Secret warehouses:
The audit by Ernst & Young confirmed the EOW’s previous findings with respect to the secret warehouses, which were hired by RIC between October 2009 and June 2012 and costed RIC about 14.3 million in rent. The goods were shown as having been sold to dealers or distributors on RIC’s books, and invoices to this effect had also been generatedwith an intention to deciee and inflate sales figures: the siphoned off stock never left the warehouses. These figures were further complicated by RIC’s intentional failure to give an account for the stock returned to them by distributors and dealers: storing them in such warehouses, but leaving them off the books.
Circular trading and off-the-books sales transactions:
The audit revealed a number of extremely complex and circular transactions between RIC and companies owned by Sanjay Mishra, through whom the company was supplied with staffing services. RIC seemingly sold goods that need to be repaired to Mishra-owned Shivam Enterprises and Oriya Sales for 352 million while the actual value of the goods in question was about 143 million. The Mishra-owned enterprises only paid 30.8 million for these goods sold to them, some of which were
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Following the SFIO investigation, the ICAI issued a show cause notice to Vishnu Bhagat (a member of the ICAI), one of the main accused in the Reebok case in 2013, subsequent to which proceedings were commenced against him in 2014. The ICAI is also investigating two separate complaints against the concerned auditors of RIC. While one case is being investigated by the Directorate in consonance with the Chartered Accountants (Procedure of Investigation of Professional and Other Misconduct and Conduct of Case) Rules, 2007, the other matter is still under
COMPLAINT This matter was opened by bar counsel on January 25, 2017. In or about December 2016, while preparing for hearing on B.B.O. File Nos. C5-14-0055 and C5-16-0008, bar counsel learned that the respondent, Laura Marshard, an assistant district attorney in the Cape and Islands District Attorney’s Office, had allegedly provided information concerning an ongoing police investigation to the target of the investigation. Bar counsel also learned that Marshard allegedly violated the Rules of Professional Conduct while handling a criminal complaint.
Introduction Target Inc. is a multinational corporation that runs its operations in the United States of America. The area of specialization for the organization is retailing where it comes second after Walmart in running retail operations within the US. The organization has been in operation since 1902 where it was known as the Good Fellow Dry Goods. Over time, the organization has changed operations and tactics all that have seen it rebrand to Dayton's Dry Goods, and until recently, the organization rebranded to Target Corporation. The organization mainly runs its operations within the US through a given number of department stores chains which include Marshall Field's, Dayton's, and Hudson's as well as Mervyns'.
Irregularities can be aroused within different accounting department at Apollo Shoes. To find out the irregularities, an audit program will be designed to achieve the task. Apollo Shoes has recognized that the major loss can be, due to irregularities in cash inflow and outflow and payroll. Therefore, audit program will be divided in three parts: Cash Accounts Payable Payroll
Mission The company’s mission is to exceed customers’ expectations in sections such as food, health and home retailer through great prices. They also have a purpose of the company, which is to help Canadians – Life Live Well. Values Real Canadian Superstore has many values and principles they follow. They believe in respecting the environment and preserving the land.
Macy’s is a popular department store chain started in 1858 on the corner of 14th and 6th Avenue in New York City. Rowland Macy’s store first day of sale was $11.06, but at the end of the first year, his store revenue $85,000. Macy’s innovative spirit made it stood out as they were the first retailer to promote a woman to be in an executive position, started a one-price system, heavily focus on advertisement, sold the first colored bath towels, and was the first retailers in New York City to have a liquor license. In 1902, the Macy’s opened another store on Broadway and 34th Street. By 1924, after continuous expansion, that location became the world’s largest store measuring at 1 million square feet.
Parents of 10-year-old child, Leela Tharunya Ruba Kamalakanna sued NSC, Healthway Medical Corporation including the 2 doctors whom was treating her, alleging negligence and seeking damages. All defendants have already denied all claims in court, regarding about the handling of the girl’s case as in procedures all were claimed properly done. The current issue is whether a timely blood test could have possibly detected her sickness, thus preventing her death. To support this case the girl’s father, Mr S Kamalakannan, confided in 3 different expert medical opinions-2 of them from Australia and the other from Singapore. The medical condition which caused her death is not very life threatening it is also known as Thrombocytopenia.
This proves that throughout the case, Cendant Corporation wasn’t acting fully ethical nor with the desired fiduciary actions to their investors and the auditing team in this case being Ernst&Young. Aside from the trust being broken apart between both, there was never a sign of an internal control inside Cedant. Therefore, there shows that the corporate governance for Cendant Corporation didn’t have signs of existence as well. Most frauds that were occurring before the implementation of the SOX-2002, had top management such as in Cendant that didn’t have care for the ethical performances as much as in today’s corporate world with more regulations in hand by the government. At the end, Cendant had filings against them concerning their corporate governance
Premier Inn is a famous British hotel brand with over 700 facilities worldwide. Being founded by Whitbread in the year 1987, the company is the result of a merge between Premier Lodge and Travel Inn. Premier Inn hotels operate under the strategic partnership between the leading international companies and Britain’s leading hospitality firm Whitbread PLC. This allows enhancing the popularity of the Premier Inn brand all over the world.
Zappos is only fit for certain people. Their company culture is unique. The company decided what the corporate culture needs to look like and supports that culture through Human Resources and management. Zappos has ten core values, they are; • Deliver WOW Through Service • "Embrace and Drive Change • "Create Fun and A Little Weirdness • "Be Adventurous, Creative, and Open-Minded • " Pursue Growth and Learning • "Build Open and Honest Relationships With Communication • "Build a Positive Team and Family Spirit • "Do More With Less • "Be Passionate and Determined • "Be Humble"
TRADER JOE’S – INDUVIDUAL ASSIGNMENT 1 Part 1 – Introduction What Joe Coulombe did was opening an ordinary supermarket into the industry but the strategies he took were separating the Trader Joe’s from its rivals. What he did was to offer products targeting sophisticated costumers who were searching for good bargains. The offerings of Trader Joe’s were so unique which are not found at rival shelfs. Another crucial decision he made was to take advantage of recent environmental movements such as the rising trend of costumers searching organic foods. The company also decided on selling private labelled products with lower prices than other brands of the same product.
Very interesting points! I agree with you all about improving the forecasts. Create Daikin’s own “sales company” is brilliant! Since the sales companies were not aware of retailer inventory, they did not add much value to the supply chain but add one more step.
Introduction The main objective of the paper is to develop a report for a shareholder that will interpret financial statements of Tesco Plc. for 2013-2014. The shareholder is specifically concerned about the fraudulent reporting. In this way, the paper will explain the reason of income statement and statement of financial position.
Background WorldCom, once known as one of the most powerful telecommunication organizations of the world, is now studied as a case of a fraudulent company that carried out unethical financial activities to cover its weakening position in the market. After some aggressive investment decisions, the company started to witness huge financial pressure. The management used various forged accounting entries to conceal its weakening position. Cynthia Cooper, Vice President Internal Audit, discovered the unethical activities and raised the issue with the management and relevant departments and received bitter responses. She carried out internal audits in her own capacity with her colleagues and compiled evidence against fraudulent activities.
Introduction The following strategic analysis report was carried out for Giant Hypermarket in Malaysia. Giant Hypermarket also popularly known as “Giant” is a subsidiary of Dairy Farm International. The objectives of the study is to advise the Board of Directors into a possibility to revisit and redesign the current business strategy based on the blue ocean strategy (Kim and Mauborgne, 2005) to provide value based innovation via cost reduction with increased value for buyers and to ensure sustainable business operation in Malaysia. Additionally, the analysis also includes the possibility of developing a global strategy for Giant.
Introduction Shipping is one of the essential and fundamental means for transporting any merchandise worldwide. Transport of goods in the shipping industry is segment into three sections – bulk carriers, containers and specialized cargo. The shipping industry is an important key element in the economic growth chain and globalization process, bringing countries closer together. A sustainable and viable shipping industry will improve and enhance the imports and exports in the country. Wilh.