1. Obtaining vendor commitments to provide purchase rebates for a set level of large volume purchases made by CWO was Tomkins plan to increase profits. How would this be achieved in a journal entry (debit which account and credit which account)?
2. What makes this journal entry potentially fraudulent besides the lack of proper documentation (really think about what the rebates are and the reasons/evidence from the case that could make this proposed journal entry fraudulent)? Effectively, Why would increasing inventory not be in line with CWO’s strategy at this time?
3. Why was Tomkin trying to get this journal entry made in the first place (whats his motivation)?
4. How did the companys culture play a role in creating an environment for fraud to potentially occur?
5. Who should Ramos notify about potential fraud and why?
6. What are some potential weaknesses in the Board of Directors (the makeup and actions)?
7. What changes must the company make to prevent frauds like this one from occurring again (be specific; this is the most important part of the assignment)?
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