Leslie Fay Companies - 1023 Words

Leslie Fay Companies Paul Polishan apparently dominated Leslie Fay s accounting and financial reporting functions and the individuals who were his subordinates. What implications do such circumstances pose for a company s independent auditors? How should auditors take such circumstances into consideration when planning an audit? My question for the Leslie Fay Companies case focuses on the actions of Paul Polishan and the effect his self-established tyranny over the financial information of the Leslie Fay Companies would have on the auditing process. Paul Polishan, a 1969 accounting graduate, was hired by the Leslie Fay Companies right out of college. The Leslie Fay Companies made women s clothing, particularly focusing on†¦show more content†¦It is also a great deal more costly to all parties, the auditing firm and the client because it will be much more time consuming to check everything and because of the need for a much higher degree of thoroughness. If internal controls are incredibly bad or virtually nonexistent, then it is not even worth the time, effort, or hassle for an independent auditor to attempt to audit a company, such the Leslie Fay Companies. There is just too great a risk for the public accounting firm performing the independent audit to take the company on as a client. The threshold will be considerably lower and a whole lot more evidence will need to be gathered throughout the audit in order to meet this lower threshold. BDO Seidman, the public accounting firm who was the independent auditors for the Leslie Fay Companies, unfortunately, got the raw end of the deal having been caught up in this major accounting fraud, and signing off unqualified opinions for the Leslie Fay Companies falsified financial statements during the years the accounting fraud was taking place. The auditing program for a company such as Leslie Fay would have to be more carefully planned out. Each step of the auditing program would require a high level of scrut iny and have to be meticulously carried out to plan. I would say there has to be a focus on the firm inquiry of employees especially those under a man like Paul Polishan and a constant stand of self-independence, not allowing theShow MoreRelatedThe Leslie Fay Companies1891 Words   |  8 PagesThe Leslie Fay Companies, which is a manufacturer of women’s apparel, was founded by Fred Pomerantz. The company is based out of New York, and Fred Pomerantz made the company public in 1952. However, Fred Pomerantz ended up taking the company back to a private entity for a few years in the 1980’s due to a buy out from his son John Pomerantz. The Leslie Fay Companies became public again in 1986. After John Pomerantz had taken over the company, profits started skyrocketing even though theRead MoreEssay about Leslie Fay Case1029 Words   |  5 Pages ACCT 497 Writing assignment 1 Siqi Wang The Leslie Fay Companies Analytical Procedures Report Executive Summary After reviewing the Financial Report from The Leslie Fay Companies from 1987 to 1991, I made ratios of Balance Sheet and Income Statement to start with audit planning, which could help us make comparison directly. Also, the calculation of ratios in liquidity, activity, profitability and solvency contains in my report. The purpose of analytical procedures is to detect â€Å"red flags†Read MoreEssay about Leslie Fay Case663 Words   |  3 PagesThe Leslie Fay Companies Knapp Case 1. The financial statement items that I believe should have been particular interest to BDO Seidman are the inventory primarily and then the sales. BDO Seidman should have noticed that according the ratios, the sales were at a steady rate until the year 1991. The inventory of the company was also having issues with sales due to Leslie Fay not keeping up with the latest fashions and because of a slight recession. According to the ratios and common size statementRead MoreLeslie Fay1031 Words   |  5 PagesThe Leslie Fay Companies (Leslie Fay) was a designer specializing in women’s stylish dresses. The company was run by Fred Pomerantz and subsequently by his son, John Pomerantz. Both Pomerantz men were known for their lavish lifestyles and overbearing personalities. Fred had hired Paul Polishan right out of college in 1969 to join the accounting staff at Leslie Fay. Polishan would later go on to become the company’s CFO. Polishan, as it seemed, had an even mo re overbearing personality than eitherRead MoreCommon Sized Financial Statements For Leslie Fay1488 Words   |  6 Pages1. Prepare common-sized financial statements for Leslie Fay for the period 1987–1991. For that same period, compute for Leslie Fay the ratios shown in Exhibit 2. Given these data, which financial statement items do you believe should have been of particular interest to BDO Seidman during that firm’s 1991 audit of Leslie Fay? Explain. The Leslie Fay Companies Common-sized Balance Sheets 1987–1991 (in millions) ASSETS 1991 1990 1989 1988 1987 Current Assets: CashRead MoreLeslie Fay case1100 Words   |  5 PagesLeslie Fay Case 1. After reviewing the common size financial statements and the key ratios of Leslie Fay, there some of the financial statement item that should have been of particular interest to BDO Seidman: 1).Sales: the sales has been growing steadily except the slight drop in 1991, which is contrary to the industry recession. 2). Inventory: Leslie Fay has been known for not catching up the fashion, there should be inventory write-off issue in the apparel industry, which havent been reflectedRead MoreAn Evaluative Report On Company Fraud2177 Words   |  9 PagesAn Evaluative Report on Company Fraud How does a company truly know if they have accurate check and balancing in place to detect malicious activity that may impact financial statements? The main obligation for the sufficiency and release in the company’s annual statements resides within the management of the company (Whittington Pany, 2014). It is a critical component, for management to have a strong financial management system that is documented, meaningful and well-considered accounting policiesRead MoreLeslie Fay Case2628 Words   |  11 Pages(Gupta, 2004). The financial ratios are then compared with the entity s ratios for prior periods as well as with ratios for other businesses in the same industry. A comparison with the industry ratios would have warned BDO of some irregularities in Leslie Fay s financial statements. BDO Seidman should have been interested some important ratios that would help in determining the accuracy of the financial statements that had been prepared by Polishan and his staff. The im portant ratios include the liquidityRead MoreEarnings Management Hw1040 Words   |  5 Pages1. What is earnings management? The companies use earnings management as a strategy by which they can easily control and manipulate their earnings to reach their pre-determined earning target. 2. Why do companies employ earnings management techniques? Accountants cannot predict every business structure, every new and innovative transaction. Therefore, they build up principles that allow for flexibility so that they can adapt to changing circumstances. However, people make use of that flexibilityRead MoreCost accounting chapter 12 answer key Essay6232 Words   |  25 Pagescompared to that of competitors. It is important when discussing performance measurement that the performance of the manager(s) be separated from the performance of the company (or business unit). Often, the managers might be performing well (poorly) although the organization is performing poorly (well). It is not uncommon for companies to place their best managers in units that are struggling. The balancing act firms must always perform when compensation is tied contractually to performance is between

Proposal and Restructuring of the Middle Management Free Essays

We propose a restructuring at the middle management level that will allow an increase in budget funds for i. e. pay raises, faster decision making process, and overall increase in employee morale, which in most cases equals higher productivity. We will write a custom essay sample on Proposal and Restructuring of the Middle Management or any similar topic only for you Order Now In this proposed structure there would be an increase in responsibility for the general manager, office manager, and supervisor. Create a faster decision-making rocess, and a better working environment. By dissolving the sales, and rental manager†s positions. It would free up excess of $ 70,000 per year and the staff would report to one manager. The office manager†s responsibilities would increase, and the staff would now consist of approximately six individuals. He would report directly to the general manager. By dissolving the operations manager†s position it would free excess of $ 45,000 per year. The supervisor would inherit his duties and responsibilities, which are almost identical without the expensive price tag, and his staff would consist of twelve technicians. He would report directly to the general manager. By restructuring in this manner, the decisions making process will become more fluid, overall responsibilities will and should be increased, and finally morale and productivity will increase. Which will benefit the company short and long term. How to cite Proposal and Restructuring of the Middle Management, Essay examples

Memories free essay sample

My most treasured memories are the ones I keep to myself. But for the sake of this, I will share. My greatest memory is the memory of my first day at Disney World. I was seven and I never thought I would experience anything like this! I saw Disney characters such as Donald Duck and Mickey Mouse. I was scared at first, but then I realized that they werent so bad. But the best thing was when I rode the Dumbo Flying Circus with my dad. We usually didnt do much, but that day my dad was all mine. I believe memories are important because without them, we wouldnt be able to remember our greatest achievements and the best times you spent with your family. Growing old with your spouse and thinking back to the past is an amazing experience. People need to experience pain. With pain comes acknowledgment on life itself. We will write a custom essay sample on Memories or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page This is an example of what we all need in life. There comes a time when love is in your life, and you remember those memories. Pain should be included in those memories, physical or mental. Humans can cope with painful memories by remembering those happy and joyful memories instead. These can help people understand that pain instead always bad, its just life.

What a Shame View on Lynching essays

What a Shame View on Lynching essays What are the lives of a few negroes in comparison with the preservation of the impetuous instincts of a proud and fiery race? Mark Twain said it best in his short essay, Only a Negro. Southerners would come from hundreds of miles to see an African American be lynched by a racist crowd. African Americans were not given a fair trial; they werent given a trial at all. They were taken against their will and locked up until they were to be lynched. They were not just killed, but killed inhumanly for crimes not proven they committed. But isnt this murder? Technically, yes, but it was murder in racist towns of the South. Lynching of anybody is wrong and should have been stopped a long time ago. In July of 1776, our forefathers sat down and wrote out the Declaration of Independence. This document stated that every man was created equal. It also stated that we shall not be deprived, in many cases, of the benefits of a trial by jury. But no, the black man was no equal; he was treated as an inferior to the white man. And no, he was not given the same free rights of the white race. Racism and bigotry has always been around in the South where the black man was. Didnt we fight a Civil War over slavery and racism in the South? Do we have to fight another until it is stopped? The government did try to stop lynching by passing anti-lynching laws but failed. These laws would pass the House of Representatives, only to be defeated in the Senate. I wonder why? It couldnt be because of racist white officials, now could it? State and local governments did very little to curtail this vigilante violence; various laws against mob violence were seldom enforced. And why? Because whites were in power and African Americans could do nothing about it. The more a person knows the more educated they will be and this was what racist whites were afraid ofthat the Af ...

Tip-Of-The-Tongue (TOT) Phenomenon

Tip-Of-The-Tongue (TOT) Phenomenon In psycholinguistics, the tip-of-the-tongue phenomenon is that feeling that a name, word, or phrase- though momentarily unrecallable- is known and will soon be recalled. According to linguist  George Yule, the  tip-of-the-tongue phenomenon  mainly occurs with uncommon words and names. [S]peakers generally have an accurate phonological outline of the word, can get the initial sound correct and mostly know the number of syllables in the word (The Study of Language, 2014). Examples and Observations: Whats the name of that stuff I wanted to tell your mother to use?Wait a second. I know.Its on the tip of my tongue, she said.Wait a second. I know.You know the stuff I mean.The sleep stuff or the indigestion?Its on the tip of my tongue.Wait a second. Wait a second. I know.(Don DeLillo, Underworld. Scribner, 1997)You know, the actor guy! Oh, what is his name? See, the thing is, the thing is, the thing is that when I say his name, youll go, Yes! The actor guy, love him, adore him . . .. But I cant think of his name. Its on the tip of my tongue. You know who I mean. Hes got the hair, the eyes, a bit of a nose, and a mouth, and its all held together with, like, a face! (Frank Woodley, The Adventures of Lano Woodley, 1997)The tip-of-the-tongue phenomenon (henceforth, TOT) straddles the line between what we think of as memory and what we think of as language, two closely related cognitive domains that have been studied somewhat independently of each other. . . . The implications of whethe r TOT is memory-related or language-related has different implications. Consider the following example. Political pundits used to make fun of former President George H. Bush because of his frequent word-finding failures. Despite his obvious depth of knowledge and expertise, his speech was sometimes characterized by pauses suggesting a failure to recall a known word. His deficit was usually attributed to absent-mindedness, rather than a lack of clear thinking. In other words, it was dismissed as a language-production failure, not a more consequential memory failure. His son, President George W. Bush, suffers from a similar affliction. However, the sons speech errors (e.g., Kosovarians, subliminable) are often interpreted as a lack of knowledge, and therefore, a learning deficit; a more consequential one for a president. (Bennett L. Schwartz, Tip-of-the-Tongue States: Phenomenology, Mechanism, and Lexical Retrieval. Routledge, 2002) The TOT state demonstrates that it is possible to hold the meaning of a word in ones mind without necessarily being able to retrieve its form. This has suggested to commentators that a lexical entry falls into two distinct parts, one relating to form and one to meaning, and that one may be accessed without the other. In assembling speech, we first identify a given word by some kind of abstract meaning code and only later insert its actual phonological form into the utterance we are planning. (John Field, Psycholinguistics: The Key Concepts. Routledge, 2004) Also Known As: TOT Also see: Bathtub EffectMemorySlip of the TongueWhat Are Placeholders in English?

ASSIGNMENT 3 ANALYSING A PROBLEM AND SUGGESTING COMPLEX SOLUTIONS Essay

ASSIGNMENT 3 ANALYSING A PROBLEM AND SUGGESTING COMPLEX SOLUTIONS (CORBY PROJECT REPORT) - Essay Example Corby community consists of Lincoln way and kingwood estates. A Corby study carried out on the community aimed at identifying issues affecting the social development. These issues were identifiable using various techniques all discussed critically in the report. However, the main mode of data collection was interviewing. For example, Chelsea an MI client who lives in Lincoln way estate remained interviewed together with other members of the community. Appropriate interventions are also discussed and a justification for their implementation given. The assessment of real needs in the Lincoln way and Kingwood community in Corby remained carried out using various investigatory techniques. It is only through needs assessment that a community’s needs are addressed (Brett, 2012, p. 143). The techniques used in Corby case study aimed at identifying problems facing Lincoln way and kingwood community. They also provided facts and data to help in making of correct decisions and acquire feedback on community’s preferences and priorities. From the investigations, the study establishes interventions in response to social development situation in the community. This technique involves collecting and assessing information of interest (Israel, 2008, p. 49). It is carried out in an organized manner to enable easy answering of questions in relation to needs assessed. Research helps in testing proposition, evaluate results and establish necessary interventions towards the needs. In Corby case study, use of this technique enabled collection of data about social development issues affecting the community and its environs. From these data, the researchers of the case study made decisions on what is required as a remedy to the need in social development. Structured surveys in the Corby case study occured in three major ways including telephone, face to face and questionnaires. Through the survey, need gap in social development department in

Phinney's theory Case Study Example | Topics and Well Written Essays - 500 words - 1

Phinney's theory - Case Study Example this phase, several individuals may experience either dissemination or a foreclosure, lack of attention in ethnicity or the wide-ranging acceptance of others opinions (Evans, 2009). This might apply more to the African Americans who lack recognition from most of the other white individuals. Amongst the red Indians or the Native Americans, these phase will is directed to them because they are no longer recognized and their culture too (Ortiz. 2009). The second phase of the replica is Ethnic character Search or suspension; it combines the ideas of bump into and discovery (Ortiz. 2009). The individual starts to develop their ethnic identity during this stage which is often initiated by an indirect or harsh event. For example, the Africans Americans were normally treated as slaves before the declaration of independence. The concluding phase of this replica is Ethnic Identity accomplishment. Individuals at this phase will tend to have a sense that is clear of their ethnic distinctiveness, and they are able to navigate productively their identity biculturalism (Ortiz. 2009). It is vital to note that Phinney developed the three phase model based on her explore with teenagers and college students comprise of a dissimilar situate of support and challenges that might have an effect on the theory’s applicability. In this phase, both Africans Americans and Native Americans are able to perform their culture more peacefully (Ortiz. 2 009). Higher education is capable of find value in Phinney’s three phase model as it can be utilized while working in the company of students on or after a variety of background that are ethnic (Ortiz. 2009).  Ã‚  Higher education can utilize this model on the road to create surroundings that encourages journeying of and pledge to a person’s personal ethnic identity (T, 1996). Campuses will subsidize actions so as to shore up the ethnic identity seek phase by providing an artistic opportunity, open dialogues, and ethnics study courses that