...LGA Entertainment announced the resignation of Alberto Lizarraga, Chief Financial Officer of LGA Entertainment effective September 07th of the current year in order to pursue other career opportunities. Lizarraga's departure does not result from any disagreement with LGA Entertainment on any matter relating to LGA Entertainment's operations, policies or practices. LGA Entertainment’s CEO said: “On behalf of everyone at LGA Entertainment, I thank Alberto for his contributions during his tenure as CFO during which LGA Entertainment has grown to another level. We wish Alberto well in all of his future endeavors”. Mr. Lizarraga was elected by the board of directors as LGA’s Chief Financial Officer, effective September 01, 2000. Mr Lizarraga is a financial executive with over 20 years of experience and proven record of success. He came into the company shortly after receiving his MBA from University of Phoenix. Alberto has contributed to the financial success of the company for 12 years. The appointment of the new Chief Financial Officer at LGA Entertainment is a matter for the board of directors. Before Lizarraga’s replacement is selected, the boards of directors need to have meetings to approve the motion. “There is a serious concerns regarding Lizarraga’s resignation” said Mario de la Gala, CEO at LGA. “We have created a team that is dedicated to investigate if there was any misconduct in regards to the financials status of the organization”. The team will provide the results...
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...Liam Yackley 3/7/2015 H250 Job Analysis I chose the job of Chief Financial Officer because the position has maintained a level of intrigue in my mind. I was interested in the duties of a CFO and what they encompassed but have not attained the amount of information I would like to have on the position. Unfortunately I do not know any people who are CFOs or even involved in that specific work environment so I was not able to obtain information that way. I could see myself climbing rank in the public health network and working my way up to a CFO in the future. I feel that my attention to detail and drive for success will help me strive within this niche. Not only that but with the knowledge I receive from my education I will be well rounded and more suited for the roll. I have not planned my trajectory on how I will obtain such a position but I feel that I would push to get a job as Managed Care Analyst once I get out of college and work my way up from there. Chief Financial Officers have not always had a role in the business world for it emerged in the 1970s and its job description has changed dramatically since then. Before the 2006-2007 recession the job of a CFO was easier and quite obtainable but since then there has been increased responsibility, greater scrutiny, more regulations and fewer resources. As a result of this recession the CFO is now the glue of the organization. The new more modern CFO is required to be good with numbers, be able to crunch...
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...affect our revenue recognition. I have attached the information which was requested, compiled, and sent to the SEC. “The SEC in 2000 adopted Regulation FD, or ‘fair disclosure’. Basically, Regulation FD requires companies to widely disseminate any material announcement” (Seibel, 2001, p.132). Since ABC Accounting Firm is a publicly traded organization, the recent resignation of our Chief Financial Officer and the SEC investigation we must issue a press release. Our first concern is to inform all of our stockholders of the issues at hand. In order to keep the stockholder calm, we must disclose all information. We must follow all SEC regulations and comply. A lot of decisions will need to be made in the near future. The ethics of our organization will be put to the test but as always we will overcome this obstacle. When the press release is given to the public, our organization can and should expect negative feedback. We need to begin the process of soothing any turbulence that may arise. We have hired the independent external auditing firm, XYZ Auditing, to examine our financial records. We will include this information in the press release to soothe any potential negative feedback from the public. We will follow...
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...accounting department at his aunt's software company. While going over some financial statements Nick notices what he believes are revenue recognition issues. Since Nick believes that Lee Marchetti the Chief Financial Officer (CFO) of O'Brien Software is an honest man, he decides to have a discussion with him about what he believes are revenue recognition issues. Mr. Marchetti explains to Nick that accounting is not an exact science and that it involves a lot of judgment calls and that O'Brien Software's "deferrals and estimates are well documented and in accordance with the Securities and Exchange Commission (SEC) rules" (Conservative Recognition or Cookie Jar Reserves, Carpenter p. 3). After speaking with Mr. Marchetti, Nick decided to still speak with his aunt Amelia about his concerns. Amelia expressed to Nick that she was not very good when it came to accounting matters but she was educated when it came to recognizing revenue and that she believed being conservative was better than overstating. However, she asked Nick if he thought she should mention what he found to the audit committee. Issues/Questions One question that should be addressed surrounds why the CEO Amelia is not aware of certain financial aspects of her business. The Sarbanes-Oxley Act requires the chief executive officer (CEO) and the chief financial officer (CFO) of public companies to certify the quarterly and annual financial statements submitted to the SEC (Arens, Beasley, & Elder, 2012). The...
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...Wal-Mart‘s earnings and financial quality and report how this process relates to the ethics of professional accountancy. Most public companies are required to file its financial documents and annual reports with the SEC. To ensure that they are complying with both the financial and ethical guidelines ethical consistent with professional accountancy practices. Generally, companies like Wal-Mart posts ethical policies and procedures both in their stores and on their website. The SEC regulation remains constant; a company has the option of the process it uses to comply with the regulations. The financial health of a company can be determined by analyzing a company’s financial performance and ratios computed over two to three years. Organizations today are different from those in the past; the days when a person would work at the same company until retirement are long gone. Most people desire to work for a company that is people focused, diverse, successful, and conducts business in an ethical manner. Wal-Mart is one of the companies that offer each of those characteristics in addition to a strong ethics program that it closely follows. In fact, Wal-Mart has a Statement of Ethics, which includes the practice of honesty, integrity, and compliance with the law. Compliance with the Statements of Ethics is mandatory for each employee. The company also maintains a separate Code of Ethics for the senior financial officers. Wal-Mart also has in place a Related-Party Transaction Policy...
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...Review the financial statements, located in the Patton Fuller Community Hospital Virtual Organization. 1. Click on the Virtual Organization link on the left column of the student website. 2. Click on the Healthcare tab and acc1ess the Patton-Fuller Community Hospital. 3. Click the Chief Financial Officer link under the Corporate Officers tab to access the financial statements. Compute the eight ratios—as shown in Chapter 11—for Patton-Fuller Hospital based on its unaudited financial statements and critique its operating results and financial position. | | |2008 |2009 | |Liquidity | |Unaudited |Unaudited |Audited | | |Current Ratio |Current Assets | | $128,867 + $23,807| | | | $130,028 + Current |Current Assets |= 5.3709833 or | | | |Liabilities $8,380 = |$128,867 + Current |5.371 (15 to 1) | | | |15.516229 or 15.516 (15|Liabilities $23,807| | | | |to 1) |= 5.4129877 or...
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...College of Commerce Financial Accounting ACCT3013 Prof. Hafiz Imtiaz Reg. No. 2035 – Minahil Raza Reg. No. 2030 - Ahmad Waqas Reg. No. 2001 - Syed Faizan Jaffri December 15, 2013 Difference between Accounting & Finance Accounting is an art of recording, classifying and summarizing the transaction in a significant manner, whereas finance is the management of money and other valuables, which can easily be converted into cash. Functions of Finance Department of an Organization * Preparation of Budget Plans It is duty of finance department of company to make the budget before actual providing money to any department. It helps to fulfill each department with minimum cost. * Financial Management In this function finance department gets money from capital market at very low risk and cost. Finance department analyzes all the resources of funds and create a good financial structure of company. In this structure, finance department analyze whether it will decrease the overall cost of capital on Average basis or not. * Management of Investments of Company After making financial structure, finance department invests debenture holders and shareholders money in best projects for getting highest return on investment. For this finance department takes investment decision. These investment decisions can be taken with the help of capital budgeting and investment analysis techniques. * Management of Financial Risks Financial department takes many...
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...not a process in place to ensure performance of these procedures. As a result detailed reconciliation of intercompany accounts are not performed on a timely basis. Management does perform monthly procedures to investigate selected large-dollar intercompany account differences. In addition management prepares a detailed monthly variance analysis of operating expenses to assess their reasonableness. I believe that this case represents a significant deficiency due to the fact that reconciliation is not performed on time each month. Any misstatement that might occur from this deficiency is more than likely to be an immaterial amount, however management should still be notified. Case 2 During its assessment of internal control over financial reporting, management identified the following differences. Based on the context in which the deficiencies occur, management and the auditors agree that these deficiencies individually represent significant deficiencies: * Inadequate segregation of duties over certain...
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...INFOSYS LIMITED CODE OF CONDUCT AND ETHICS Originally adopted by the Board of Directors on 10 April 2003; Amended version adopted by the Board of Directors on 15 April 2011; Amended version adopted by the Board of Directors on 7 May 2013; Amended version adopted by the Board of Directors on 9 October 2014 Preamble “This Code of Conduct is intended to establish and clarify the standards for behaviour in the organisation. However, no Code of Conduct can cover all situations you may encounter. Thus, you need to utilise the following principles where specific rules cannot be established: Decisions made, and actions taken, by you must be consistent with company values and company objectives. Infosys is focused on delivering long-term value to its employees, shareholders and society. It is expected that you will do what is right to support the long-term goals of the company. Infosys competes to win, but only within the framework of integrity, transparency and compliance with all applicable laws and regulations. If you are ever in doubt about a decision, it should be escalated to a higher level of management for broader consideration. Should you ever see a deviation from the above principles, it is expected that you will utilise appropriate channels to report the violation.” INTRODUCTION This Code of Conduct and Ethics (“Code”) helps maintain the standards of business conduct of Infosys Limited, together with its subsidiaries (“Infosys” or the...
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...fundamental positions in organizations and institutions such as management, financial recording, budgeting and control and also in business innovations. It is what every for-profit and non-profit organizations need because it deals with recording the progress of the organizations or institutions, analyzing figures and more importantly determining the future of a firm. This is achieved through analyzing and scrutinizing the current financial records and the previous years’ financial records. Accounting integrates various financial statements such as income statement, balance sheet and also the statement of owners’ equity (Lasser Tax Institute, 2010). This implies that there are various careers that are linked to accounting, and these are with inclusion of accounting clerk, accounting assistants, budget analyst, accounts payable clerk and chief financial officer (CFO). It also has careers such as staff accountant, Certified Internal Auditor and forensic accountants. Career Options Chief Financial Officer (CFO) Chief Financial Officer (CFO) is very important personnel in determination of the overall success of an organization. The officer is obliged to offering advice to the board members and an organization’s Chief Executive Officer in connection to the financial transactions that directly affects the direction to which the organization takes (Backer, 2009). The chief financial officers need to have varied skills and experiences, and also specified academic qualifications...
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...Controller in the Corporate Finance Industry Having worked in the Financial Industry for 11 years I feel like it would be natural for me to seek a job such as Controller at a Financial Institution or in the Finance Industry. In order to determine the requirements for such a position I searched a sample job description: Responsible for direct supervision of all accounting and financial functions. Primary responsibilities include supervision of the monthly close process, monthly, quarterly and annual billings to clients for services provided, billing reimbursements from clients, collection of accounts receivable, supervising accounts payable, payroll, monthly reporting for the owner, monthly preparation of a reforecast, annual preparation of a budget, assist in the preparation of quarterly tax projections and annual tax return preparation and all treasury administration. The Corporate Controller will also be part of a team that creates and implements policies and procedures to identify, resolve and document accounting issues in addition to creating procedures to make the close and reporting processes more efficient and accurate. (www.accountingjobstoday.com) “Budgeting is a key function of controllers and their staff, including the counting of spending and revenues” (www.about.com). As it would suggest, a Controller controls access to corporate funds. Controllers typically report to the chief financial officer (CFO) of an organization. It’s typically required that one must...
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...Management Summary Our management team is comprised of people with many years of experience in the long-term care provider and software development industries. Our philosophy is laser-like focus on the customer’s needs. We have a Chief Financial Officer and four directors reporting to the President and CEO. Part-time positions staffing the customer support desk will be filled as needed and reporting to the Director of Operations. Seven regional sales managers will be contracted as commissioned resellers and reporting to the Director of Business Development. Four have already been identified. Management Team The OBRA e-z management team consists of the President and CEO, the CFO, and four directors: Ken Smitzhe, President and Chief Executive Officer Ken Smitzhe has been working with Information technology tools in the geriatric health are industry for over ten years. His expertise is in the Internet, Intranet and development of strategic business partnerships. Previously, Mr. Smitzhe was National Manager with NCS HealthCare, Inc., a world class provider of integrated healthcare solutions, providing real-time communications between long-term care institutions, including skilled nursing facilities and assisted living facilities. The technology provided by NCS has led to better patient care and a more efficient work environment. At NCS, Mr. Smitzhe was instrumental in the development of the companies’ web based formulas that increased productivity and customer...
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...systems that they have and make one master system that will encompass all of their needs. We have been allotted six months to plan, analyze, design and implement a new system for Riordan Manufacturing. Let the Planning Begin Identifying key stakeholders is one of the first tasks that we will undergo. The key stakeholders in Riordan Manufacturing are those who will undoubtedly help the project succeed. Whether it’s information or resources (i.e. finances), identifying the key stakeholders is highly essential to the project. The first choice is the Chief Operating Officer (COO), Hugh McCauley because he is solely responsible for the day-to-day operation of the company. He knows, or should know, what it takes for his employees to succeed and with their help, an effective system can be created. Next would be the financial planning manager and/or the Chief Financial Officer to discuss the funding of the project. Without knowing where the budget stands, we are unable to tell how much work we are able to put into this project. All administrative assistants and a certain percentage of those who would use the system on a daily basis would be chosen also. These employees are identified as key stakeholders because they will be the ones who ultimately control the system so they know what it is that they need to get the job done. Gathering information from this selection of employees allows me to understand the requirements of the system and the needs...
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...specialties and STHT strictly cardiologists, they both tend to the same type of patient, primarily the indigent. Although as a non-profit organization, STPS main mission is to serve those who are poor, the majority of its revenue still comes from third party payers (Barton, 2010). Financial information As a non-for-profit entity, STPS currently offers a 40% discount to all of their uninsured patients and if the patient is able to pay the balance at the time of service, he/she will receive an additional 20% discount. In addition to the previously mentioned incentives, STPS does have a charity program in place. In order for a patient to qualify for financial assistance he/she must have a credit score under 650 and fall below the federal poverty level. With this in mind, the Chief Financial Officer (CFO), who is responsible for the all the financial activities of the entity (Gapenski, 2012) requires reports that will help him project the dollar amount that will be written off to charity every quarter. Financial management vs. Accounting Gapenski (2010) explains that accounting provides key information about an entity’s financial status, as well as, operations. On the other hand, financial management delivers all the tools necessary for managers to make better economic decisions. Overall, it is important to keep in mind, that although as a...
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...Careers in Accounting Name Institutional Affiliation Question 1 A Forensic Accountant This is a specialized career in accounting, which focuses on investigating financial information to identify or detect existence of white-collar crimes in companies or organizations. It is the responsibility of a Forensic Accountant to analyze and investigate crimes such as bankruptcy, embezzlement, and fraud to provide evidence as to who, what, how, and where the financial crime occurred. A Forensic Accountant needs to integrate law knowledge and the understanding of accounting and finance. The career in Forensic Accounting is recently on high demand because of the increased financial inconsistencies within organizations. A Forensic Accountant finds employment opportunities in many settings, which include law firms, consulting firms, government agencies, and financial institutions (Justice, Law & Legal Studies Forensic Accountant and Fraud Examiner). A Budget Analyst A budget analyst is one of the career paths in accounting. This career involves the relationship between goals of the project and concerns of the budget. The work of the budget analyst is to organize business finances such as preparing budgets reports and checking organizational spending. Minimum requirements are a bachelor’s degree in accounting and in some cases, there is a requirement of a Master’s degree in accounting. Additional requirements include excellent numerical, analytical, and accounting...
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