F & C International, Inc. Case 4.2

Topics: Financial statements, Corporate governance, Balance sheet Pages: 4 (1456 words) Published: April 11, 2011
Jon Fries, Fletcher Anderson, Craig Schuster, and Catherine Sprauer are the main figures in this case and they had important responsibilities in F&C International, Inc. Jon Fries was the President, CEO, and managing director of F&C international, Inc. He was in charge of the total management of the company. The key responsibilities of Jon Fries were to align the company, internally and externally, with his strategic vision. His duties were to facilitate business outside of the company while guiding employees and other executive officers towards a central objective. As a CEO, Jon Fries had high interaction with F&C`s independent auditors, but he misguided them by creating false documents, mislabeling inventory, and undercutting the subordinates` attempts to expose the fraud. Fletcher Anderson was the Chief Operating Officer and member of company's board of directors. As the COO of the company, his responsibilities were to ensure that business operations are efficient and effective and that the proper management resources, distribution of goods and services to customers, and analysis of systems are conducted. Anderson later became the president and CEO of F&C international, Inc. As a COO, Fletcher Anderson had interaction with F&C`s independent auditors. He and controller supposed to provide all the documents and answer all the questions of the independent auditors but they didnot tell them about the fraud of the company. Craig Schuster served as the Chief Financial Officer of F&C international. He was responsible for managing the financial risks, financial planning, and record keeping of the company, as well as financial reporting to higher management. As the CFO, Schuster oversaw the preparation of and signed the company's registration statements filed with the SEC, including the company's Form 10-K reports. As a CFO, Craig Schuster had interaction was independent auditors but he did not tell them about the fraud of company. Finally, Catherine Sprauer who...
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