...Case 04-1 Total Computer, Inc. Tim Jacobs (Audit Manager) was reviewing the working papers for Total Computer, Inc., a large, privately owned retailer of computer hardware in the United States. Tim is on site at the client’s headquarters and has only two sections to review: inventory reserves and accounts receivable. Inventory Reserves While reviewing the inventory working papers of Total Computer, Inc., Tim focused on the lower of cost or market (“LOCOM”) inventory reserve, which had been identified as an area of audit risk. The working papers included a schedule prepared by the client showing beginning and ending balances, write-offs, and the current-year provision. Sarah Byrd (Audit Staff) summed the schedule and traced the ending LOCOM reserve balance into the general ledger without exception. Further, Sarah documented in a memo that she held discussions with Betty Bingham (Controller) to gain an understanding of the client’s assumptions and judgments regarding the calculation of LOCOM inventory reserves. Betty prepared the LOCOM reserve based on her extensive knowledge of the company and the computer hardware business, as well as, her discussions with Jerry Lee (Director of Marketing). Sarah’s memo documented the following: • Inventory is a diverse portfolio of computer hardware produced by several manufacturers. • Total Computer, Inc., consistently has experienced an average inventory turnover of 10 times per year. • Based on his knowledge of the marketplace, Jerry identified...
Words: 995 - Pages: 4
...the Contract? Introduction Introduction Approximate Length: 1 hour 45 minutes Welcome to the What Is My Role in Managing the Contract? lesson. Upon completion of the lesson you will be able to answer these questions: What Is the COR's Role in Contract Administration? Why Should the COR Talk with the KO? What Makes Up a Contract? What Else Might I Encounter When Dealing with a Contract? Print Version For a printer friendly version of this lesson, select the icon on the left. To print a single page, select the 'Print' button at the top of the screen. Page 1 of 41 Review the lesson learning objectives. Recognize the basic information (period of performance, Performance Work Statement (PWS), contract value) found in a contract to include the uniform contract format. Identify methods of tracking contract obligations using Accounting Classification Requirements Number (ACRNS) and Contract Line Item Numbers (CLINs) in a contract. Recognize the COR’s role in tracking the contract schedule. Analyze contract schedule compliance, to include all Statement of Work (SOW) requirements and Contract Deliverable Requirements List (CDRL) deliverables. What Is My Role in Managing the Contract? Introduction Know Your Contract Page 2 of 41 Animated Vignette Alternative Note: The animated vignette does not employ the use of audio. Please select the Next button when the animated vignette is complete. What Is My Role in Managing the Contract? What Is the CORs Role in Contract Administration...
Words: 12645 - Pages: 51
...The Role of the Project Manager The Project Manager is responsible for carrying out the more detailed day-to-day management of project activities. These responsibilities include: * acting as the single point of contact during project delivery; * managing Delivery Stage activities of the project in accordance with the NPMS. This includes: * providing support to the Project Leader during the development of all Identification Stage deliverables; * preparing the Project Management Plan; * initiating the request for a PRAC meeting and providing the related documents as per the National Project Management System Real Property Procedure on Project Reviews; * organizing the project using planning and analytical tools for work breakdown, responsibility assignments, and schedule preparation; * estimating the benefits and costs for project options; * assessing risk and planning for risk mitigation; * planning to phase the project where necessary or appropriate; * entering project costs and maintaining accurate forecasts in the current PWGSC corporate business management systems (i.e. SIGMA, etc.); * monitoring the project progress to ensure conformance to the Project Management Plan and updating the Plan as necessary; * monthly reporting of progress to internal management (Project Leader, Team and to Treasury Board (TB) if required); and providing input to briefing notes, TB submissions and other documentation as required...
Words: 968 - Pages: 4
...QEP contracts were batch loaded into the system, there was a file cabinet that was missed and some contracts were not part of the upload. The contracts were all dated between 1997 and 2008. The majority of the contracts have had no activity against them and did not even have an SAP vendor number number issued, even though there is evergreen clause in them. (I think there was spend on like 10 of the 250 contracts we originally looked at.) Some vendor names have changed since the contracts were issued. All contracts were entered into the system with a status of “closed” and given a termination date of 12/31/13. This termination date was determined by our legal group and by records retention. When we were looking to have theses entered by a mass upload, Usman and I took a pretty hard look at which of the fields would be required and which would not provide useful data. The data that was sent over is a result of those decisions....
Words: 666 - Pages: 3
...Taylor AC 503 July 11, 2011 SOX effect on DCAA The public looks to financial documents for evidence on the success of companies and a basis for investing decisions. Investors and banks rely upon these documents to provide accurate information for the decision-making process. The accountants and auditors that create and verify the accuracy of the information within these documents hold the trust of those who rely on accurate financial information. Once the trust is broken, it can take time to rebuild. Unfortunately, the publics’ trust in the accounting profession was shaken with several large scandals such as Enron and WorldCom, and they are still working toward repairing the damage. Investors lost faith and hesitated to invest money, which can hurt the economy. In answer to this developing crisis of faith, President Bush signed the Sarbanes-Oxley Act of 2002 (SOX) (U.S. Securities and Exchange Commission, 2010). This act has far reaching effects on every aspect of the accounting and business world. It placed into effect guidelines and repercussions in accounting to help prevent future fraud. Those standards that were already in place, adapted to SOX and changed to meet the more stringent requirements. One such example is Defense Contract Audit Agency (DCAA) standards. Like all agencies, DCAA had to adapt to the new requirements of SOX, but the changes needed to first be defined. Sarbanes-Oxley Act of 2002 Sarbanes-Oxley Act of 2002 (SOX), not only provides guidelines...
Words: 1941 - Pages: 8
...The False Claims Act: NetApp and GSA Vernessa L. Minnifield Dr. Canuto Campos LEG 505 Abstract The company, Network Appliance Inc., also known as NetApp, paid the government $128 million to settle allegations it overcharged GSA customers for information technology products. The case alleged that NetApp did not give accurate information about discounts offered to commercial customers. Under federal rules, companies are required to disclose how much commercial customers pay to ensure that GSA can negotiate the lowest price for the government. This paper will provide an ethical analysis of the case, identify contributing factors, and recommend corrective actions for the issues addressed. The False Claims Act The False Claims Act is an important tool for U.S. taxpayers. It is used to recover monies stolen through fraud by government contractors. Under the False Claims Act, 31 U.S.C. §§ 3729-3733, those who knowingly submit, or cause another person to submit, false claims for payment of government funds are liable for three times the government’s damages plus civil penalties of $5,500 to $11,000 per false claim (TAF, 2011). The act imposes liability on any person who (1) submits a claim to the federal government that he or she knows is false, (2) knowingly submits a false record in order to obtain payment from the government, or (3) obtains money from the government to which he or she may not be entitled and then uses false statements in order to retain the money...
Words: 1530 - Pages: 7
...Code Phone Number E-Mail Address Web Address 2 Table of Contents 1. Table of Contents………………………………… 2. Executive Summary……………………………… 3. Business Description & Vision…………………. 4. Definition of the Market…………………………. 5. Description of Products and Services……………. 6. Organization & Management……………………. 7. Marketing and Sales Strategy……………………. 8. Financial Management…………………………… 9. Appendices………………………………………. 3 Executive Summary This section should: • • • After reviewing this section the reader should: • • Be written last Provide an enthusiastic snapshot of your company, explaining who you are, what you do and why Be less than 2 pages Want to learn more about your business Have a basic understanding about your company Start here… 4 Business Description & Vision This section should include: • • • • • • • • • Mission statement (business purpose) Company vision (statement about company growth) Business goals and objectives Brief history of the business List of key company principals After reviewing this section the reader should know: Who the business is and what it stands for Your perception of the company’s...
Words: 806 - Pages: 4
...Negotiation Exercise 2 PM598 – Contract and Procurement Management 12/10/2011 The negotiation experience that I would like to discuss occurred between the T-Mobile customer support group and me. The negotiation was concerning the switch of my mobile cell phone plan from one mobile carrier to another. The switch would allow me to take advantage of a corporate discount provided by my employer. The contract with T-Mobile was ending and I called to advise that I would not be renewing the contract and I would like to port my telephone number to another mobile carrier. T-Mobile was advised that the second line on the contract was to be terminated and it would not be ported to Verizon. The contract negotiation consists of planning, conducting the negotiation and documenting the negotiation and forming the contract. The first step of the negotiation consisted of planning the steps to verify the existence of a contacting with T-Mobile and to see if there is a contract end date. Communicate and conduct the negotiation instructions for the contract end, confirm the contract for termination fees and line porting fees. Confirm a verbal contract with T-Mobile that indicates contract end date and the early termination fees. T-Mobile confirmed that the lines could be ported or terminated. I advised that I wanted to port the primary telephone line to Verizon and terminate the second telephone line on the account. T-Mobile confirmed that there would be not early termination...
Words: 1054 - Pages: 5
...accounting numbers be neutral representations of what happened? What happens if a retired non-roster player (e.g. Joe Portocararo) returns to the active roster while continuing to earn the same money promised him in his guaranteed contract? Of what importance are the periodic net income numbers if the clubs can always be sold for huge profits? How should Bill Ahern resolve the accounting conflict between the owners and players? How much did the Kansas City Zephyrs Baseball Club earn in 1983 and 1984? Facts This case shows that how different accounting methods can lead a company to different positions. That is what Bill Ahern was selected on April 9 to focus on reviewing the finances of the Kansas City Zephyrs Baseball Club, Inc., which was bought on November 1, 1982 by five shareholders for $24 million, because both the representatives of the owner of the 26 major league baseball teams and the professional players association agreed that Kansas City Zephyrs Baseball Club’s operations were representative, and the baseball club entity was not owned by another corporation, and it did not own the stadium where they play. So Bill Ahern was reviewing their finances on April 17, 1985. He had to make a difficult judgement in next two days. He spent Tuesday reviewing the history of major league baseball and the relationship between the various entities. On following day, Wednesday, he met with the twi Zephyrs owners’ representatives, and On the following Monday, Bill Ahern met with the representatives...
Words: 1731 - Pages: 7
...Name Kaplan University PA130: Unit 5 Assignment Date In regards to our client Charles Turner, owner of Handyman, Inc., who has asked our law firm to evaluate the contract between him and Sally Conner, it has been determined that a legally binding contract does not exist because there are specific elements that are missing in said contract. Although there is sufficient offer and acceptance, consideration is a definite issue. According to Mr. Turner, he met with Sally Conner, and her daughter Rebecca, to discuss replacing her roof and providing a home maintenance plan. During the meeting, Rebecca stated that she would like to oversee her mother’s financial matters, but left on an errand five minutes into the meeting, leaving Mr. Turner and Ms. Conner to continue the meeting together. After picking out the desired shingle, Ms. Conner then agreed to let Mr. Turner begin work on the following Sunday. However, when Mr. Turner began work that day at 7:00 a.m., Ms. Conner had been away for the weekend. Upon returning home at 3:30 p.m., Ms. Conner stated that she no longer wished to hire Mr. Turner because she has found a cheaper company. After reviewing the information provided, possible defects in the contract have been made clear. Rebecca asked to oversee her mother’s financial matters with apparent reason. During the meeting, Mr. Turner admitted to seeing several brochures from the American Association of Schizophrenia. Additionally, Ms. Conner asked Mr....
Words: 682 - Pages: 3
...accounting numbers be neutral representations of what happened? What happens if a retired non-roster player (e.g. Joe Portocararo) returns to the active roster while continuing to earn the same money promised him in his guaranteed contract? Of what importance are the periodic net income numbers if the clubs can always be sold for huge profits? How should Bill Ahern resolve the accounting conflict between the owners and players? How much did the Kansas City Zephyrs Baseball Club earn in 1983 and 1984? Facts This case shows that how different accounting methods can lead a company to different positions. That is what Bill Ahern was selected on April 9 to focus on reviewing the finances of the Kansas City Zephyrs Baseball Club, Inc., which was bought on November 1, 1982 by five shareholders for $24 million, because both the representatives of the owner of the 26 major league baseball teams and the professional players association agreed that Kansas City Zephyrs Baseball Club’s operations were representative, and the baseball club entity was not owned by another corporation, and it did not own the stadium where they play. So Bill Ahern was reviewing their finances on April 17, 1985. He had to make a difficult judgement in next two days. He spent Tuesday reviewing the history of major league baseball and the relationship between the various entities. On following day, Wednesday, he met with the twi Zephyrs owners’ representatives, and On the following Monday, Bill Ahern met with the...
Words: 1721 - Pages: 7
...comparatively provides reasonable assurance that no material misstatements occurred. Since a review deals with a limited scope, it does not provide the basis for expressing an opinion on the presentation of the financial statements or whether they are in accordance with GAAP, and it is not allowed on certain engagements. However, since a review still provides moderate assurance, the auditor must remain independent. 2. SAS No. 106. “Audit Evidence.” Identifies the principal “management assertions” that underlie a set of financial statements. The occurrence assertion was particularly critical for ZZZZ Best’s insurance restoration contracts. ZZZZ Best’s auditors obtained third party confirmations to support the contracts, reviews available documentation, performed analytical procedures to evaluate the reasonableness of the revenues recorded on the contract, and visited selecterd restoration sites. Comment on the limitations of the evidence that these procedures provide with regard to the management assertion of occurrence. Even though the procedures were performed in accordance with GAAS, they are still subject to certain limitations outside of the auditor’s control. In this case, the evidence gathered was insufficient to support management’s assertion of the occurrence of the events and transactions. Obtaining third-party...
Words: 587 - Pages: 3
...General Dynamics John M. Harris Embry-Riddle Aeronautical University MGMT 210 Tara Saracina July 17, 2014 General Dynamics General Dynamics is a multifaceted company that does business in four major areas: aerospace, combat systems, marines systems, and technology and information systems. General Dynamics started in 1952 and “grew organically and through acquisitions until the early 1990s, when (it) sold nearly all of (it’s) divisions” (Generaldynamics.com, 2014) General Dynamics has since started acquiring new companies which to date is comprised of “more than 65 business” to include Gulfstream and C4 systems (Generaldynamics.com, 2014). Since the company is comprised of many smaller companies they use a balanced business model to allow each of its companies the freedom to “achieve their goals”. Even though General Dynamics is comprised of many smaller companies all of their financial transactions are reported on one Annual Report under the General Dynamics company. Through the use of General Dynamics most current Annual Report I will be looking at the company’s financial health in several areas and determine whether what is happening is good or bad. Some of the things I will be looking at are: net income, ratio of net income to net revenue, Assets, Current Ratio, Debt to Asset ratio, Dividends, financing and investing activities, net cash flow from operating activities, and the Independent Auditors Report. Net Income Using General Dynamics “Consolidated...
Words: 1603 - Pages: 7
...disposal of records after its expiration period. • Maintains office efficiency by planning and implementing office systems, layouts, and procurement of equipments. • Designs and implements office policies by establishing standards and procedures; measuring results against standards; making necessary adjustments. • Completes various tasks based on the requirements and follow up on work results. • Keep management informed by reviewing and analyzing special reports; summarizing information; identifying trends. • Maintains professional and technical knowledge by attending educational workshops on the web; reviewing professional publications; establishing networks; participating in professional societies. • Achieves financial objectives by preparing an annual budget; scheduling expenditures; analyzing variances; initiating corrective actions. • Contribute effort to accomplish related results as needed. • Renewal of Tenancy Contracts – Employee Residence, by having accurate information and proper documentation. • Arrange insurance for their accommodation being MPAM’s assets and renew the same on time. • Set up Insurance for the Office Premises, Assets, and Fidelity Guarantees. • Negotiate with the suppliers to get a competitive Pricing for all services required by the company...
Words: 737 - Pages: 3
...descriptive elements of those. The case study is a major high-technology project with the members being experienced in this type of contractual tendering. They have used the tendering process before and can quickly find and contract one or more suppliers efficiently. Phase 1 defines establishing and documenting the risk baseline of the company. This is a comparative technique against contractors but is based mostly on assumption. The initial information in Phase 1 based on project documents and the request for tender itself. Phase 1 is able to establish a baseline. They start with the actual project documents, which aren’t used in Phase two as is the risk assessment. What is similar with both phases is what is involved in briefing the project documents and briefing the risk assessment. With both there is a review for the sources of risk, assessing the effects of the risk, and combining the likelihood and impacts of the risks. Phase 2 in contrast to Phase 1 is based on the risk baseline that has already been established. Phase 2 provides guidance based on the tenderers approach, so is not assumption based. It is derived from the actual tenderer’s responses. A difference with Phase 2 is that the tender documents have already been prepared and can be defined. In reviewing the documents in this phase there is a better chance in identifying sources of the risks and comparing these findings among contractors, as they all will have them. Another difference in Phase 2 is the detailed description...
Words: 578 - Pages: 3
