Phar mor inc essay example

The chosen operating structure is based on a product structure. At the same time, Coopers repeatedly expressed concerns in its annual audit reports and letters to management that Phar-Mor was engaged in hardto-reconcile accounting practices and called for improvements.

Coopers also pointed out that the auditors performed a number of other procedures that compensated for the weaknesses in the price tests. As such, it is argued that none of the wrongful activities alleged in the complaint were carried out by any of the named Defendants.

Ms Key was both a student intern, and eventual employee of Giant Eagle Pharmacy. In second paragraph, include the summary of your work experience. Supplemental briefs were filed by both parties, as well as additional intervening parties who are defendants in other adversary proceedings in this case which are subject to a temporary sealing order and subject to similar motions to make the temporary orders permanent.

Records obtained from the W. Defense Response When asked if the spike would cause an experienced retail auditor to have suspicions about inventory at Phar-Mor, the audit partner responded: It was not what it was supposed to be.

I am a staff accountant who is doing my job, and I am poring through these and asking questions. The entire company was being run from a small Montreal office. Cohen was a successful and highly regarded teacher, mentor as a pharmacist and businessman.

Among the big investors were Westinghouse Credit Corp. The gravamen of Defendants' argument is that the complaint contains scandalous or defamatory allegations as respects Defendants.

In fact, virtually anywhere medications are furnished, Cameron and Company, Inc. Lefkowitz Scholarship This scholarship was established in memory of Samuel L. It was a valid test, and it still is.

Finally, to this day, none of the parties involved—not Tamco, Phar-Mor, or Giant Eagle—have suggested the settlement was part of the fraud. He received his BS in pharmacy from Fordham University and came to the University of Pittsburgh to study pharmaceutical economics—a graduate program at that time.

Fraudulently Misstating Financial Statements Methods

Phar-Mor has not moved to withdraw the pleading. Pittsburgh native; preferably a P-3 student in need of financial assistance; preferably self-supporting; GPA of 3.

Thank you for denoting precious time. The New Client Acceptance Decision. The hierarchy of Mars Co. Coopers concluded the difference noted was reasonable and consistent with expectations.

Determination of Planning Materiality and Tolerable Misstatement. However, Coopers considered the analysis very crude and included it only as support for the existence of a shortage, not the dollar amount.

Examples of a court limiting access include where records contain confidential business information or could be used to promote public scandal; indeed, "courts have refused to permit their files to serve as reservoirs of libelous statements for press consumption.

Blumenschein Scholarship Fred Bonchosky, a pharmacy graduate from the Class ofestablished this scholarship in memory of his grandfather, Frederick Blumenschein.

Accordingly, the Court grants Plaintiff leave for a period of thirty 30 days to withdraw the complaint filed in this adversary proceeding. Plaintiffs argued the auditors recklessly ignored the sample results indicating a material misstatement. As is common with many audits, the only written contract was between Coopers and Phar-Mor.

Don Bell Memorial Scholarship Mrs.

Case 2-9 Phar Mor Essay Sample

Upon Plaintiff withdrawing the complaint, the Court will close the adversary proceeding as having been settled and dismissed. Because Tamco and Phar-Mor were both subsidiaries of Giant Eagle, the settlement was disclosed in a related-party footnote to the financial statements.

Bischoff Scholarship This scholarship was established by Jean M. Analytics, such as inventory turnover and days in inventory, were also examined. Greg Finnerty, engagement partner for the Phar-Mor audit Further, Coopers pointed out that differences are expected in reasonableness tests and those differences do not represent actual misstatements.

As the years have gone by, the number of Apple products has increased tremendously, from Apple I…. However, no answer was filed because, on Plaintiff's motion, the case was stayed from further action pending completion of settlement negotiations.

After the internal investigation pointed to Tamco, Phar-Mor began to maintain a log of Tamco shipments. Under these circumstances, Intervenor argues that courts of the United States are obliged to use the least restrictive method available to protect Defendants' rights.

Section codified the Supreme Court's Nixon decision in the bankruptcy setting by recognizing the common-law right of public access, subject to the limited exceptions of confidential commercial information and scandalous or defamatory material. Further testimony in the trial suggested the Tamco settlement was not an issue of concern with investors and creditors until their attorneys made it an issue years later in the litigation.Read “The Case of Phar-Mor Inc.” which can be accessed through the DeVry online library.

In pages (pt type, double-spaced) summarize the case and answer the following questions. The bankruptcy of Phar-Mor Inc. cost its investors $ million.

Although the bankruptcy occurred 10 years prior to the enactment of SOX, this article attempts, with hindsight, to determine if the bankruptcy might have been prevented if the provisions of SOX had been in effect and applied to Phar-Mor Inc.

In the late s and early s, Phar-Mor, Inc.—a deep discount retail chain store—began to manipulate its reported inventory. The number of stores and the states in which the stores were located grew at a phenomenal rate during that time.

united states bankruptcy court northern district of ohio * * in re: * case number * phar-mor, inc., et al., * * honorable kay woods * debtors. Sep 04,  · Crazy Eddie Antar and His CFO/CPA Cousin Sam Antar Meet for first time in 30 Years - Duration: gzfraud 71, views. Example Support Contact Us FAQ Help Document Question | Answer ACCT WEEK 1 ASSIGNMENT THE CASE OF PHAR-MOR INC.

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Phar mor inc essay example
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