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GOODNER BROTHERS, INC.
10
Transcript
The first 20 years of Woody and Al
- Born six days apart in same hospital
- Childhood best friends through college
- Bestman at each other’s weddings
- Al got Woody his job at Goodner Brothers
About Goodner Brothers Inc.
- Founded in 1979 by T.J. (CEO and Chairman of the Board) and Ross (COO) Goodner
- Tire distributor and wholesaler
- 14 locations on the East Coast
- Headquarter in Youngstown, Ohio
- Culture: relies heavily on honesty and integrity of employees
Segregation of duties
Inventory Control
Book Keeper / Accountant
Sales Data Entry
Tire Sales
Inventory control
- Security cameras
- Bar codes
- Periodic physical count of inventories
- Periodic reconciliation to recorded quantities
- Triennial internal audit
- Yearly external audit
Other parties responsible
Felix Garcia – Sales Manager
Al Hunt – Friend and owner of Curcio’s
T.J. Goodner – CEO
Ross Goodner – COO
Other employees
Conclusion
- 5 year sentence for grand larceny
- Woody served only 7 months in a minimum-security prison
- Goodner filed a $185,000 insurance claim ($130,000)
- Insurance company sued Curcio’s and Al Hunt ($98,000, payout $64,000)
- Al sued Woody but it was dismissed
Presented by :
Lauriane Cassou
Ana Escalera
Kevin Chhor
Yu Tan
Paul Yago
Key internal control objectives
- Segregation of duties
- Procedures to authorize transactions
- Requirements for documentation and audit trail before processing transactions
- Limitation to physical access
- Independent reconciliation
Key internal control weaknesses
- Management philosophy and operating style
- Assignment of authority and responsibilities
- Human resources policies and practices
Woody’s extracurricular activities
- Problems
- Gambling
- Debts to bookies
- Mortgage payments
- Credit cards
- Wife/family in DANGER
- Solutions
- Steal from his employer
- Stealing was the lesser of the 2 evils
15 months escapade
- First sale was two dozen tires for $900 in 2006
- Sold tires to Al
- After 12 months Al was suspicious
- Auditors find $143,000 of inventory missing
GOODNER BROTHERS, INC.
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