Diamond Food

 Essay about Diamond Foods

Diamond Food

1 . Just how did disadvantages in Precious stone Foods' inside controls help the accounting scandal?

The examine committee of Diamond's table was conducting an investigation of Diamond's accounting for certain plant payments to walnut declaring no to prop. This is where the scandal sort of took off. Filings done to approve the accounting practices were signed off by the businesses CEO and CFO. In that case there was persistent audit committee who was designated to probe the company's practices. The committee concluded that obligations to farmers of about $60 million in September 2011 and about $20 million that kicks off in august 2010 weren't accounted for inside the correct times. Diamond's financial records for those years and for certain quarters inside them wasn't able to be trusted. The internal regulates, if were most focused, would have led Diamonds to not cheat on their catalogs. The rigidity of the settings were not rough enough and that is what resulted in this death. 2 . For what reason might top rated management have been completely willing to dismiss red flags indicating misconduct?

The idea of " bigger is better” sort of set blinders upon those with many control in the company. The marred the ideals from the workforce underneath them and so the fraudulent lifestyle thrived. The only priority that was factor of the CEO and CFO was taking over the snack foods industry. With this, and later this aim in mind, we were holding doomed. The willingness to ignore a lot of pretty big red flags showed they did certainly not uphold a very good code of ethics.

several. Describe how Diamond Foods intends to address ethical dangers to prevent comparable misconduct later on.

Taken right from Diamond web page, " Precious stone Foods requires responsibility pertaining to continually improving our processes, practices and actions to keep high requirements in the moral sourcing of commodities and materials linked to the manufacturing of the products. Diamond's compliance plan encompasses confirmation, audit, recognition, internal answerability standards, and training. ” In...


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