This assignment focuses on Ensuring Accurate Financial Data. There is also a description of Widget Company Performance Report. So, propose possible causes, and make suggestions for how the variances can be remedied in the company.

Ensuring Accurate Financial Data : Widget Company Performance Report

This assessment has six-parts.  Click each of the items below to complete this assessment.

Part 1: Ensuring Accurate Financial Data

Scenario

You work for a company that has recently experienced a case of embezzlement. Also, the management team is looking for ideas on how it can prevent this from happening in the future. So, has asked you to present ideas during its next monthly meeting. Using the following case, prepare a 10-slide presentation that presents the details of the case and ideas for how the company could have prevented the embezzlement.  Then, Include details on how the company can ensure accurate financial data.

Jared Smith has served as the executive director of the Community Arts Organization for more than 10 years. The Community Arts Organization is led by a board of directors. Jared works independently. He receives all membership fee payments (cash and checks), and he pays all bills and reconciles the checking account. No one reviews Jared’s work and the Community Arts Organization is not regularly audited.

Ensuring Accurate Financial Data : Widget Company Performance Report

Over the course of the past 5 years, Jared has committed fraud and embezzled nearly $400,000. Jared deposits membership fee payments directly into his own bank account. He also writes Community Arts Organization checks to himself and has created phony companies that he writes checks to and deposits the checks into his own bank account.

Part 2: Explaining Variances in Performance Reports and Suggesting Possible Causes and Remedies

Read the “Widget Company Performance Report” document, provided with this Assessment. Imagine that you are the manager of the production department at the Widget Company and you have been asked to explain the variances found in a performance report,propose possible causes, and make suggestions for how the variances can be remedied. Using the information provided in the Widget Company Performance Report. Then, prepare a memo to your boss that explains the possible causes of the variances in the performance report, and suggest how the company can remedy them. (1 page)

Detailed Instructions

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