...Case Study AC503, Unit 4 1987 1986 1985 1984 Current Assets Cash 3.2 10.4 34 3.8 Short Term Investments 41.4 21.1 - - Receivables 3.6 1.8 4.2 7.1 Merchandise Inventories 37 47.2 40.5 63.8 Prepaid Expenses 3.6 1.9 1 1.4 Total Current Assets 88.8 82.4 79.7 76.1 Restricted Cash - 2.6 10.8 - Due from Affiliates - - - 15.7 Property, Plant, & Equipment 9 5.7 5.6 5 Construction in Process - 4.9 1.8 - Other Assets 2.2 4.4 2.1 3.2 Total Assets 100 100 100 100 Current Liabilities Accounts Payable 17 40.7 35.2 55 Notes Payable - - - 8 Short-Term Debt 16.8 1.8 0.7 0.3 Unearned Revenue 1.2 2.9 1.8 2.1 Accrued Expenses 1.9 13.5 13.3 16.6 Total Current Liabilities 36.9 58.9 51 82 Long-Term Debt 2.9 6.1 11.6 0.1 Convertible Bonds 27.5 - - - Unearned Revenue 1.1 1.5 1 0.9 Stockholders’ Equity Common Stock 0.1 0.2 0.2 0.1 Additional Paid-In-Capital 19.5 13.9 18.8 1.6 Retained Earnings 12 19.4 17.4 15.3 Total Equity 31.6 33.5 36.4 17 Total Liability & Equity 100 100 100 100 Net Sales 100 100 100 100 Cost of Goods Sold 77.2 74.1 75.9 77.9 Gross Profit 22.8 25.9 24.1 22.1 SG&A 17.4 16.4 15 16.4 Interest &...
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...Comprehensive Case United States Surgical Corporation 1 Running head: COMPREHENSIVE CASE U.S. SURGICAL CORPORATION Comprehensive Case United States Surgical Corporation Scott P. McHone Liberty University Comprehensive Case United States Surgical Corporation 2 Abstract During the past thirty years we have seen an increase in the number of companies that have committed some form of financial shenanigans. Some of these companies have manipulated Generally Accepted Accounting Principles to present themselves as financially sound. Others have committed fraud to achieve the same objective. With this type of corporate behavior there is an increasing need for better auditing and more reliable audited financial statements. The purpose of this paper is to read and study a comprehensive case as presented in the textbook Contemporary Auditing: Real Issues and Cases and answer the questions as listed at the end of the case study. I decided to select case 1.10 United States Surgical Corporation. Comprehensive Case United States Surgical Corporation 3 Comprehensive Case United States Surgical Corporation To fully appreciate this paper it is recommended that the case study along with the associated questions be read prior to reading this paper. Question one from the case study focuses on what audit procedures should have been performed by the auditing firm for the 1981 audit period that would help increase the possibility of detecting the overstatement of the leased and loaned assets due...
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...13 Table of Contents 1. Introduction1 2. HRM Transformation in general terms2 2.1 HRM phenomenon 3 2.2 Trends driving it3 3. HRM formulation for the manufacturing company 4 3.1 About the company4 3.2 Harvard HRM model 4 3.3 Situational and Stakeholders Aspects 5 3.4 Defining business strategy6 3.5 HRM policies 8 3.6 HRM Delivery9 4. Recommendations and Conclusions 10 4.1 Interpretational model and recommendations10 4.2 Conclusion13 References14 1. Introduction The first part of the report will provide an insight to what circumstances triggered HRM transformation. Then we’ll explore the complex issues debated around HRM transformation at present and attempt to examine some theoretical perspectives and approaches that may be suitable in advising CEO what HRM transformation would mean for the manufacturing industry. We’ll emphasize in our report that restructuring and retrenchment should be practiced only when relevant. In the last section of our report we’ll present an interpretational model amalgamating figures and some rhetorical findings analysed in the earlier sections of the report and based on the analysis of the same model we’ll provide recommendations and conclusion as to how HRM transformation might achieve both cost cutting and increased effectiveness. 2. HRM transformation in general terms 2.1 HRM phenomenon During Margaret Thatcher’s administration we observed ‘an ascendancy of a new political and economic...
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...& the role of the auditor in Bangladesh perspective. To fulfill the report objective, we analyzed & reviewed some of the secondary information available on the internet related to the topic.. Based on our classroom knowledge on the related issues, we tried to make the report as specific and unique as possible. We humbly submit this report for your review and feedback. Preparation of this report demanded a minimum level of working knowledge of the process of audit & assurance . We also tried to follow your instructions properly now and when necessary. We would like to request you to allow us to submit the report. Sincerely Yours’ Group 18 Executive Summary The purpose of this paper is to propose a study on the corporate fraud cases & the role of auditors in Bangladesh perspective. It is tries to find out the reasons behind auditors involvement in the frauds & consequences. For this purpose, we collected & analyzed several research papers & other secondary data like:...
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...|Q. No.1 |The establishment of panchayats, block samiti and zila parishad fulfils the need of the following principle | | |(a) |The principle of leadership |(b) |The principle of grass-root | | |(c) |The principle of democratic approach |(d) |The principle of whole family approach | |Q. No. 2 |Method Demonstration as an extension teaching method is classified under | | |(a) |Individual contact |(b) |Group contact | | |(c) |Mass contact |(d) |None | |Q. No. 3 |Large group when divided into smaller groups (units) for a short period of discussion is called | | |(a) |Brain storming |(b) |Buzz session | | |(c) |Conference |(d) |Workshop | |Q. No. 4 |The modified version of a panel discussion in which three or more resource persons discuss a specific topic is called | | ...
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...CONTEMPORARY AUDITING REAL ISSUES & CASES MICHAEL C. KNAPP SEVENTH EDITION MAKE IT YOURS! SELECT JUST THE CASES YOU NEED Through Cengage Learning’s Make It Yours, you can — simply, quickly, and affordably — create a quality auditing text that is tailored to your course. • Pick your coverage and only pay for the cases you use. • Add cases from a prior edition of Knapp’s Contemporary Auditing. • Add your course materials and assignments. • Pick your own unique cover design. We recognize that not every program covers the same cases and topics in your auditing course. Chris Knapp wrote his case book for people to use either as a core e book or as a supplement to an existing book. If you would like to use a custom auditing case book or supplement the South-Western accounting book you are currently using, simply check the cases you want to include, indicate if there are other course materials you would like to add, and click submit. A Cengage Learning representative will contact you to review and confirm your order. G E T S T A R T E D Visit www.custom.cengage.com/makeityours/knapp7e to make your selections and provide details on anything else you would like to include. Prefer to use pen and paper? No problem. Fill out questions 1-4 and fax this form to 1.800.270.3310. A Custom Solutions editor will contact you within 2-3 business days to discuss the options you have selected. 1. Which of the following cases would you like to include? Section...
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...“STUDYING THE ROLE OF AGE IN THE RELATIONSHIP OF EMOTIONAL INTELLIGENCE AND CONFLICT RESOLUTION STYLES IN THE IT PROFESSION” A PROJECT REPORT SUBMITTED BY SHRUTI SIAG FOR THE PARTIAL FULFILMENT OF THE REQUIREMENT OF THE AWARD OF THE DEGREE OF M.A. IN PSYCHOLOGY AT FERGUSSON COLLEGE PUNE - 411004 (2010-11) Declaration I, Ms Shruti Siag a student of M.A. from the Department of Psychology, Fergusson College, Pune University, declare that the following report of a project titled “STUDYING THE ROLE OF AGE IN THE RELATIONSHIP OF EMOTIONAL INTELLIGENCE AND CONFLICT RESOLUTION STYLES IN THE IT PROFESSION” is an independent work done by me and submitted as the partial fulfilment of the requirement for the award of the degree of M.A. in Psychology under the University of Pune. Signature: Name: Shruti Siag D.E. Society’s Fergusson College, Pune Certificate This is to certify that Shruti Siag has successfully completed the project named “Studying the role of Age in the relationship of Emotional Intelligence and Conflict Resolution Styles in the IT profession” Towards the partial completion of M. A. (Psychology) Course of the University of Pune, in the academic year 2009-2010. Dr. Shobhana AbhayankarHead of the DepartmentDept. of PsychologyFergusson CollegePune-411004 | Prof. Anand. S. GodseProject In-chargeDept. of PsychologyFergusson CollegePune-411004 | ACKNOWLEDGEMENTS This...
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...A CONTEMPORARY AUDITING REAL ISSUES AND CASES Seventh Edition Michael C. Knapp University of Oklahoma ; \ 1% SOUTH-WESTERN CENGAGE Learning- Australia • Brazil • Japan • Korea • Mexico • Singapore • Spain • United Kingdom • United States CONTENTS SECTION 1 Comprehensive Cases 1 Case 1.1 Enron Corporation 3 Arthur Edward Andersen established a simple motto that he required his subordinates and clients to invoke: "Think straight, talk straight." For decades, that motto sewed Arthur Andersen & Co. well. Unfortunately, the firm's association with one client, Enron Corporation, abruptly ended Andersen's long and proud history in the public accounting profession. K Y TOPICS: history of the public accounting profession in the United States, scope of E professional services provided to audit clients, auditor independence, and retention of audit workpapers. ; Case 1.2 Just for FEET, Inc. 23 In the fall of 1999, just a few months after reporting a record profit for fiscal 1998, Just for Feet collapsed and filed for bankruptcy. Subsequent investigations by law enforcement authorities revealed a massive accounting fraud that had grossly misrepresented the company's reported operating results. Key features of the fraud were improper accounting for "vendor allowances" and intentional understatements of the company's inventory valuation allowance. K Y TOPICS: applying analytical procedures, identifying inherent risk and control risk E factors, need for auditors to monitor...
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...Doppler velocity log (DVL), depth, and heading sensors. Range measurement transducers are additional auxiliary navigation sensors. Using the two range measurements, the proposed navigation system will be able to improve the performance of conventional IMU-DVL navigation systems for long-time operation of underwater vehicles, and useful even without DVL information. An extended Kalman filter was adopted to propagate the error covariance, to update the measurement errors, and to correct the state equation when the external measurements are available. Simulations were conducted with the 6-d.o.f. nonlinear numerical model of an AUV in lawn-mowing survey mode under current flow condition. Navigation performance is surveyed for the cases when the bottom reflected DVL information is unavailable. Simulations illustrate the effectiveness of the integrated navigation system assisted by the additional range measurements and robustness on initial position error. I. INTRODUCTION Strap-down inertial navigation systems (INS) composed of three accelerometers and three gyros are fascinating sensors for the localization...
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...Law Assistants Co. Law Assistants Co. Law Assistants Co. Law Assistants Co. Prepared by: Maryam Arshad (212870234), Yueying Xu (212832747), Emilie Pryse (212740338), AmynaAmyna (212837373), and Constance Tomson (212804266) All Members from Section C Prepared by: Maryam Arshad (212870234), Yueying Xu (212832747), Emilie Pryse (212740338), AmynaAmyna (212837373), and Constance Tomson (212804266) All Members from Section C Table of Contents Executive Summary 2 General Information 3 Product Overview and Economic Justification 4 Risk Assessment and Mitigation 5 Marketing Plan 7 Marketing Mix 7 Application Development Plan 8 Application Development 8 Timeframe 8 Questions and Approach ……………………………………………………………………….…9 Summary 9 Conlusion 9 Bibliography 11 Appendix A – Crime Rates Comparison 14 Appendix B – SWOT Analysis 14 Appendix C – Estimated Costs 15 Appendix D – Estimated Revenues 15 Appendix E – The LawAssist Working Process 16 Appendix F – Implementation Process 17 Appendix G – Implementation Plan 17 Executive Summary In today’s world, technology is moving at an incredibly fast pace. Industries such as healthcare, retail and finance have all implemented one or another form of modern technology. Out of the many advancements in the past decade, the most significant is cognitive computing. Defined in simple terms, cognitive computing refers to a computer system that is modeled after the human brain (Cognitive Computing)...
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...ISSUES IN ACCOUNTING EDUCATION Vol. 26, No. 3 2011 pp. 547–568 American Accounting Association DOI: 10.2308/iace-50004 Koss Corporation Case: Trouble in Brew City Brian Daugherty and Daniel G. Neely ABSTRACT: This instructional case provides auditing students an opportunity to examine an interesting real-life embezzlement and financial statement fraud occurring at a publicly traded company in the post-Sarbanes-Oxley (SOX) era. The case focuses on independent auditors’ and senior management’s reporting responsibilities related to internal control over financial reporting involving smaller public companies (nonaccelerated filers). While all public companies are subject to external auditor and management attestation on the effectiveness of internal control over financial reporting following SOX, the Securities and Exchange Commission (SEC) granted nonaccelerated filers numerous extensions for the effective date of required auditor attestation. In 2010, President Obama signed legislation to permanently exempt nonaccelerated filers from auditor attestation. The case also highlights inherent risk assessments by the independent auditor when one individual holds multiple C-level titles (Chief Executive Officer, Chief Financial Officer, Chief Operating Officer, etc.) within the organization concurrent with membership on the board of directors, and requires students to recommend internal control policies and procedures designed to prevent or detect the embezzlement...
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...Metlife Alico Introduction Metlife Alico is the holding corporation for the Metropolitan Life Insurance Company, or MetLife for short, and its affiliates. MetLife is among the largest global providers of insurance, annuities, and employee benefit programs, with 90 million customers in over 60countries.The firm was founded on March 24, 1868. On January 6, 1915, MetLife completed the mutualization process, changing from a stock life insurance company owned by individuals to a mutual company operating without external shareholders and for the benefit of policyholders. The company went public in 2000.Through its subsidiaries and affiliates, MetLife holds leading market positions in the United States, Japan, Latin America, Asia’s Pacific region, Europe, and the Middle East. MetLife serves 90 of the largest Fortune 500 companies. The company’s principal offices are located at 1095 Avenue of the Americas in Midtown Manhattan, New York City, though it retains some executive offices and its boardroom in the MetLife Building, located at 200 Park Avenue, New York City, which it sold in 2005. Major product and services Insurance products accounted for 53% of MetLife’s 2009 $49 billion of revenue.MetLife is the largest life insurer in the United States and Mexico and is the second-largest foreign provider of insurance in Japan and worldwide its customers total 90 million individuals. * Life insurance * Dental * Disability * Annuities * Auto and home * Life...
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...The impact of information technology on the HR function transformation By Yu Long 0123404 Graduation Committee: First supervisor: Dr. T. Bondarouk Course coordinator: Pro. Dr. J. K. Looise Master Thesis, Business Administration HRM University of Twente March, 2009 Preface This master thesis concludes my life as a student, which is performed under the supervision of Twente University in the Netherlands. The research is the terminal of the program Human Resource Management. Doing this research not only improves my skill on literature searching, information analysis, but helps me to gain more profound knowledge about e-HR. During the research, I have got great support from several persons, and now, here is the opportunity to thank them. At first, I give special thanks to Jiajie Li, my boyfriend. He accompanies with me during the whole research period. Besides dealing with my impatient and anxious attitude, he also put great effort on improving my thesis. His optimistic and serious attitude influences me, and makes me continue the research with better and better results every time. His support is very meaningful for my research period. Secondly, I would like to thank Ms. Tanya Bondarouk, and Prof. Jan Kees Looise for their excellent support, feedback and guidance. Both of them give me fruitful advice on how to improve my work. And they always give me timely feedback on my work, which encourages and makes me belief that I can hand in a satisfactory report under the effort...
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...Case Study: Lincoln Savings and Loan Association In 1978, Charles Keating, Jr. began focusing his time and energy on his business endeavours when he founded the real estate firm, American Continental Corporation (ACC). Six years later, ACC acquired Lincoln Savings and Loan Association, which was headquartered in Phoenix, although its principal operations were in California. In his application to purchase Lincoln, Keating pledged to regulatory authorities that he would retain the Lincoln management team, that he would not use brokered deposits to expand the size of the savings and loan, and that residential home loans would remain Lincoln's principal line of business. After gaining control of Lincoln, Keating replaced the management team; began accepting large deposits from money brokers, which allowed him to nearly triple the size of the savings and loan in two years; and shifted the focus of Lincoln's lending activity from residential mortgage loans to land development projects. On 14 April 1989, the Federal Home Loan Bank Board (FFILBB) seized control of Lincoln Savings and Loan, alleging that Lincoln was dissipating its assets by operating in an unsafe and unsound manner. On that date, Lincoln's balance sheet reported total assets of $5.3 billion, only 2.3 percent of which were investments in residential mortgage loans. Nearly two-thirds of Lincoln's asset portfolio was invested directly or indirectly in high-risk land ventures and other commercial development projects. At...
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...Licensed to: CengageBrain User Licensed to: CengageBrain User This is an electronic version of the print textbook. Due to electronic rights restrictions, some third party content may be suppressed. Editorial review has deemed that any suppressed content does not materially affect the overall learning experience. The publisher reserves the right to remove content from this title at any time if subsequent rights restrictions require it. For valuable information on pricing, previous editions, changes to current editions, and alternate formats, please visit www.cengage.com/highered to search by ISBN#, author, title, or keyword for materials in your areas of interest. Copyright 2012 Cengage Learning. All Rights Reserved. May not be copied, scanned, or duplicated, in whole or in part. Due to electronic rights, some third party content may be suppressed from the eBook and/or eChapter(s). Editorial review has deemed that any suppressed content does not materially affect the overall learning experience. Cengage Learning reserves the right to remove additional content at any time if subsequent rights restrictions require it. Licensed to: CengageBrain User Leadership: Theory, Application, & Skill Development, Fifth Edition Robert N. Lussier, Christopher F. Achua Vice President of Editorial, Business: Jack W. Calhoun Publisher: Erin Joyner Acquisitions Editor: Scott Person Senior Developmental Editor: Julia Chase Marketing Manager: Jonathan Monahan Marketing Coordinator:...
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