...ZZZ Best Company Inc. ZZZ Best Company, Inc. is good example for being explored by accounting students regarding audit field. In this case, ZZZ Best Company, Inc., which is established by Barry Minkow, became a tool for its owner i. E. Barry Minkow to get money by lying to thrid parties via fictitious insurance restoration project. Difficulties in developing carpet cleaning industry made Barry Minkow think to get money in wrong way. Collaborate with Tom Padgett and also extensive social network, made this big scheme to deceive big investors became easy. After success in cheating investors, Barry Minkow think bigger to make more money. He think to make ZZZ Best Company go public. For company which want to go public, it must fulfill many requirements of SEC. One of requirements is audited by accounting public officer. To fulfill that requirement, ZZZ Best Company Inc. hired George Greenspan to perform audit for 12 months. According to his testimony regarding ZZZ Best scandal to congressional subcommittee that investigated fraud in ZZZ Best Company, Inc., Greenspan insisted that he has proprtly audited Minkow’s company although finally Greenspan admitted that he had not inspected any of the insurance restoration sites. Next audit company which audited Minkow’s company was Ernst and Whinney. From Greenspan confession, he already communicate with Ernst and Whinney as predecessor auditor who audited ZZZ Best but this statement was rejected by Ernst and...
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...review service provides a moderate amount of assurance on the financial statements, and less evidence is necessary to support this level of assurance. Whereas audit provides a high level of assurance. 2. The Limitations of Management assertion of existence: First ZZZ Best auditor George Greenspan performed audit for 12 months ended April 30, 1986. According the case: He confirmed the existence of ZZZ Best major insurance contracts by contacting Tom Padgett. He not only confirmed their existence but also obtained and reviewed copies of all key documents regarding those jobs. However, Greenspan did not inspect any of the insurance restorations. As I understood from the case, If auditor satisfied that these jobs exist by different sources (existence according the paper documents) he is not required to conduct personal on-site inspection. Or if physical observation is not relevant or too costly auditors obtain the next best evidence available. This is the one of limitations of management assertion of existence The next auditor of ZZZ Best Larry Grey (Ernst and Whinney) besides getting evidence in paperwork, he conducted on-site inspection of one of the biggest restoration site contracts of ZZZ Best. But Ernst and Whinney didn’t corroborate the evidence of existence from all different sources (most reliable eternal evidence which is independent from the Co.). They didn’t take into account that...
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...successful DDS encompasses all concepts we have discussed in previous sessions such as sponsorship, managing change, outsourcing, data standards, security and privacy. For this week’s assignment and discussion we will address the implementation of a Web-enabled DDS at ZZZ health care system. ZZZ is a national hospital organization with more than 3,000 beds combined. It employs about 10,000 people and its total operating revenue is approximately $1 billion. ZZZ member hospitals provide services for acute care, extended care, residential facilities for disabled and older adults, occupational medicine and community services organizations. ZZZ could benefit from DDS at many levels: operational (i.e. resource allocation), managerial (i.e. assess departmental costs, integrate services between departments etc.) and strategic (pricing and contracting decisions, discontinuation or initiation of services etc.). ZZZ has gone through three generations of DDSs. The first generation DDS (1985-1990) was developed as a flat-file-based case management system. Its purpose was to facilitate reimbursements for specific categories of diseases. Individual hospitals had to run and mail reports to remote users, including the ZZZ administration. Turnaround time was three days for standard reports and one week for ad-hoc/customized reports. 1a. Use the...
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...2 AM on a warm summer day in 1988, I distinctly remember being worried about my 6th grade algebra test scheduled later in the day. I craved for my parents’ guidance and moral support but they were thousands of miles away living in another country. Years later, when I recounted this experience to my father, he confided to me, with tears welling up in his eyes, that not a day goes by without him feeling remorse for not having been around to guide me during my youth. While my parents showered me with material comforts and love, it still did not compensate for their physical absence. Experiences such as these motivated me to mentor a team of four at ZZZ, an organization aimed at preparing high school students for college. The students were mostly from broken homes with very little means of sustenance. My responsibility, when I joined ZZZ in summer ‘09, was to guide my team to conceive a product, create a business plan and present it during the business plan competition at the end of the school year. During the first few meetings, we discussed numerous product ideas, few practical and many impractical. Though taken by their enthusiasm, I had to help them focus on a feasible product taking into account time and logistical constraints. Doing so with teenagers took considerable patience, but eventually, given our collective craving for desserts, a great product idea - “Customizable candy wrappers” was born! We soon got to work after I gauged their strengths and assigned each of them...
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...Table of Contents 1. Executive Summary .................................................................................................................................. 4 1.1 Business Overview .............................................................................................................................. 4 1.2 Business Model ................................................................................................................................... 4 1.3 Market Analysis ................................................................................................................................... 4 1.4 Financial Projections ........................................................................................................................... 5 1.5 Financial Needs ................................................................................................................................... 5 1.6 Debt Repayment Plan ......................................................................................................................... 5 2. Business Overview ................................................................................................................................... 6 2.1 Vision and Goals .................................................................................................................................. 6 2.2 Business Location .......................................................................................
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...break-even point if the price, variable costs, or fixed costs change given information from a absorption income statement. 06. Could you calculate how fixed costs would have to be decreased to maintain the same dollar amount of operating profit? 07. If a Manufacturing Company has a fixed cost of $XXX,XXX for the production of tubes. Estimated sales are ZZZ,ZZZ units. A before tax profit of $KKKKK is desired by the controller. If the tubes sell for $Y each, what unit contribution margin is required to attain the profit target? 08. Given the dollar amount of sales, fixed expenses and variable expenses, what would expected net income be if the company experienced a ?? percent increase in fixed costs and ?? percent increase in sales volume? 09. If multiple products are sold with different contribution margins, can you calculate the breakeven point for the products? 10. What assumptions are made over the relevant range in terms of break-even analysis? 11. At the break-even point the total contribution margin equals what? 12. The following information relates to the Tram Company for the upcoming year including sales, cost of goods sold, gross...
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...Abstract The perception of the financial and the accounting field over the past decade has been very poor in the eyes of the public. Especially after many recent scandals that have more then embarrassed the industry. The overall idea behind the field of accounting is for accountants to serve the public for the greater good. Yet the public doesn’t feel that accountants can be trusted. Hence, the numerous amounts of regulations imposed by the government on the finance field. In this paper we discuss the field of finance and accounting, overall view of the public, several scandals that led to the lowly perception of the accounting profession and some of the numerous regulations imposed by the government. Are these regulations too many or too little and how do they affect the economy? Research Paper Number One The perception of the financial and the accounting field over the past decade has been very poor in the eyes of the public. Especially after the recent scandals that have more then embarrassed the industry. The overall idea behind the field of accounting is for accountants to serve the public for the greater good. Yet the public doesn’t feel that accountants can be trusted. Hence, the numerous regulations imposed by the government on the finance field. According to a recent poll done by U.S. News and World Report of the top jobs in America for the year of 2012, accountants came in at number 21 on the list out of a possible 25 different...
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...unprepared and key people or stakeholders are absent or simply not a part of the meeting. For my final project, I will be writing about a typical pipeline construction project. I will specifically write about a pipeline project that consists of 96 miles of pipe that is being constructed from College Station, Texas down through Houston, Texas with an end goal of completing the project within a year’s time. The main stakeholder involved within the project will be known as XYZ Pipeline. My company, ZZZ Pipeline is the general contractor on the project and will be heading all aspects of the construction and production process within the project. Those involved within the majority of the project team will consist of the head project manager, the junior project manager, superintendent, HSE manager, administrative and human resources specialist, inspection and one call notification specialist. ------------------------------------------------- For the project I am currently working on, a good kick-off meeting is require in order for the project to begin and run smoothly. As the project manager, planning...
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...Renee: (looking around) Every year it's the same old New Year's Eve party, same old people. Lacey: Who are you calling old? Renee: You know what I mean. Nothing ever changes. Rapper ZZZ: Yo! What you sayin? I wore different shoes last year. Gabby: I'm changing something this year. Mike: What? Fur coats? Everyone laughs haughtily Gabby: No. Well yes, actually. I'm making a New Year's Resolution not to eat c Renee: (gasps) Are you sure you want to do that? Gabby: I'm sure. It's not like I'm giving up all my designers, just a few. I want to limit myself to 2-3 new outfits a week. Marcus: (to Mike) How much was she buying before? Mike: She'd usually come home with that many a day. Lacey: But what about shoes? I just heard Manolo Blahnik (MA-no-low Bah-lon-ick) is coming out with a whole new line of jungle prints. You don't want to miss that! Gabby: Girl, I didn't say I was I crazy. Of course I'll be buying those shoes! Every pair! Peter: Are those the ones that cost like $500 a pair? Mike: That's barely the starting price. She's got this one pair that was almost $1500. And that was a bargain! Lacey: No price is too high for Manolo Blahniks! But, I have to say you've inspired me, Gabby. I want to make a New Year's Resolution too. Peter: This ought to be good. Lacey: I' m going to cut back on my diamonds. Peter: Really? Lacey: Yes. I spend thousands of dollars on necklaces and rings but I can't possibly wear them all. I've got so many...
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...Case Study Flight 001 Motivating your employees as a manager or owner is one of the keys to having a successful business. In retail, every employee plays an important role. Whether the job is temporary or a permanent career for an individual, it is important to encourage an individual by hearing their ideas and making them a part of the big picture. It is important that management empowers and motivate the employees. There are three theories I will talk about in this case study. According to Maslow’s Hierarchy, there are five categories each human need: Physiology, security, belongingness, esteem, and self-actualization. According to the Flight 011 video, Amanda Shank, the Assistant Store Leader, worked for a company where she did not feel valued. She was told that she was just one of the numbers (Flight 011, 2010). The needs that were not met were a mixture of self actualization and self esteem; her opinions are not valued, therefore, there is no motivation to move up or be successful at the company. If Shank’s managers ensured her that she is valued to the company and gives her positive feedbacks to do better. There might have been a chance for her to be motivated to stay in that company and even move up in the corporate ladder. “Expectancy Theory suggests that motivation depends on two things – how much we want something and how likely we think we are to get it” (Griffin, 2011). The position in retail can be viewed as a temporary job to most. The employees who...
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...Fraud of ZZZ Best Company The ZZZ Best was the carpet cleaning company that was started by 15 year old Barry Minkow in 1982. He was inspired to enter into this industry by his mother when he was 12 years old. His mother was working as a telephone solicitor for a small carpet cleaning firm. Though most of the companies in carpet cleaning industry were legitimate, the nature of this business attracts many seedy characters of the malpractice. There are no barriers for any entry even no license was required. It was too easy that a 16 year old boy can start this business with his new driver’s license. The boy started his business as “rug sucker”. Minkow started his business named ZZZZ Best Carpet Cleaning Company in Reseda, San Fernando Valley, California. In the beginning stage Minkow ran his home based business out of his parent’s garage. Minkow soon realized that a small carpet cleaning business grew rapidly in next five years, but Minkow realized that it was difficult to earn from this business. To make earning better he had to face the cutthroat competition. The young boy had to face customer complaints, bad checks, and nagging vendors also demanding payment. And within very short time phrase he faced the fact of shortage of working capital. And moreover because of Minkow’s young age and the fact that ZZZZ Best was only marginally profitable business. All the local banks refused to give him loan. So, this teenager was looking for some easy ways of earning. Like check kiting...
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...Zzz Drifters Synopsis on Group Decision-making For Systemic decisions involves in market communication and branding & group performance Marketing Principles Colbourne College Table of Content Page Introduction…………………………………………………………………………………… 3 Methodology……………………………………………………………………………........ 4 Group performance………………………………………………………………………….. 5 Recommendation…………………………………………………………........................ 6 - 7 Introduction Happy Days Toys Store was formed by three college friends. The idea came about when the students were all talking about sex toys with more benefits and feature as the toys they have is limited to the bedroom. The student discussion gave them the idea to venture into designing and getting manufacturers to invest and make the store a reality. Seven months later the company was formed. The company has been in existence since 2005. Happy Days is an adult toy store that operates in the heart of Half Way Tree, Kingston Jamaica, in a popular shopping Centre called Pavilion. The store specializes in a wide variety of sex toys and costumes designed with our customers in mind. The aim was to create a clientele of customers that are both young and old that wants to add a little spice to the bedroom. Making the interior decoration as romantic and sexual as possible taking away from any reservation they may have about visiting the store, they will always feel at home as our staff is there to help them all the way without any judgment. Methodology ...
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...Europass Curriculum Vitae Personal information First name(s) / Surname(s) Address(es) Telephone(s) E-mail Nationality Date of birth Gender Marco Filénio Vieira Neiva Rua do Casal, Nº15 Feitos, 4750-442 Barcelos, Portugal +351 253861145 marconeiva@hypercube.pt marconeiva@sapo.pt Portuguese January 19, 1985 Male Mobile: +351 963845840 Work experience Dates Occupation or position held Main activities and responsibilities Name and address of employer Type of business or sector Dates Occupation or position held Main activities and responsibilities Name and address of employer Type of business or sector 2006 - 2009 Assistant Camera operator and video editor Take5 Audiovisual Production From January 2010 to Present Founder and administrator of HyperCube – 3D Stereoscopic Productions CEO HyperCube 3D Stereocopic Productions and Services I&D Projects Dates Description Dates Description Dates Description Dates Description From February 2008 to September 2008 development of a player for Vuzix iWear VR920 (3D glasses) From March 2009 to April 2008 discover the best way to produce content to auto-stereoscopic displays From September 2010 to December 2010 integration of technologies to develop a solution for recording surgery 3d through the surgical microscope and realtime preview. February 2011 Development of a solution to capture images using 3 techniques at same time: 3D + HDR + TimeLapse 3D Stereo Productions (live- In these productions I was the producer, the stereographer...
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...Application of Game Theory In Biman Bangladesh Airlines Application of Game Theory In Biman Bangladesh Airlines Submitted to, XXX Lecturer Department of YYY University of ZZZ Submitted by, Group “Oracles” 17th Batch B section Date of Submission: 19th March, 2012 Dated: 19th April, 201 XXX Lecturer Department of YYY University of ZZZ Subject: Solicitation for acceptance of the Report on “Application of Game theory in Biman Bangladesh Airlines”. Dear Sir, We are very much pleased to submit the report on “Application of Game theory in Biman Bangladesh Airlines” which provides us the opportunity of practicing our theoretical knowledge. Though it is our first such type of report but all the works presented here is done with utmost sincerely and honesty. We have tried our best to make this report holistic and informative enough. Besides this, there may be shortcomings. We would be grateful if you consider those from excusable point. Thanking you Sincerely yours The group “Oracles” Batch-17th Section: B ACKNOWLEDGEMENT For the completion of this we cannot deserve all praise. First of all we like to thank the Almighty Allah who gives us the opportunity to prepare this project successfully. We do believe that it is his blessings on us that we have completed this report in spite of some initial obstacles. We are very thankful to our course instructor XXX. Under his caring guidance we found the completion...
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...Qi Geng ACC 522 Professor Tatum 04/19/2014 Lessons Learned From Litigation Introduction It’s not just clients who make mistakes, auditors also make fatal errors that directly or indirectly “contributes’ to the “death” of their client companies. Internal audit failures, most of the time, are due to reasons that easily could have been prevented during audit planning. These reasons could be not setting aside enough time to adequately plan the audit, not involving the client or failing to put together appropriate team members, etc. How can auditors to more effectively detect financial statement fraud? One of the best ways is to “profit” from the mistakes of others. The following is a list of lessons to be learned from the cases that we examined in class and AICPA codes that are applied to each case. Independence (ET section 101) Rule 101–Independence. A member in public practice shall be independent in the performance of professional services as required by standards promulgated by bodies designated by Council. The impairment of independence can happen due to many reasons such as the close financial relationship between a covered member and a client, a covered member’s close relative’s position in the client’s company, etc. In the case of Leslie Fay, BDO Seidman’s independence was impaired, the auditing firm of Leslie Fay since mid-1970s, because the on-going litigation brought up by Leslie Fay’s stockholders. This is supported by the paragraph 8 of ET section 101, which...
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