For this assignment, you will do the following:
Read the fictitious case about Carolina Wilderness Outfitters: carolina-wilderness-outfitters-case-study.pdf Download carolina-wilderness-outfitters-case-study.pdf
In a minimum 1,500 word paper, discuss the following questions relating to the case study. Make sure to add your opinion into your analysis as well as any work or personal experiences. Even adding references to current/past events/cases can be valuable and interesting. Connections to your experiences and reflections upon them is what makes the assignment valuable (not to mention unique reading for me).
*PLEASE use a subheading for each question and answer the questions in order*
1. Obtaining vendor commitments to provide purchase rebates for a set level of large volume purchases made by CWO was Tomkins plan to increase profits. How would this be achieved in a journal entry (debit which account and credit which account)?
2. What makes this journal entry potentially fraudulent besides the lack of proper documentation (really think about what the rebates are and the reasons/evidence from the case that could make this proposed journal entry fraudulent)? Effectively, Why would increasing inventory not be in line with CWO’s strategy at this time?
3. Why was Tomkin trying to get this journal entry made in the first place (whats his motivation)?
4. How did the companys culture play a role in creating an environment for fraud to potentially occur?
5. Who should Ramos notify about potential fraud and why?
6. What are some potential weaknesses in the Board of Directors (the makeup and actions)?
7. What changes must the company make to prevent frauds like this one from occurring again (be specific; this is the most important part of the assignment)?
No sources required
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