Phar Mor Case - 8496 Words

~ Case 6 Phar-Mor, Inc.: Accounting Fraud, Litigation, and Auditor Liability Mark S. Beasley, Frank A. Buckless, Steven M. Glover, Douglas F. Prawitt LEARNING OBJECTIVES After completing and discussing this case, you should be able to . . Identify factors contributing to an environment conducive to accounting fraud . Understand what factors may inappropriately influence the client-auditor relationship and auditor independence Understand auditor legal liability issues related to suits brought by plaintiffs under both statutory and COmmonlaw INTRODUCTION In December 1995, the flamboyant entrepreneur Michael Mickey Monus, formerly president and chief operating officer (COO) of the deep-discount retail chain PharMor, Inc., was†¦show more content†¦Phar-Mors prices were so low that competitors wondered how Phar-Mor could do it. Monus strategy was to underse11Wal-Mart in each market where the two retailers directly competed. Unfortunately, Phar-Mors prices were so low that Phar-Mor began losing money. Unwi11ingto a11owthese shortfa11sto damage Phar-Mors appearance of success, Monus and his team began to engage in creative accounting so that PharMor never reported these losses in its financial statements. Federal fraud examiners discerned later that 1987 was the last year Phar-Mor actua11ymade a profit. Investors, relying upon these erroneous financial statements, saw Phar-Mor as an opportunity to cash in on the retailing craze. Among the big investors were Westinghouse Credit Corp., Sears Roebuck Co., ma11developer Edward J. de Bartolo, and the prestigious Lazard Freres Co. Corporate Partners Investment Fund. Prosecutors say banks and investors put $1.14 biUion into Phar-Mor based on the phony records. The fraud was ultimately uncovered when a travel agent received a Phar-Mor check signed by Monus paying for expenses that were unrelated to Phar-Mor. The agent showed the check to her landlord, who happened to be a Phar-Mor investor, IUnless otherwise noted, the facts and statements included in this case are based on actual trial transcripts. Case 6 - Phar-Mor, Inc.: Accounting Fraud, Litigation, and Auditor Liability and he contacted Phar-Mors chiefShow MoreRelatedPhar-Mor Case1536 Words   |  7 PagesAssignment Week 1 The Case of Phar-Mor Inc Devry University ACCT 525-15768 January 12, 2014 Abstract The Sarbanes-Oxley Act of 2002 was implemented with the sole purpose of assuring the investors in the financial reporting system. One example is a case such as Phar-Mor which fabricated their inventory in most of their retail stores in order to conceal a massive fraud by the leading executives. Or the Waste Management scandal which did things such as capitalizing items which should haveRead MoreThe Case Of Phar Mor Inc.1433 Words   |  6 PagesThe Case of Phar-Mor Inc. Fraud will always be an issue but it has been more prevalence in the past before there were any specific guidelines for business entities and accountants to adhere and conform to. It is observed that those with higher positions in a company could let the power get to them at times and can use that power for their personal benefits. The Sarbanes-Oxley Act set standards to try to prevent future scandals like in the case of Phar Mor Inc., the Waste Management scandal and EnronRead MorePhar-Mor: Case Study1439 Words   |  6 PagesPhar-Mor was known as one of the major discount chain retailers in the late 1980’s - early 1990’s. It was founded by Mickey Monus, a gambler in nature, who with the help of senior management was â€Å"cooking the books† for years to cover up his loses. The reason why senior management agreed to do this fraud is the belief in unique ability of their leader to fix everything later on. This case is known as one of the biggest accounting frauds in the corporate history of the U.S. This paper will analyzeRead MoreCase 4.6. Phar-Mor Inc.8093 Words   |  33 Pages|Case 4.6 | |Instructional Notes | | | |Phar-Mor, Inc.: Read MoreCase Study : Phar Mor s Assets787 Words   |  4 PagesExecutives misappropriated Phar-Mor’s assets, directing over $10 million to Monus’s now defunct World Basketball League (WBL). With the league failing and fan attendance dwindling, Monus was forced to use Phar-Mor funds to cover numerous WBL expenses. When a Phar-Mor check was sent directly to a WBL vendor, the fraud began to unravel. CEO David Shapira announced the fraud in August 1992. Phar-Mor maintained 91 related parties, as identified after the fraud. These related parties; many setRead MoreEssay about Case 4.6 Phar-Mor, Inc.618 Words   |  3 PagesIf there was a reckless misrepresentation and lack of due diligence in verifying accuracy of financial information that is free of material misstatements, that alone would give me a reason to sue the auditors. B) Negligence as it is used in legal cases involving independence auditor is defined as â€Å"failure to conduct an audit with due professional care in the performance of work† C) The primary difference between negligence and fraud is fraud is the intentional concealment or misstatement of informationRead MoreThe Case Summaries For Phar Mor Inc. Fraud Essay1302 Words   |  6 PagesThe Case Summaries for Phar-Mor Inc. Fraud, Waste Management Scandal, Enron Scandal and Answers Phar-Mor Inc. Fraud Summary Phar-Mor Inc. fell prey to greed from the top. Unfortunately, the auditing firm assisted the organization with the conspiracy to defraud the users of financial reporting, the government, and the stakeholders. The chief officers used the funds for personal usage and appropriated funds to functions that were not related to the organization business. The financial statementsRead MoreEssay about Phar Mor Inc Case Study1184 Words   |  5 PagesSean Russi The Case of Phar-Mor Inc ACCT-525 October 31, 2012 Case Summary The case of Phar-Mor Inc was one of the biggest pre-Enron frauds that have been uncovered. Phar-Mor Inc established in 1982 Phar-Mor was a small little known discount drugstore. Phar-Mor became well known for offering medications at a 25-40% discount rate compared to your normal pharmacy store prices. Phar-Mor’s first six years of existence seemingly wereRead MorePhar Mor813 Words   |  4 PagesACCT 4304, Fall 2015 Audit case Read the attached audit case and answer all the questions that follow. A total of 90 points are available for the actual responses to the questions and 10 points are available for presentation, clarity and grammar. Total points for the assignment are 100. Note: Answer the questions as comprehensively as possible. Reference to Auditing Standards, your textbook, and other relevant authoritative sources is expected where appropriate. Even where some of the questionsRead MoreCase Analysis : The Fraud1004 Words   |  5 PagesFinn eliminated the internal audit function to hide the payroll irregularities. †¢ Collusion among upper management and employees to commit fraud †¢ The Phar Mor had the knowledge of the audit procedures and objectives, as one of the auditors has worked for Coopers as well as the Phar Mor. †¢ The complex web of related parties involved with the Phar Mor made it difficult to detect the improprieties and fraudulent activities. AICPA’s the most decisive step to combat fraud and puts greater emphasis on professional

African American Identity - 2208 Words

African American Identity It was a hot August day as sweat beat down on Thomas Jefferson Brown. He had been working in the field 2 hours before the hot sun had made its presence known. He looked back over the drying field, hoping that this crop would provide for his family better than last years crop had. Thomas watched his oldest son, Nathan, who worked down one row of the field while staring intently at the cotton plants as he picked the cotton. Nathan was a very inquisitive young man who had just yesterday asked his father what it was like being a slave for Mr. Walter Johnson. When his father had told him that in a lot of ways life was so much easier than now, Nathan had given him a look that allowed Thomas to know that his son could†¦show more content†¦Next we have Marcus Mosiah Garvey, who was born in Jamaica on 17 August 1887. Mr. Garvey is best remembered as a pivotal figure in the struggle for racial equality, not just in the United States but throughout the world as well. He founded the UNIA (Universal Negro Improvement Association) and African Communities League in 1914 while still in Jamaica, and also championed the back to Africa movement of the 1920s. Of the Africans who departed, Garvey thought, some had left independently while others were brutally removed for economic gain and exploitation. Garvey perceived that the main problems facing not only African Americans, but Africans as well was that they must first go back to Africa and free their African brothers before moving on to other parts of the world. Through the organizations that Garvey had formed (UNIA and ACL), he reasoned that until Africa is free and redeemed, not only in name but in reality, no one would be free, Black or White. Garvey reasoned that no matter what ones race was we are all bound together by the Creator, which is Spirit. The Creator has a purpose for everyone and that purpose did not include being made a slave or subject to anyone for that matter. While D ubois and Garvey did not see eye to eye on the issues involving African Americans, Garvey did align himself closely with Dr Robert Love, and Dr Loves teachingsShow MoreRelatedAfrican Americans And Identity Of African American1169 Words   |  5 PagesIn the year of 1619, the largest oppressive legal structure in American History came about, the institution of slavery. Although slavery was abolished in the year of 1865, African Americans are still enslaved by intuitional racism. There are systems in place to keep minorities at a disadvantage. This system of oppression is carried by a number of factors such as; the segregation of black people in urban areas referred to as ghettos, mass incarceration rate for people of color, large educational gapsRead MoreAfrican American Identity2425 Words   |  10 Pagessources of African American identity? The Discovery of African American Identity In the 1900s African American have slowly started to gain their rights after the end of slavery. It was a difficult and tedious process; however, they never gave up on what they believed in, which is â€Å"racial equality†. African American stood together in organizations, marches, and unions because they had something that united them which wasn’t just skin color; it was inequality and slavery. African Americans came togetherRead MoreThe Identity Of African Americans1758 Words   |  8 PagesRace was a primary factor used to shape the identity of African Americans which was seen through their culture. Race is portrayed through the narratives such as The life of Frederick Douglas by Frederick Douglass and the Autobiography of an Ex-colored man by James Weldon Johnson. In both the narratives, they state they are slaves due their race. First, this idea is supported in the Narrative of the Life of Frederick Douglass when he states in the preface, â€Å"he was a slave â€Å"too (Douglass 325).Read MoreRacial Identity Of African Americans Essay1813 Words   |  8 Pagescriminals. There is a correlation between the relationship with race and crime. The stereotype that will be discussed is, African Americans as criminals. In American society, a widespread depiction of crime is that it is mostly committed by Black men. Many Americans have the image of a young Black male as violent and criminal. â€Å"In fact, perceptions about the presumed racial identity of criminals may be so ingrained in public consciousness that race does not even need to be specifically mentioned forRead MoreRacial Identity Of African American Adolescents821 Words   |  4 Pagesthat, racial identity is another big contributor to the degradation of African American’s youth mental health, as a weak racial identity results in poorly mishandled ways of coping with racism and stress. African American students as early as middle school engage in introspection of their racial identity, where they begin to discover who they are and the negative stereotypes surrounding their identity (Cheryl Holcomb-McCoy, 2007, p.256). The results of a study of 297 African American adolescents byRead MoreThe Cultural Identity Of The African Ame rican Community1653 Words   |  7 PagesThe African American community has sat at the end of a discriminatory lens from the moment they set foot in the United States. For that reason, black communities have undergone the process of community building to ensure that all members feel a sense of belonging. Race, gender, nationality, ethnicity, poverty, and sexual orientation, all play a role in developing one’s identity and more often than not, these multiple identities intersect with blackness. Being that American society has deemed coloredRead MoreIdentity Crisis Among African Americans1618 Words   |  7 PagesCelestine Professor Sandra Staton-Taiwo Identity Crisis amongst African Americans 17 November 2014 Abstract The question of self-identity has been commonly argued in field of the African American literature; with scholars such as Martin R. Delany and W.E.B Du Bois argue about the emphasis on race and racial consciousness. Together Du Bois and Delaney stress the importance of the color line, or the racial segregation in the United States, as a critical part of American history; nonetheless they both hadRead MoreI Identity As Being African American1094 Words   |  5 PagesBeing born in Columbia, SC and moving to a small town called Lancaster, I identity as being African American, although many perceive me to me biracial. Many people would ask if I were mixed or adopted because I looked distinctly different than my mother. My mother is a very chocolate lady while my father looks almost Caucasian with his very sandy brown hair. As many African Americans are stereotyped as not having a father figure in their life, my father was indeed in my life but he did not play aRead MoreIdentities : Cul tural Stereotypes Of African American Women Essay1724 Words   |  7 PagesIntersectional Identities: Cultural Stereotypes of African American Women and Citizen: An American Lyric Racism and stereotypes are explored in Claudia Rankine’s Citizen: An American Lyric, which draws the reader in through a series of vignettes, using poetry, prose and multi-media to detail both subtle and overt incidents of racism that happened to the author, her friends and celebrities. This paper will explore the ways in which modern racism is rooted in historical racism and African American women areRead MoreViewing Heritage And Identity Of An African American Family992 Words   |  4 Pagesdifferent ways of viewing heritage and identity of an African American family. During the first read, the audience sides with the narrator and Maggie against Dee/Wangero. The reader can see Dee/Wangero antagonist of the story. However, this is not the only way to interpret â€Å"Everyday Use†. Walker has created a more complex story than just right and wrong. After further analysis, the reader comes to understand that Wangero view of her cultural heritage and identity as a black woman in America is different

Indias Reproductive And Child Health Health And Social Care Essay Free Essays

Despite of addition in public and private health care sector outgo, the use of health care services in India has remained hapless. Issues related to Maternal and child wellness are of concern.1 For the wellness and well-being of a kid, every bit good as household and social wellbeing, prenatal and postpartum attention of female parent is necessary. We will write a custom essay sample on Indias Reproductive And Child Health Health And Social Care Essay or any similar topic only for you Order Now India ‘s Reproductive and Child Health programme2- Sing high maternal and child deceases, authorities of India has ever aimed at turn toing these issues through concrete wellness plans. India was the first state to establish the national household planning programme. It was subsequently integrated into household public assistance programme. The International Conference on Population Development ( ICPD ) , 1994 and the Fourth World Conference on Women, 1995 held at Beijing, China emphasized on gender equity and sustainable development. These conferences suggested the generative wellness plans to look after gender issues behind the wellness jobs, adult females ‘s wellness demands throughout their life span and work forces ‘s duty to esteem adult females ‘s generative rights. ICPD helped India to explicate an integrated programme which could travel beyond the household planning and emphasis on gender equity. The generative and child wellness programme in India was so started in 1997. The 2nd stage of this programme came in action along with National Rural Health Mission in 2005, which emphasized on the betterment of handiness and entree of the health care services by the people particularly adult females, kids and weaker constituents of the society. The RCH programme covers the generative demands of adult females and work forces at all phases of life. The generative and child wellness programme of India is based on the basic constituents such as Child wellness ( child endurance and kid development ) and safe maternity ( including safe direction of unwanted gestation and abortion ) , Adolescent wellness ( gender development, adolescence instruction and vocational constituent ) , effectual household planning ( Ensuring Informed pick, Counseling, gender equality and greater male engagement ) , Prevention, sensing and direction of Reproductive Tract Infections, Sexually Transmitted Infections, HIV/ AIDS and malignant neoplastic disease of the generative system, Reproductive wellness attention of aged people. The chief focal point of the RCH programme is to cut down Maternal and Infant mortality and Entire Fertility Rate. The programme is operated all over the state through primary, secondary and third populace health care system. Decentralized attack is the cardinal constituent of this programme. 1.1.2 Use of RCH services- Use of health care services can be assessed by patient ‘s every bit good as wellness professional ‘s position. The patient ‘s position can be subjective based on the services reported by the patient or the quality of services felt by the patient, or objective based on the services offered by the health care installation to the patient. The wellness professional may see towards the use of services by economic facet such as the figure of patients, figure of visits etc.3 The use of RCH services can be assessed by the use of all its constituents. Maternal Mortality and morbidity, Infant mortality and kid mortality, and entire birthrate rate are the basic indexs of handiness, use and effectivity of MCH services. Status of these indexs reflects the position of health care services in the country.5 Assorted factors are responsible for the use of RCH services, for illustration, degrees of instruction, socio-economic position, environmental factors such as entree to the wellness Centre, healthcare substructure etc. Study of use of these services, hence requires consideration of all these determiners of the health care utilization.4 1.2 Global scenario- The Millennium Development Goals ( MDGs ) set up by WHO for MMR is 109, for IMR is 28 and for Under-5 mortality rate is 42 by the terminal of twelvemonth 2015. High difference in these indexs in developed and developing states shows the difference in handiness and use of RCH services in developed and developing countries.6 1.2.1 MCH in developed countries- In developed states such as cardinal and western Europe, Australia etc, the use of preventative services is really high among females than males. The surveies done in early 1970ss have helped the developed states to better the wellness service use. The of import factors indentified were mean cost per visit, wellness insurance coverage, age, instruction etc. This resulted in lower maternal mortality rates, e.g. 5 in Sweden ; 3 in Denmark, Norway and Israel ( Population Action International, 1995 ) . In United States it is found that black adult females make well less usage of wellness services than white opposite numbers, due to socio-cultural factors. The addition in migratory population and their certain constructs lead to non-utilization of services in Sweden.7,8 The World Health Organization has identified Cuba as an illustration of â€Å" good wellness at low cost † achieved through policies that address the determiners of wellness and are based on just entree, catholicity and governmental control. They have focused on three major initiatives-1 ) primary attention through polyclinics, 2 ) comprehensive attack at the community degree and 3 ) feedback from community.9 1.2.2. MCH in developing countries- In recent old ages, developing states are influenced by findings in developed states, for measuring the quality of their wellness attention. Results have received particular accent as a step of quality. Measuring results is utile as an index of the effectivity of different intercessions and as portion of a monitoring system directed to bettering quality of attention every bit good as observing its impairment. In Indonesia usage of an unskilled birth attender and giving birth at place are most common among the poorest and least educated adult females. The kids of these adult females have the highest hazard of infant mortality. The infant mortality rate differs greatly by part of entree to wellness services. In Ethiopia, socio demographic features of adult females, cultural context, handiness, consumer satisfaction influenced wellness service use. 1.3 Local scenario- The national rural wellness mission 2005 set up certain ends to better the wellness service use by people shacking in rural countries, adult females, kids and the hapless in India. The mark for MMR is 100, IMR 30 and TFR 2.1 by the terminal of 2012.10 The present Maternal Mortality Rate of India is 212. Infant mortality rate has declined to 49, while Under-5 mortality rate is still 64. Entire birthrate rate of the state is 2.6, which is higher in rural country i.e. 2.9 as compared to urban country which is 2.0.11 Harmonizing to NFHS-3 information, merely 44 percent adult females use the prenatal attention in the first trimester of gestation, and merely 52 percent adult females give 3-4 visits to wellness Centre enemy ANC services during the entire gestation period. Merely 47 percent births are attended by wellness forces including physician, ANM, nurse, accoucheuse or lady wellness visitant. Merely 37 percent adult females receive post-natal attention within two yearss of bringing which is supposed to be a critical period. Use of these services is different in rural and urban country. Though coverage of ICDS is high in the state, merely 28percent kids receive the services provided through ICDS. Merely 44 per centum kids are to the full vaccinated while 5 per centum kids are non given any inoculation. Percentage of kids which are taken to healthcare Centre for the Acute Respiratory Infections ( ARI ) , fever and diarrhea scopes from 60-69 in different provinces of the state. Most common ground for non utilizing public wellness installations is hapless quality of service, followed by non-availability of the health care installation nearby.12 The use of RCH services differs in different provinces of India. Nature and extent of the relationship between maternal instruction and use of MCH services differ between the North and South of India and that this difference is mostly determined by the north-south derived functions in the general socio-economic and cultural environment in which adult females live. 1.4 Rationale of the study- The Maternal, baby and under-5 kids mortality rates have shown important diminution from the beginning of 2nd stage of RCH programme, which reflect the positive alteration in handiness and use of RCH services. But as compared to the MDG ends every bit good as NRHM ends for these indexs, there is farther demand to work on the betterment of use of these services. Kolhapur is the southernmost territory in Maharashtra province. It is divided in 12 talukas and five sub-divisions for administrative intents. The entire population of the territory is 35,23,165 out of which around 24,72,809 population resides in rural area.13 The organisation of RCH programme in Kolhapur territory consists of a District Hospital, two sub-district infirmaries, 18 rural infirmaries ( RH ) , 73 Primary wellness Centres ( PHCs ) and 413 sub-centres.14 Radhanagari sub-division of Kolhapur territory covers 4 rural infirmaries, 13 PHCs and 52 sub-centres. The use of RCH services in the wellness Centres based in Radhanagari sub-division is low, while there is overburden on the territory infirmary for these services. Therefore, on recommendations of Sub-divisional Office, Radhanagari and sing all the factors impacting the use of RCH services, the survey is planned to analyse the use form of RCH services, grounds for non-utilization of these services at different degrees i.e. RH and PHC and besides to propose the possible steps to better the use of services in the Radhanagari sub-division of Kolhapur territory, Maharashtra. 1.5 Aims of the study- To find the use of RCH services in Radhanagari sub-division of Kolhapur territory. To happen out the grounds for utilization/non-utilization of these services. How to cite Indias Reproductive And Child Health Health And Social Care Essay, Essay examples