Financial Statement Fraud Report
[ad_1]
Assignment
Financial Statement Fraud Report
Phar-mor was a discounted drug store that was found by Micheal Monus and David Shapira in 1982 which was based in Youngstown, Ohio. Their low prices brought in an enormous amount of sales. Phar-Mor became one of the top ten discounted drug stores in the United States. Some of their common slogans were “Phar-Mor power buying gives you Phar-Mor buying power” and “Phar-Mor For Less.” In just seven years after it was founded, it opened up more than 300 locations in 34 different states. Phar-Mor grew very rapidly and became very successful. It’s main competitor was Wal-Mart. Phar-mor was operating in a very Competitive Market
1.What factors led to the fraud? The factors that lead to the fraud were very quick growth of the company. However, the accounting structure was not going at the same pace. Also, decisions were made by the one and only Michel Monus. To Monus, achievement was more important than ethics.
2.What specific fraud occurred? The specific fraud that occurred was
3.What was the effect on:
4.Investors and creditors?
5.Company employees?
6.The individuals that perpetrated the fraud?
7.The investment and regulatory markets?
8.What was the role of the auditors in the fraud? What tests could the auditors have used to detect the fraud?
9.How was the audit firm affected by the fraud?
10.What could have been done to prevent the fraud?
11.What are your views and opinions about the company and the fraud?
The post Financial Statement Fraud Report appeared first on Scholar Writers.
[ad_2]
Source link
"96% of our customers have reported a 90% and above score. You might want to place an order with us."
