sales reps to fill out proper sales order or credit forms. Sales reps should not have direct access to the accounting system; access should only be given to the bookkeeper. Sales reps should also not be allowed to make personal deliveries for customers. 4. Felix Garcia was partially responsible for Goodner’s...
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...Goodner Brothers, Inc. Internal Control Issues 1.List what you believe should have been the three to five key internal control objectives for Goodner’s Huntington sales office. 1. Assets Safeguard The padlock and other some security are used as a physical protection of Goodner’s inventory from stolen by unauthorized person. 2. Authorization of Transaction Goodner’s policy said that the new customer required an approval of the sale manager for the credit sale. The objective of this policy is to control the authorization of employee by using an approval from the senior manager to determine the credit term of new customer. 3. Top-level reviews Annual review by the internal audit is used in order to inspire the operation and compare the performance with a plan of the business, so that the company can find out that there are any problems or fraud or not. 4. Human Resource Policies and Practices Goodner’s policy about hiring an employee is relied on honesty and integrity of the employee which is required 3 strong as references and preferably from reputable individual with some connection to Goodner Brother. 5. Adequate Document and Records The computerized accounting system is used at each Goodner sales outlet. The system will record the sale and purchase transactions which were recorded by the bookkeeper and sales representative. So the company can record all transaction from each sale outlet. 2. List the key internal control weaknesses that were...
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...endangering us. I have chosen a few of the technologies in the 1900’s that fascinated me the most. OK so first of all the invention of the car. It is undoubtedly one of the most radical innovations of this century. A car, in its early stages, was highly expensive, only the best of the best could afford such a luxury. After the introduction of labour and the assembly-line system, affordable cars were made, leading to drastic changes to society. Personally I don’t know how I could live without a car, it just wouldn’t be possible, and I can’t even imagine what would happen to me. Airplanes. The Wright Brothers' first-ever flight of a motorized airplane in 1903, introduced the era of flying into the sky. The jet engine, the supersonic flight, fighter aircraft and space travel all are rooted in Kitty Hawk, North Carolina which was the site of the achievement of the Wright brothers. Without these airplanes we wouldn’t be able to see our families in other countries. We would have to take out ships and sail to them and personally that’s not an option I want to take. The first ever manned spaceflight. The technology of... Read...
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...there education. They thought them to look for new things to do,to go out and discover and learn as much as they could . There two sons Wilber and Orville Wright are the first to built a successful airplane. Wilber was born August 16 1867and Orville was born August 19 1871.both brothers loved any thing mechanical ,loved to tear things done and built it back up . Wilber finished highs school but was never able to get his diploma ,he was going to attend Yale,because of an accident that happens wile playing ice hockey Wilber got hit in the face with a hockey stick,even though he wasn’t heart badly he lost he’s front to. And so because of the accident Wilber withdrew from going to Yale as planned,so he spent the next few years tacking care of his mother who was ill. And as for Orville Wright he want to high school but dropped out on his junior year, to open a printing shop in 1889.Wilber and Orville had always been close to each other. The brother’s often worked as a team,they have places they started together like The West Side News Paper,The Wright cycle company but that is not all the Wright brothers have discovered. They discovers the first in the world fling machine . It all began in 1896 when the brothers could not stop thinking about fling. For the next two years or so thought and thought about fling and how they could do it ,read booked about bards,fling machines rose two years were busy with lots of researching etc... To there delight they had a...
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...A fairy tale (pronounced /ˈfeəriˌteɪl/) is a type of short story that typically features European folkloric fantasy characters, such as fairies, goblins, elves, trolls, dwarves, giants, mermaids, or gnomes, and usually magic or enchantments. Fairy tales may be distinguished from other folk narratives such as legends (which generally involve belief in the veracity of the events described)[1] and explicitly moral tales, including beast fables. In less technical contexts, the term is also used to describe something blessed with unusual happiness, as in "fairy tale ending" (a happy ending)[2] or "fairy tale romance" (though not all fairy tales end happily). Colloquially, a "fairy tale" or "fairy story" can also mean any farfetched story or tall tale; it's used especially of any story that not only isn't true, but couldn't possibly be true. In cultures where demons and witches are perceived as real, fairy tales may merge into legends, where the narrative is perceived both by teller and hearers as being grounded in historical truth. However, unlike legends and epics, they usually do not contain more than superficial references to religion and actual places, people, and events; they take place once upon a time rather than in actual times.[3] Fairy tales are found in oral and in literary form. The history of the fairy tale is particularly difficult to trace because only the literary forms can survive. Still, the evidence of literary works at least indicates that fairy tales have existed...
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...Lynch (now as Subsidiary of Bank of America), Lehman Brothers and Bear Steams (sold to JPMorgan Chase) were the world top five investment banks in United States. They were the key players in the financial markets and make significant contribution to the economics. But when they failed, the consequences would also be extremely fatal. The 158 years old Lehman Brothers Holdings Inc. filed for Chapter 11 bankruptcy on Sunday 1:45am, September 15, 2008 (“Wikipedia: Lehman Brothers”, July 15, 2013). With a total assets of $639 billion and $619 billion in debts, Lehman Brothers’ bankruptcy filing became the largest in history, It’s assets far surpassed those of previous bankrupt giants such as WorldCom and Enron (“IInvestopedia: Case Study", April 02, 2009). The collapse of the Lehman Brothers is contagious and even triggered the Global Financial Crisis. LEHMAN BROTHERS HISTORY Three brothers – Henry Lehman, Emanuel Lehman and Mayer Lehman in 1850, founded Lehman Brothers. Started as a normal dry-goods store, the brothers grew the business by buying and selling cotton to planters living in and around Montgomery, Alabama ("History of Lehman Brothers", n.d). Eventually the brothers built a cotton storage warehouse together with a cotton merchant John Wesley Durr in a brief partnership form. Thereafter in 1858, an office in New York was opened to fulfill the needs of the growing sales and trades. After Civic War, Lehman Brothers who already have a strong pressure in the cotton...
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... Lehman Brothers is no more. Merrill Lynch has gone down the Bank of America maw. AIG too could go belly up. With a doubt, these developments in America are the most shocking events to have hit global financial markets. So where did it all begin? And what does it mean for the Indian stock markets? Find out. . . What is (or was) Lehman Brothers? America's fourth-largest investment bank Lehman Brothers Holdings Inc has filed the biggest bankruptcy petition known to mankind. The 158-year-old firm was founded by brothers Henry, Emanuel and Mayer Lehman, Jewish immigrants to the US from Germany, in 1850. Henry set up a general store in Alabama in 1844 and was later joined by his brothers. In 1850 they set up the merchant bank in New York after having made money in railway bonds. So what went wrong? Compiled by Rediff Business Desk Lehman Bros, which till June 2008 had not reported a quarterly loss even once, had earlier survived many an economic crises, like railroad bankruptcies of the 1800s, the Great Depression in the 1930s, and the collapse of Long-Term Capital Management in the 1990s. Thus the collapse of the giant investment bank came as a major shock for the entire world markets that plunged after Lehman filed a Chapter 11 petition with US Bankruptcy Court in Manhattan. The $613 billion (some estimates put the size at $639 billion) bankruptcy thus throws up the question: why did the Wall Street giant go bust? Here's why. . . Why did Lehman Brothers go bankrupt...
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...OUTLINE Introduction 1 About the Community 1 Current Situation 1 The Project 1 Main Benefits 2 Conclusion 2 Bibliography 3 Dear neighbours, dear friends. Have you ever thought how many things in our life we take for granted? The thing unfortunately most often taken for granted is our own health and wellbeing. Why does it take finding out that somebody close to us has heart problems or cancer to get us to appreciate that we are still healthy? Every day we are passing The Royal London Hospital, going to work, university or home. We should remember that within the walls of this hospital there are people who are much less lucky, people who think to themselves, well it's a good thing it's not excruciatingly painful for me to swallow and I can breathe without too much trouble. We should remember that someday we can find ourselves among them. We should remember that someday our friends, or our relatives, or our children can be among them. I represent the voluntary community “PlayRemedy”. We are committed to promoting the welfare of all children in the hospital. For 3 years, we have been directly working with sick children in The Royal London Hospital to bring them both fun and support. We organise special fun days on wards, arranging entertainment, games and activities. We celebrate Christmas and other holidays with these children. We try to make hospital a happier place for children. We try to make the world a better place for them. Because if our society doesn’t...
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... will have an effect on our entire lives. To achieve success we must follow our dreams overcome obstacles and not let the fear of failure interfere with our goals. A perfect example of how a dream leads to success is the Wright Brothers, Orville and Wilbur. They were the first innovators of flight and created the world’s first working airplane. When the brothers were young, they opened their own bike company to capitalize on the public’s new interest in bicycling. Once they earned enough money from their cycling company they wanted pursue their dreams of flying and flying machines. At first they tried to use gliders to fly, which worked but it wasn’t considered actually flying. A few years later they managed to put an engine on a plane and on December 17, 1903, they recorded the first flight. Although they had many critics, they proved all of them wrong when they flew publically in air shows. The two brothers had a dream that one day humans would take to the skies for transportation. Today most of their planes and equipment are scattered all over the country in different museums, including the Smithsonian. Wilbur and Orville Wright faced numerous hurdles that seemed impossible but they did not let challenges or failure deter them. The Wright brothers serve as an example of how hard work and dedication pays off in the end. There are many types of dreams; financial success is one, while another and more important is happiness and contentment. I have many goals that I hope will...
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...Analysis of Unilever Bangladesh: Introducing Unilever: 150 million times a day, someone somewhere chooses a Unilever product. From feeding your family to keeping your home clean and fresh, our brands are part of everyday life. Life partner: With 400 brands spanning 14 categories of home, personal care and foods products, no other company touches so many people’s lives in so many different ways. Its brand portfolio has made us leaders in every field in which we work. It ranges from much-loved world favorites including Lipton, Knorr, Dove and Omo, to trusted local brands such as Blue Band and Suave. From comforting soups to warm a winter’s day, to sensuous soaps that make you feel fabulous, our products help people get more out of life. We’re constantly enhancing our brands to deliver more intense, rewarding product experiences. We invest €1 billion every year in cutting edge research and development, and have five laboratories around the world that explore new thinking and techniques to help develop our products. Continuous development: Consumer research plays a vital role in our brands’ development. We’re constantly developing new products and developing tried and tested brands to meet changing tastes, lifestyles and expectations. And our strong roots in local markets also mean we can respond to consumers at a local level. By helping improve people’s diets and daily lives, we can help them keep healthier for longer, look good and give their children the best start in...
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...Welcome to Unilever Family. A company that aims to help people around the world to meet their everyday needs for nutrition, hygiene and wellbeing, with brands that help people look good, feel good and get more out of life. Unilever was created in the 1890s, when William Hesketh Lever, founder of Lever Bros, introduced Sunlight Soap - revolutionary new product in Victorian England. It mission was 'to make cleanliness commonplace; to lessen work for women; to foster health and contribute to personal attractiveness, so that life may be more enjoyable and rewarding for the people who use our products'. Even today, Unilever believes that success means acting with 'the highest standards of corporate behavior towards our employees, consumers, societies and world in which we live'. Unilever Pakistan started its journey in 1948 at Rahim Yar Khan town with the setting up of vegetable oil factory. From there onwards, as a company we have seen much change in the last 70 years, currently, Unilever Pakistan is known as the largest FMGC, one of the largest MNC in Pakistan, and the ‘Top FMGC employer 2012’. As a company we are accountable for: • Make a positive difference to the lives of low income consumers; • Create new opportunities for growth; • Improve the overall quality of life in Pakistan, by promoting education, nutrition, health and hygiene. It is also important to note what has not changed at Digital Business, namely our commitments to providing exceptional client service...
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...Lessons from Lehman Brothers: Will We Ever Learn? Steven Figueroa, Adrian Bland, Victoria Fabuluje, Amy Ramkey, Carmen M. Ortiz MGT/521 03/10/14 CHRISTINE GNIEDZIEJKA Lessons from Lehman Brothers: Will We Ever Learn? 2. What was the culture at Lehman Brothers like? How did this culture contribute to the company's downfall? Anyone knows that rewarding bad or illegal behavior can lead to the making of a person who is irresponsible and reckless. This is a general description of the type of employees involved in the Lehman Brothers company culture. The Lehman Brothers culture was out of control and a blind eye was turned to any high risk deals and or illegal modifications done to the company balance sheet. Many failed or wrong decisions made by management often went without consequence. In fact, individuals making any high risk or questionable deals were treated like superstars or moneymakers rather than irresponsible or uncalculated decision makers. This type of reward system can only draw the attention of the greedy and crooked minded. The type of culture created was a recipe of disaster for the Lehman Brothers company. There were some employees that did not agree with many of the choices made by upper management. But, when they attempted to voice their opinion or concerns they were ignored and overruled leaving them no choice but to follow suit. By ignoring any standards, ethics or controls to guide the Lehman Brothers culture the employees were left to express their...
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...Krysta Desper Mr. Connors U.S. History I CPS 10 C 17 January 2013 Band of Brothers In the summer of 1942, young men in Army training at Camp Toccoa, Georgia, are given an opportunity to be part of a unique unit of paratroopers. This unit offers $50 dollars a month extra for hazardous duty pay, which draws a lot of the volunteers. These men begin a very rigorous training regimen under Captain Sobel, whom most of the men come to hate. Their training includes basic infantry skills - use and maintenance of various weapons, map reading, and communications. They also practice jumping with parachutes, beginning with towers of varying heights, then to the actual jump from an airplane. The hardest part of their training is a run they must make, up to the top of Mount Currahee, which is an Indian name that means We Stand Alone Together. After several long months of this training, the men of Easy Company, 506th Regiment, 101st Airborne, are shipped to Uppottery, England, where they continue their training. They are being prepared for the greatest military maneuver ever undertaken; the D-Day invasion of Normandy. The 506 is to parachute behind the German lines and work their way back towards the beach, to meet the Allies there, and hopefully cut off German supply lines to the front in the process. On June 6, 1944, the invasion comes, after having been postponed for bad weather. The drops do not go well, due to anti-aircraft fire and low visibility, but as the men hit the ground, they...
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...Carmen Paulino EN 101- “Cinderella” by Jacob and Wilhelm Grimm: Writing prompt #3 As children we are all taught that our prince charming will come for us in a horse carriage with white horses, but is this true? Or is this just a way of looking forward to life? We are taught to value love and that love will come to us but does it come to everyone? We have come to believe in love but does it even exist? In the fairytale “Cinderella”, Cinderella, being a filthy maid who has suffered a lot and still manages to have hope in a better tomorrow, is one of the dominant gender roles which surface in the fairytale. The Prince is the other dominant gender role who is enchanted by Cinderella’s beauty and falls in love with her in a manner of “love at first sight”. He falls in love with her and searches to find her after she is gone. He didn’t care what family Cinderella came from or the live she has had, he wanted her. Cinderella and the Prince depict an idealization of love in just the plain idea that love actually exists and will eventually come to us. Their story tells us that regardless of anything love will overcome every obstacle like their love did with Cinderella’s stepsisters and mother. Also, the idea that love is blind and that looks nor way of life matters to two people who are in love. The prince didn’t care that Cinderella was a maid or that her clothes was dirty when he found her. It also makes us idealize that at some point in life our perfect match will come and we...
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