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25 Feb 2019

All of the following are true regarding benchmarking EXCEPT: that the purpose is to gather information regarding the best practices of others. that buy-in by employees is critical. benchmarking can save time and money by avoiding the mistakes made by others. benchmarking initiatives generally result in quick changes to the work environment.

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Irving Heathcote
Irving HeathcoteLv2
27 Feb 2019

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Arthur Andersen & Enron

After its client, Enron, filed for Chapter 11 bankruptcy in December 2001, Arthur Andersen was indicted for obstruction of justice by the Justice Department. Deputy Atty. General Larry Thompson accused Andersen of shredding “literally tons” of documents after learning that the SEC had started an investigation into the aggressive accounting practices of Enron.

In seeking the indictment against Andersen, Thompson said they were swayed because of Andersen’s history of wrongdoing as well as the hope that by making an example out of Andersen they could deter others from doing the same thing. Andersen employees were ordered to work overtime to destroy 26 trunks and 26 boxes of documents that Thompson said impeded the investigation into Enron to get at the truth.

David Duncan, the Enron audit partner at Andersen, had supposedly ordered the destruction of the documents based on the instructions received from Nancy Temple, an attorney for Andersen. It seems that Duncan had also ordered the destruction of documents in Portland, OR, London and at the Chicago headquarters. The indictment suggested that the destruction was ordered to cover up accounting mistakes that Andersen had made.

Andersen later stated that Enron failed to follow the advice of Duncan regarding a disclosure that was misleading in a quarterly earnings report. Nancy Temple did not want the information in the work papers to show that Enron failed to follow the advice of Andersen and ordered the work papers first to be altered and then later shredded.

Andersen was later found guilty in June 2002 and on August 31, 2002 surrendered its license to practice accounting in all 50 states. As a result of the collapse of Enron and Arthur Andersen’s conviction, 85,000 employees were put out of work and 2,300 companies were left without an auditor. The conviction was overturned, in a unanimous decision of the US Supreme Court, in 2005 based on a procedural error in the instructions the judge gave the jury.

Do you think that it was fair that all of these employees at Andersen lost their jobs based on this one failed Enron audit? Was the conviction the real reason that Andersen had to close?

13-A contribution price, one lower than the regular price ismost appropriate under the following conditions except: Select one:a. where there is full capacity b. where there is idle capacity c.where operating in a distress situation d. when faced with sharpcompetition e. when in a competitive bidding situation

14-

Examples of outsourcing decisions include all except:

Select one:

a. whether to buy or make sub components

b. whether to process payroll in-house or outside service

c. provide processing services internally or buy them

d. manage fleets of vehicles or use outside delivery service

e. use in house selling or inside marketing

15-

Management can relax a constraint by all but:

Select one:

a. expand the capacity of a bottleneck

b. outsourcing or subcontracting

c. working overtime

d. eliminate value-added activities at the bottleneck

e. retraining employees and shifting them to the bottleneck

16-Common mistakes to avoid in decision making when identifyingrelevant costs and benefits include all except:

Select one:

a. ignore sunk costs

b. beware of unitized fixed costs in decision making

c. beware of out-of-pocket-costs

d. beware of allocated fixed costs; identifying the avoidablecosts

e. fail to identify opportunity cost

17-

Long-term investment features include all except:

Select one:

a. large amounts of initial cash outlay

b. recurring cash in flows over the life of the investment

c. income tax factors

d. time value of money

e. segmenting profit margins

17

Writing Project - Part 1

Small Builders, Inc. has requested your help to review theircurrent processes. Below you will find information on the areasthey are looking for help with. After reviewing the givenbackground information, prepare a 1 page memo explaining how youcould improve the presentation of these reports and lists so theowner can more easily understand them. Address how often theinformation is recreated and whether the owner should have theoption to complete the Excel steps himself. Your goal should be tohelp justify why hiring you has already saved the company money andis going to allow more real time information to be readilyavailable. Be sure to include proper APA citations both within thebody of your text and a References page following the memo.

Currently, a hand written inventory is kept and the previousmanager was manually tracking the cost and quantity of inventory onhand.

Orders for inventory are made using a hand written form. Oftentimes there are mathematical errors in the totals of the amountsordered and the wrong amount is written for the check requestleading to underpayments that delay shipping.

Decisions regarding inventory mark-up are made by "good guess"but the owner has never fully understood how to make the bestdecision on what mark-up to include per inventory item. There alsoisn't always a quick place to see what that mark-up is per item orthe original cost. They wish this could be kept in one place.

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