Financial performance of the company

Reference no: EM133227848

Case: Rae Philippe was a warehouse manager for Atkins Oilfield Supply, a business that operated across eight Western states. She was an old pro and had known most of the other warehouse managers for many years. Around December each year, auditors would come to do a physical count of the inventory at each warehouse. Recently, Rae's brother started his own drilling company and persuaded Rae to "loan" him 80 joints of 5-inch drill pipe to use for his first well. He promised to have it back to Rae by December, but the well encountered problems and the pipe was still in the ground. Rae knew the auditors were on the way, so she called her friend Andy, who ran another Atkins warehouse. "Send me over 80 joints of 5-inch pipe tomorrow, and I'll get them back to you ASAP," said Rae. When the auditors came, all the pipe on the books was accounted for, and they filed a "no-exception" report.

Question 1: Is there anything the company or the auditors could do in the future to detect this kind of fraudulent practice?

Question 2: How would this kind of action affect the financial performance of the company

Reference no: EM133227848

Questions Cloud

Calculate the net working capital and current ratio : Calculate the net working capital and current ratio of Good Earth Poultry, how much additional bank loan would the company need? What will happen

What are roles with the company : What are roles with the company? Which played a more active role in the call? Which do you think added the best insights when answering the analysts

Identify the target behavior of interest : Identify the target behavior of interest. Identify a common stimulus for this behavior. Identify a common consequence of this behavior.

Write what diagnostics you would order for this patient : Write what diagnostics (imaging, labs, procedures) you would order for this patient. Be sure to cover everything that can be a "can't miss" diagnosis

Financial performance of the company : Is there anything the company or the auditors could do in the future to detect this kind of fraudulent practice?

Tableau dashboard knowledge management system : Describe how Tableau Dashboard knowledge management system can improve an organization or a department within an organization.

How does the teleological view of history promoted : How does the teleological view of history promoted by Christian historians differ from other historical approaches, both teleological and non-teleological

Common principles of worker compensation programs : Common principles of worker's compensation programs in all jurisdictions include all the following except:

Buying and selling of bonds as an investment : Just anything you come across that you feel the class could learn from regarding the buying and selling of bonds as an investment

User Account

All Pages