Goodman Brothers, Inc.

Goodman Brothers, Incorporation.

Summary

The Goodman Brothers, Incorporation. case is known as a classic example of a lack of interior controls that eventually involved to a good business. Goodman Bros offered tires from 14 locations across the east coast together a business plan that allowed them to grow and be powerful. As wonderful as they strategy was to get selling auto tires, their want to implement internal controls and stop fraud was non-existent. When a Woody, a great unlucky in addition to debt gambler discovers this kind of weakness he is quick to behave and begin defrauding the Goodman Brothers.

Any problem like this begins with incentive and Woody absolutely had this kind of. Being smashed by debts, Woody found no substitute but to begin stealing via his employer. After bonus exists there must also be chance and Hard woody saw a golden opportunity based on how easy robbing from Goodman Brothers could possibly be. Based on his experience with bad accounting practices and locker control over products on hand, Woody was sure he would be able to take advantage of the lack of inner controls. These types of lacks included no separating of obligations, unrestricted gain access to into the accounting system, poor security in its tire inventory, deficiency of checks and balances, and unrestricted use of inventory storage areas. The mix of these issues made stealing from Goodman Brothers far too easy for Woody.

Woody structure was straightforward, but powerful and allowed him of stealing inventory, overcharge customers, and falsify accounting records. Hard woody started simply by stealing straight from the storage rooms of Goodman Brothers and " moving old inventory” on a totally cash basis with existing customers. Woody would also charge larger customers for merchandise they had not purchased and ideally and occasionally it could go undetected. This structure would go in for many several weeks and Woody would in the end steal lots in sales and auto tires from the Goodman Brothers. Finally, in the Goodman Brother's one particular concession with their honesty and integrity policy, the...

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