Business, 05.12.2021 20:40 garcialopez162017

A former chairman, CFO, and controller of Donnkenny, Inc., an apparel company that makes sportswear for Pierre Cardin and Victoria Jones, pleaded guilty to financial statement fraud. These managers used false journal entries to record
fictitious sales, hid inventory in public warehouses so that it could be recorded as "sold," and required sales orders to be
backdated so that the sale could be moved to an earlier period. The combined effect of these actions caused $25 million
out of $40 million in quarterly sales to be phony.
a. Why might control procedures listed in this chapter be insufficient in stopping this type of fraud?
There was no conspiracy to commit the fraud.
Senior managers did not have the power to access many parts of the accounting system.
The authorization control was subverted because most of the authorization power resided with lower management.
It involved senior managers of the company.

Answers: 2

Show answers

Another question on Business

Business, 22.06.2019 03:10

Beswick company your team is allocated a project involving a major client, the beswick company. although the organization has many clients, this client, and project, is the largest source of revenue and affects the work of several other teams in the organization. the project requires continuous involvement with the client, so any problems with the client are immediately felt by others in the organization. jamie, a member of your team, is the only person in the company with whom this client is willing to deal. it can be said that jamie has:

Answers: 2

Answer

Business, 22.06.2019 11:50

True or flase? a. new technological developments can us adapt to depleting sources of natural resources. b. research and development funds from the government to private industry never pay off for the country as a whole; they only increase the profits of rich corporations. c. in order for fledgling industries in poor nations to thrive, they must receive protection from foreign trade. d. countries with few natural resources will always be poor. e. as long as real gdp (gross domestic product) grows at a slower rate than the population, per capita real gdp increases.

Answers: 2

Answer

Business, 22.06.2019 15:30

Uknow what i love about i ask a dumb question it is immediately answered but when i ask a real question it take like an hour to get answered

Answers: 2

Answer

Business, 22.06.2019 15:50

Evaluate a real situation between two economic actors; it could be any scenario: two competing businesses, two countries in negotiations, two kids trading baseball cards, you and another person involved in an exchange or anything else. use game theory to analyze the situation and the outcome (or potential outcome). be sure to explain the incentives, benefits and risks each face.

Answers: 1

Answer

You know the right answer?

A former chairman, CFO, and controller of Donnkenny, Inc., an apparel company that makes sportswear...

Questions