Accounting homework help

Course Project Deliverable # 3 Assignment
Course Project – LDC Cloud Systems
With a plot centered on a bribery allegation and questionable accounting oversight within the company, LDC Cloud Systems provides the reader a better appreciation of how fraud situations can unfold and then addressed, including the importance of strong board oversight. The case study explores actions of management and the board, along with the timeline of decisions after they uncover potential problems within the company. It also illustrates how complex accounting practices common in today’s fast-changing business environment can make a company susceptible to fraud.
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In this scene, CFO Filippe Arizmendi is expressing concern to General Counsel Ross Trela that the accounting team is working extremely hard to make sure that the accounting department will be able to correctly recognize revenue on the myriad terms and conditions that the sales function is offering to close deals in order to meet growth targets.
Respond to the following questions ensuring you provide examples and concepts from our lessons.
1) Revisit the fraud triangle. How does the cascading effect on other departments that aggressive growth targets can have on the company?
2) How are accounting and legal departments are impacted by the sales function? What could go wrong? Why did the CFO say that the team feels like they’re playing goalie?
3) Comment on how the sales “deals” put pressure on the accounting function, which is tasked with determining how to recognize revenue for these different arrangements.
The three men are prepping for the upcoming board meeting where they will discuss the accounting information discovered in the email that has the potential to result in a restatement of prior period financial statements. CEO Shep LeDuc has been asked to sit out this board meeting so that the board can have a candid discussion about the situation at LDC.
Respond to the following questions ensuring you provide examples and concepts from our lessons.
1)What are the key decisions facing the Board of Directors (for example: do they need to restate financial statements from prior periods?)
2) What does “governance” mean when it comes to fraud detection, prevention and investigation? Is LeDuc a good chief executive for LDC? How about CFO Arizmendi? What responsibility does Arizmendi have in these events? Why is the CEO being asked to sit out this board meeting?
3) Should the company delay filing the quarterly financial report until there is a determination about the materiality of the questionable accounting estimates highlighted in the email attachment?

  • Be careful. Make sure you avoid plagiarism by using quotation marks and proper citation as required.
  • Use APA format for citations and (required) the References page. Remember that the significant portion of your analysis should be in your own words.



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