Auditor Crazy Eddie

Auditor Crazy Eddie Question: What specific mistakes (apart from failure to notice â€Å"red flags†) did the auditor make? For each mistake, describe what the auditor should have done. If you were the Managing Partner for the CPA firm and had full knowledge of all the facts and events in this case, what changes in policy or procedures would you implement to make sure this audit failure does not occur in the future? The Crazy Eddie’s financial statements had many fraudulent over and understatements done in many ways that the auditors should have caught. They created fictitious revenues by a number of means. They prepared phony invoices showing sales which overstated their revenues to show the company was growing faster than they actually were. Their vendors collaborated in the fraud by lying to the auditors when the auditors attempted to confirm some of these receivables. The auditors were not diligent when they verified these invoices. They should have probed further into the vendors to v erify that these sales occurred. They also should have understood the relationship between Cray Eddie’s and their vendors to understand if there were motives for fraud. They overstated their assets by overvaluing inventory. They would borrow merchandise from suppliers to inflate the ending inventory. The suppliers would ship the merchandise to the Crazy Eddie’s stores and hold the billing until after the end of the accounting period. The employees of Crazy Eddie went to great extents to deceive the auditors. They would move inventory to the stores or warehouses that were being audited to conceal the shortages. The auditors should have caught that the merchandise was not billed and understood what accounts they charged in the books when the merchandise was received. Another means of overstating the inventory was they shipped inventory from one store to another store so it could be double counted. This should have been caught by the auditors by having the entire inventor y verified in parallel. The employees included in their inventory consigned merchandise and goods being returned to suppliers. This could have been found by understanding the details of Crazy Eddie’s inventory. The auditor should have identified the consigned merchandise and goods being return to separate it from the normal inventory. Crazy Eddie used the accounting periods to overstate assets and income. They held off closing the books past the end of the accounting period to overstated assets and income by boosting sales. The other means used was to reduce liabilities and expenses by not recording them until the next period. The auditors should have verified books at the end of the accounting periods to make sure that all transactions were recorded. The auditors needed to verify the transactions around the end of the period to verify their timing accuracy. Another category of fraudulent activities was when they were completing their financial statements. They didn’t adequately disclose facts in the financial statements according to GAAP. The footnote during one period stated that certain income was recognized when received and the following period disclosed that income was recognized when earned. The auditors should have added an explanatory paragraph or a modification of wording for lack of consistent application of GAAP.

Why the American Civil Rights Movement was more successful than Essay

Why the American Civil Rights Movement was more successful than movements for foreigners rights in Japan have been (at least so far) - Essay Example In the U.S, the major social movement was the African-American Civil Rights movement whose main goal was to bring an end to discrimination and racial segregation to the Africans living in the country. The movement heavily campaigned on civil resistance by arranging civil disobedience and non-violence protests, which would lead to crisis all over the country. Industrial boycott was the mostly used as it negatively affected the country’s economic activities as almost all Africans worked as factory workers all over the entire country. Their efforts were rewarded when the 1964 Civil Rights Act was passed (DAngelo, 2001). The Act banned any form of discrimination based on a person’s religion, color, sex, race and national origin in employment and public interaction. Another enactment that was pushed by the movement was the 1965 Voting Rights Act, which stated the voting rights of migrants to the U.S and protecting these rights. The foreigner rights movement in Japan fought f or the few migrants to the country who were subjects to discrimination, harsh treatment by the authorities and racial discrimination. The movement arranged protests and boycott but only a few people came out to fight for their rights. The movement did not have the numbers to push for an end of the oppression foreigners were going through. Another reason why the foreigner rights movements in Japan failed to be successful was the lack of major legislative processes that would lead to the enactment of Acts that would help fight for their rights. The political opportunity and framing theory of social movement clearly explains why the movement in the U.S became successful and contributed to the passage of major bills, which resulted to the end of migrant oppression in the country as compared to the foreigner movement in Japan (Tsuda, 2006). One of the key bases that led to the success of

Critical Thinking Questions - Strategy and Competition Essay

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Management of Human Resource Assignment Example | Topics and Well Written Essays - 250 words

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Career development plan part 1 Essay Example | Topics and Well Written Essays - 750 words

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African American film genre Essay Example | Topics and Well Written Essays - 1750 words

African American film genre - Essay Example Long before John Crow's laws,white Americans had already a pre-conceived view of black people as inferior,which helped them justify slavery.After all they were unable to learn English and spoke Pigeon English,another proof that blacks were not intelligent. From the 1620s, blacks were stereotyped and the emergence of minstrel shows in the 1840s only helped in branding even more this misconception, (Davis) and introducing black caricatures, portrayed by white actors with black-make-up, as the coons, the toms, and the mammies at first, and later on followed by the mulattoes and the bucks. The first movie ever where African Americans appear was screened in 1898, where it showed black soldiers in the Spanish-American war. But it was with the 1903 movie with a black character, Uncle Tom, directed by Edwin S. Porter, a white man, that we can pinpoint the beginning of the American film industry incorporating black characters. Tom was portrayed by a white actor with black make-up. In the movi e, Tom is the typical skinny, middle-aged, desexed slave, totally loyal to his white master, a far cry from the original Tom portrayed in Harriet Beecher Stowe's book Uncle Tom's Cabin, which showed a gentle, kind, and forgiving man. This first portrayal of a black in film sealed even more this misconstrued idea of black inferiority and became a vehicle used to the advantage of whites not only for entertainment but also for economic reasons - advertisement for sellable products -. What no one foresaw then was the planting of the seed of the actual African American film industry with a slew of black actors who "elevated [these roles] and brought to [them] arty qualities if not pure art." (Bogle 23). That was the essence of black film history. When one tries to discuss and describe African American film industry, one cannot help but go back in time and start with the characterization that white people so strongly believed in, leading them to create caricatures of black people in the burgeoning entertainment industry. So, it is impossible not to describe the four categories of stereotypes that kept reoccurring throughout the twentieth century. These four characters were the foundation of the entertainment industry as seen by white producers, who soon came to realize that it was also a tool to instigate war or peace, tolerance and understanding versus discrimination and segregation. The four black figures were the Tom, the Mammies, the Coons, and the Bucks. The Tom, the ever subservient, good-natured, stoic, selfless and loyal to a fault, as seen in Jezebel (1938), Love Thy Neighbor (1940), where Tom was portrayed by Eddie Anderson, Edge of the City (1957), and The Defiant Ones (1958), where Sidney Poitier characters sacrifice themselves for their white friends. The Coons with very black faces, bulging eyeballs and thick red lips, which represented the black buffoon, himself subdivided into two groups, the Pickanny and the Uncle Ramus, "a cousin to Tom. (Bogle 8) Mantan Moreland made the coon character renown from the late 1930s to the early 1970s when "he still [made] cameo appearances"(Bogle 72). The Mammy, usually fat, big and cantankerous, but still sweet and good-tempered, made her first big appearance in 1914's Lysistrata, and was used as the recognizable face on pancake boxes and syrup, but was made famous by Hattie McDaniel in the 1930s (no one can forge t her in Gone with the Wind). Of course, the tragic Mulatto caught between the white and the black world and unable to find her place in neither one of them as portrayed in the 1912 movie The Debt, and the tear-jerker movie Imitation of Life in 1934. Finally, the last of the categories, the Buck, whose introduction in the 1915 racist movie by D.W. Griffith, The Birth of a Nation, brought a slew of controversies, was a brute, a liar, a cheat and a rapist. This blatantly anti-black movie that became a propaganda vehicle for the Ku Klux Klan, was also the coup de

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