ipl-logo

Case Of Acme Widgets, Inc.

275 Words2 Pages

The reason for the change in auditors is that the predecessor auditor did not have enough resources to audit the company because of the continuous growth of WWW Company. Inventory was the main assets of the company and they needed to get it right. The predecessor auditors had some few concerns and also had few disagreement with the management. The disagreement between the management and the auditors were about how management was not aggressive enough in writing off obsolete inventory. When the auditors decide to write off inventory they had to do research to prove to Williams Jr that it was best for the company to write off. If there was no research the inventory might not be written off. One concern that the auditors have is with the business processes within the company which cannot keep up with the constant growth of the company. The management and the auditors did not have issues about fraud in the company. …show more content…

When John Payne sued the company for payment.
John Payne was the Vice-president of the company until he was fired because they found out that he was in discussion to become the Vice-president of sales for one their main competitor, Acme Widgets. Which he took the job after being fired.
The reason for the lawsuit is because Payne participated in Willy’s Wonderful widgets, Inc. Phantom Stock Plan and he had vested $100,000 in the plan. The company refuse to pay but at the end the company paid $50,000 and they both paid for their own attorney

Show More
Related

  • Barry Minkow: Identify The Affected Party In The Case

    867 Words  | 4 Pages

    Accounting and auditing firm The scandal's consequences would primarily be a professional embarrassment for auditing and accounting firms. The American Institute of Certified Public Accountants quickly altered the auditing standards of the accounting profession in the United States, prompting auditors to become more proactive in combating fraud. The shareholders

    Read More

  • Billy Buyer Case Summary

    506 Words  | 3 Pages

    Lahijani & Edelson LLP New York Attorney for Defendant: Saleh AlJurbua UNITED STATE DISTRICT COURT SOUTHERN DISTRICT OF NEW YORK SALLY SELLER, Plaintiff and Counterclaim Defendant, v. BILLY BUYER Defendant and Counterclaim Plaintiff. 17-cv-1234 NOTICE OF MOTION PLEASE TAKE NOTICE that, upon the annexed Affidavit of Billy Buyer, and Exhibit (A) annexed hereto, the accompanying Memorandum of Law, and all prior papers and proceedings herein, request that this Court dismiss Plaintiff Breach of contract claim pursuant to Federal Rule of Civil Procedure 12(b)(6). ---------------------------------- Lahijani & Edelson LLP

    Read More

  • Summary Of Stacey Mcalpine's Court Case

    852 Words  | 4 Pages

    In the lawsuit filed in court in Calgary, Stacey McAlpine is accused of conspiracy, oppression, breach of fiduciary obligation and unjust enrichment by the family of Stacey McAlpine. It was also alleged that the family of Stacey McAlpine used multiple corporate entities to protect themselves from personal liability. The companies which were embattled in the case include Presidential Suites Inc, McAlpine Sports Management Inc, NSEM Management Inc and Waterfront Development Inc. these companies no longer operate in Calgary.

    Read More

  • Essay On Zapatha Vs Dairy Mart

    508 Words  | 3 Pages

    First, Zapatha (plaintiff) was a former and manager for Dairy Mart (defendant). Zapatha worked there for almost 20 years, then he was fired, in May 1973. Zapatha wanted to own a business. He spoke to Dairy Mart about a franchise. On November 8, 1973, Dairy Mart accepted Zapatha's franchise idea and gave him a franchise agreement.

    Read More

  • Joey Hunt Report

    777 Words  | 4 Pages

    During interview, worker asked Mr. Hunt about the 1400.00 arrangement each month. He stated he took over the debit card as his own because before Mr. Hunt received the life insurance money he used his own money to help support Mr.

    Read More

  • Case Study Penn Foster

    1416 Words  | 6 Pages

    The first issue is of the property he co-owned with three friends

    Read More

  • What Criminal Charge Is Dave Most Likely To Face?

    1006 Words  | 5 Pages

    PART (A) What criminal charge is Dave most likely to face? Discuss any defenses. Embezzlement

    Read More

  • Henry Robinson Case Study

    747 Words  | 3 Pages

    In his role as personal representative, Mr. Jones owed a statutory and reasonable duty to protect the assets of the estate while trying to wind down the estate, and Mr. Jones breached that duty by failing to exercise due diligence to perform and complete the tasks required of him in the capacity of personal

    Read More

  • Jennings V. Ssm Health Care Case Summary

    1212 Words  | 5 Pages

    The court said that “Dr. Jennings performed his obligations under the employment agreement” and that Jennings followed through with good faith that he would receive his severance; SSM did not follow through with their agreement, which is fraud. SSM argued that they did not because Jennings “failed to state a claim upon which relief could be granted because the employment agreement included an integration clause. That integration clause, SSM contended, effectively sealed the contract at the time of its signing and constituted the entire agreement of the parties.” By Jennings failing to state a claim, which was a clause in the contract, SSM had the right to not give his severance. The appellant court agreed to SSM’s point.

    Read More

  • Massachusetts Stove Company Case Study

    1064 Words  | 5 Pages

    Thus, they are in a position to cover any debt obligations that may come up quickly. Their inventory turnover has been relatively steady over the five years of data. In year 7 their inventory turnover reached 3.2 which means inventory is moving through to customers at an increased rate over the year which correlates with their increased sales. This statement is supported by the fact that the days inventory held for stoves has dropped over the past five years from 146 days in year 3 to 114 days in year 7. These reductions have allowed for the reduction of their days in accounts payable from 51 all the way down to 11.

    Read More

  • AICPA Legacy Scholarship Essay

    839 Words  | 4 Pages

    I can simply answer because I want to be a hero. In my opinion, an auditor is a dark knight that saves the world secretly and silently. An auditor has to commit to do his job professionally as well as ethically. As a matter of fact, there have been many corporate and accounting frauds, such as the WorldCom scandal in 2002 and the Madoff Ponzi scheme in 2008,

    Read More

  • The Murdaugh Murders: A Southern Scandal

    956 Words  | 4 Pages

    He resorted to using the law firm's money for illegal activities. He then suspiciously stepped away before the problem was made known to

    Read More

  • Acceptance Of Family In Lorraine Hansberry's A Raisin In The Sun

    542 Words  | 3 Pages

    Instead of buying the business and the license, Willy took off with all of the money and no one ever saw the money

    Read More

  • Essay On Willy Loman In Arthur Miller's Death Of A Salesman

    997 Words  | 4 Pages

    When Howard fired him, he is very angry and he said to Howard that he gave his name when he is young. After Charley heard what happened to Willy, he said to him, “The only thing you got in this world is what you can sell. And the funny thing is that you’re a salesman, and you don’t know that. ”(Death of a Salesman 97). Charley, Willy’s only friend, tells Willy that Howard won’t buy his word and he will provide him a job, because of Willy’s pride, he refused it.

    Read More

  • Auditor And Controller Agency In The County Of San Diego

    1448 Words  | 6 Pages

    In this final part of the assignment I decided to review the role of the Auditor and Controller agency as, being my background in business administration and having a great passion for the Financial world, it would be the one that perfectly fits my knowledge and future career goals. Briefly, before getting to the point of the essay, I would like to spend few sentences explaining what is the Auditor and Controller agency. This agency is crucial for the city of San Diego as among its main duties there is the setting of the collection and administration of the main financial resources of the city in order to support the main services and projects which the County of San Diego implements. As we discussed in class communication is essential for

    Read More

More about Case Of Acme Widgets, Inc.

Open Document