When and where the potential unauthorized are occurring

Assignment Help Financial Accounting
Reference no: EM13133687

Recently, upper management is concerned about the aggressive nature of some managers to increase sales by offering unauthorized discounts (thereby hurting profits). Your job is to examine the data and see if you can find any evidence supporting upper managements concerns. You should document who, when and where the potential unauthorized are occurring.

Forecasts: In a separate area of the company, each store forecasts weekly sales of furniture and office equipment. Each store has one forecaster assigned to it. You have data from Week 21 to Week 109. Determine which stores are best at forecasting over this time period. Also, management sent the forecasters to a training seminar in week 70. Has the training improved the forecasting overall or individually?

Required:

Document your plans to audit each of these files (look at data first; some tests may not be feasible)

Produce a report of findings with your statement of errrors and potential frauds (and reasons why).

List internal controls you may want to add or enforce to reduce the likelihood of future misstatements.

Reference no: EM13133687

Questions Cloud

Find probability that at most five defective bolts found : Find the probability that at most 5 defective bolts will be found in a box of 200 bolts if it is known that 2 per cent of such bolts are expected to be defective.
Why it is important that any aldehyde used in reaction : Why it is important that any aldehyde used in Witting reaction be free of carboxylic acid impurities?
Fixed costs amount : XYZ Company's sales are $750,000 with operating profits of $130,000. If the contribution margin ratio is 40%, what did the fixed costs amount to?
What are the recognized gain or loss : Raymond exchanges a rental lake house with an adjusted basis of 200,000 and fair market value of 320,000 for a rental beach house with a fair market value of 290,000 and 30,000 cash what are the recognized gain or loss and the basis of the beach h..
When and where the potential unauthorized are occurring : Produce a report of findings with your statement of errrors and potential frauds (and reasons why). List internal controls you may want to add or enforce to reduce the likelihood of future misstatements.
What is unearned revenue and why is it considered liability : What is unearned revenue and why is it considered a liability? When is unearned revenue recognized in the financial statements?
What is happening to students scores over time : What do these different scores tell you about the tests in Weeks 1, 2, 3, and 4? What is happening to the students' scores over time?
How much will kathy blooms increase its van account : Kathy’s Blooms purchased a delivery van for $20,000. The company was given a $2,000 cash discount by the dealer, and paid $1,000 sales tax. Annual insurance on the van is $500. As a result of the purchase, by how much will Kathy’s Blooms increas..
Non-euclidean geometry on sphere : Suppose instead of working on the Euclidean plane we study geometry on a sphere in (Euclidean) three space. We interpret point to mean any point on the sphere and we interpret line to mean any great circle on the sphere (that is any circumference ..

Reviews

Write a Review

Financial Accounting Questions & Answers

  Create a one page memorandum explaining marquettes

Create a one page memorandum explaining Marquettes estimated tax needs for its current year, providing the necessary supporting authorities.

  Explain how much setup cost will be allocated to each unit

Next year Power expects to perform 2,000 setups at a total cost of $ 4,000,000. Power plans to produce 800 units of product EP150, which will require two setups. Explain how much setup cost will be allocated to each unit of EP150 produced?

  Assigning responsibilities in responsibility centers

Assigning responsibilities in various responsibility centers and Advertising is handled by the corporate marketing departments, but the sales office controls a SMALL operating budget for entertainment expenses.

  What will be the cumulative loan balance at the end of march

If projected net cash flow for February is ($15,000); beginning cash balance is $6,000; minimum cash balance is $5,000; beginning loan balance is $8,000, what will be the cumulative loan balance at the end of March?

  Was reallocation of fixed costs across divisions unethical

If a division is reporting losses, does that essentially mean that it should be closed and was reallocation of fixed costs across divisions unethical?

  Evaluation of current price per share

Evaluation of Current price per share and Supernormal Growth Dividend

  What impact would accepting government contract

There would be no variable marketing costs incurred on the government's units and show What impact would accepting the government contract have on March income?

  Compute cash collections for february

Monthly sales are sold 10% for cash, 90% for credit. Credit sales are collected 40% in the month of sale and 60% the following month. Sales for the first quarter are as follows: Compute cash collections for February.

  Show how you would measure these fair values

The directors of Snapper Ltd want to calculate both the factory and the land at fair value as at 30 June 2010 Show how you would measure these fair values

  Evaluation of direct material price variance

Calculation of direct material price variance and The company purchased 3,000 yards of material in March for $21,000. The company used 2,800 yards in March in order to make 7,700 dresses. The direct materials price variance is?

  Determine the depreciation expense

Evaluate the depreciation expense for year under straight-line depreciation and the Allowance for Doubtful Accounts is necessary.

  Questions on construction costing and accounting

Questions on construction costing and accounting - complete the project. Using the percentage-of-completion method, Indiana

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd