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zzzz best company case study answers

zzzz best company case study answersZzzz best company case study answers -Understanding Accounts Receivable is important in the Minkow case.This does not always happen and opens the door to various crimes, including embezzlement.Dorminey, Fleming, Kranacher, and Riley (2010) argued money, ego, and entitlement were three contributing factors to the ZZZZ Best fraud perpetration.The secondary parties to this fraud case include accountants, lawyers, and bankers.Barry Minkow was a mastermind manipulator and double dealer.When an individual choose to invest money into a business the investor is placing trust in the management and executives of the company to act honestly and in their best interest.People have a lack of desire to see fraud in young entrepreneurs.That the chief executive officer of this ZZZZ Best case was the chief perpetrator included his overlooking the internal controls. A thorough audit of all ZZZZ Best company operations would have disclosed the fraudulent activity taking place.Barry Minkow was charged with and convicted for tax fraud.Minkow must have had his ego boosted when auditors allowed ingratiation to stir their decisions.Backer (2003) argues each of these parties have a responsibility to the public to provide investor protection.Robertson (2010) argued auditors results vary because of factors, such as ingratiation.(Dingle 1988) argued cases, such as ZZZZ Best, demonstrates that the accounting audit community cannot afford to tolerate failure to meet the public’s expectations in regard to audits.Banks that allow payments on uncollected funds run the risk of perpetrators of check kiting frauds.Unfortunately, business pressures, unpaid bills, and inadequate age to run a business created a shift in Minkow from a young entrepreneur to a young fraud perpetrator.Ernst and Young must correct these mistakes in future audits.Barry Minkow became one of the youngest business success stories from a company he started at the age of 13. Minkow received a sentence of 25 years in federal prison for fraud.The company was fortunate to have issued a review instead of a positive audit.Minkow rented a downtown office building, paid security guards $50 to recognize them as they walked in and built a virtual Hollywood set to fool auditors inspections. Minkow built the entire building restoration business on a farce. By the age of 20 Minkow was in court on fraud charges.Ernst and Young were found not liable for actions in this case but involvement occurred and items were missed.zzzz best company case study answersDeterminations of parties’ guilt can include accountants, lawyers, and even management, and even congress (Turner 2006).Wells argued perpetrators cannot commit financial statement fraud by accident.These were only the beginning of the fraud involved in this case.Wells (2001) argued that CPA’s need to understand both the method and motivations of fraudulent chief executives.His actions are questionable as he returned to prison and resides there today.In 2001 Minkow once again returned to crime committing fraud.Ingratiation may feed ego and ego may have factored into the fraud case.Professionals simply ignored many internal controls. These included falsified general journal entries, undocumented records, and falsely documented sales to non-existent customers.There were things missed that auditors should have identified.With credit stretched to the limit banks still granted him loans.Introduction to the ZZZZ Best Fraud Case and Barry Minkow: ZZZZ Best is an accounting cases instructors use the most to teach aspiring accountants the importance of forensic accounting and fraud investigation.ZZZZ Best and Minkow was not only heard about but a topic of conversation from the day he opened a successful business.Barry Minkow started ZZZZ Best in his sophomore year in high-school in his parent’s garage with four phone lines and three employees.Through broken promises, phony loan files, fictitious record keeping, and running a shell company Minkow stole millions from investors. Examining the success of internal controls to perform as expected is a major responsibilities of auditors.Minkow employed numerous methodologies and elements to perpetrate this fraud.IMDb offers expanded company and employee contact details for over 62,600 companies in the entertainment industry as well as representation listings for over 140,000 individuals, including actors, directors, and producers. This is an interesting question and I believe we can learn the answer from one particular fraud case ZZZZ Best and Barry Minkow. He went to jail for 7 years came out and made a fortune from catching fraud. His current residence is the federal prison system. Business is about making money and greedy business leaders will do so at the cost of whatever it takes.Pressman (1998) argued this is exactly what occurred in the case of Barry Minkow.Hopefully there are other business leaders out there we can learn from.The reason it was a shell company is Minkow and his employees never performed any building restorations. zzzz best company case study answers Trusts taken advantage of in this case include shareholders, accountants, and investment bankers.ZZZZ Best was heralded on tv and Radio including shows such as Oprah as the young star. Osborne Jr (1987) argued most failures are never heard about.Check kiting was one type of fraud perpetrated in the ZZZZ Best case.Baliga (1991) argued that ZZZZ Best only received a review letter from Ernst and Young not an audit report. Blanchini (1997) explains that material misrepresentation like that found in the ZZZZ Best case are important because a clear distinction of responsibility is set up.Whelan (2011) argued that this last guilty plea was Mr.The courts convicted Barry Minkow on 54 counts, including racketeering, securities fraud, laundering money, embezzlement, mail fraud, tax evasion, and bank fraud.The embarrassment included Ernst and Young or Earnst and Whinny as the company was called in the 80’s.The fraud methodologies used to carry out the ZZZZ Best Fraud Case.Frauds perpetrated in the ZZZZ Best case included check kiting.These and many other factors surrounded the ZZZZ Best fraud case.The investigative, regulatory or audit participants and the role they played in the fraud or subsequent investigations.Within five years of starting operation Barry Minkow with the help of Tom Padgett turned ZZZZ Best Carpet Cleaning Company to ZZZZ Best building restoration shell-company.Wells (1993) argued these faked documents were part of the fraud perpetration.He was not the only person sentenced to prison for the ZZZZ Best case.Minkow was a young man with a dream of financial and entrepreneurial success.Understanding Barry Minkow is important to develop an understanding of why fraud took place (Wells 2001).Zeune (1996) argued auditors must examine and assess management responsibility, ability, pressure, style, and attitude regarding internal controls.The bankers did not verify the facts of the tax returns. The primary parties include Barry Minkow and his partner Mark Morze, in ZZZZ Best.Minkow admitted to going as far as getting to know the auditors spouses to enable the blackmailing of the spouses into granting positive audits.Bankers could have but did not verify facts behind faked tax returns and financial papers. zzzz best company case study answers He was successfully able to redirect auditor attention.If they are doing it, the rational following might seem to ask, why everyone else should not attempt this deception. The opportunity to use the press granted by success of youth was the third and closing argument in the environmental case to commit fraud.Sohr, Lifson, Manisero, and Rosario (2009) argue that in similar cases CPA’s risk liability exposure.Wells (1993) argued when Minkow needed to pay investors he went to the bank with fake tax returns and fake financial statements to gain bank loans. The participants in the ZZZZ Best Fraud case include both primary and secondary parties.An examination of the fraud triangle links the three elements existed as the building block of this fraud. and Wells (2011) argued the fraud triangle includes perceived opportunity, rationalization, and perceived pressure.Perhaps the worst of these was the embezzlement of millions of dollars for fancy sport cars and high living.The questions abound of what the auditor missed in the ZZZZ Best case.Enofe (2010) argued the definition of internal control is the process management places in the company to safeguard assets from theft, misappropriation, and abuse.The audit team after discovering the ZZZZ Best fraud resigned without telling anyone about the ongoing fraud.Understanding ZZZZ Best and its chief perpetrator Mr. The organization and environment surrounding the ZZZZ Best fraud case.Bankers should have verified tax returns and financial statements before approving high-risk loans for Minkow.The one thing that saved ZZZZ Best from further damage from reliance by third parties was the refusal of the organization to issue a clean audit statement. The corporate law violations that took place with ZZZZ Best are numerous.Minkow faced overwhelming pressure, opportunity, and rationalized his youth. Many people look at the ministry as a place where failure is taboo.When perpetrators make purposeful attempts to book income not expected to occur, they commit fraud.The auditors failed dismally in the ZZZZ Best fraud case.Akst (1987) argued four other defendants received legal punishment including Thomas Padgett who received payment from Minkow for restoration jobs that never happened and Mark Morze. In total the courts charged eleven individuals with wrong doing in this case.Gite (1990) argued that young entrepreneurs are increasing rapidly, and the world is looking at these children as if they are the heroes of the hour. Kanberg (1995) argues that the environment surrounding the ZZZZ Best was perfect for young genius Barry Minkow to generating publicity and instill confidence in investors.Additionally elements involved in the environment of this case include phone loan files, phony check registers, phony general journals, and phony accounts receivable invoices.Without their help this fraud may not have happened.The SEC enacted Sarbanes Oxley laws to benefit the investors in companies but this does not remove the requirement for auditors to practice due diligence. Minkow received sentencing on 57 criminal counts and a prison term of 25 years. He then went to work on behalf of the investors catching other fraud cases. zzzz best company case study answers Dorminey, Fleming, Kranacher, and Riley (2010) argued money, ego, and entitlement were three contributing factors to the ZZZZ Best fraud perpetration. zzzz best company case study answers

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