Whiz-kid entrepreneur barry j minkow was charged in federal court with racketeering, money laundering, and fraud in connection with zzzz best, a company he this case is the most massive and elaborate securities fraud perpetrated on the west coast in over a decade, said robert c bonner, the us. It's from 1988 los angeles police had incorrectly announced that whiz kid barry minkow and his zzzz best carpet cleani the lead investigator, it turns out, was wrong about the whole case this story that don in prison, he studied theology and emerged as a born-again pastor he eventually had. Sources that can complement many commonly used textbook case studies as noted previously, the resources crazy eddie, enron, phar-mor, tyco, world- com, and zzzz best a later section provides understand, and develop thoughtful answers to substantive questions regarding the fraud and its related issues. If you missed part 1, you can find it here) so, what about the cfo of zzzz best in part one i wrote about the headlines that many may have seen in any business or auditing class teaching about famous stock frauds but in this particular case, there is so much more to it than that i have to say, after doing.
Watch barry minkow master mind of the zzzz best fraud by donald lea on dailymotion here. The 1987 zzzz best carpeting fraud case involved barry minkow and his two business associates at the age of 16, barry minkow initiated the zzzz best carpeting cleaning business at his parent's garage (lieberman) according to investigation report evidence, the company did not make profit and mainly.
It was a good answer time has passed minkow was sentenced at age 23 for the text-book case study known as the zzzz best co, a carpet-cleaning company that he took public minkow had claimed a net worth of $90 million, drove a red ferrari with a zzzz best license plate and appeared on oprah. Zzz best, case 1 ernst & whinney never issued an audit opinion on financial statements of zzzz best but did issue a review report on the company's quarterly statements for the three months ended july 31, 1986 how does a review differ from an audit, particularly in terms of the level of assurance implied. The inescapable logic of the accounting equation ensures that any major overstatement of assets or profits, such as in the infamous zzzz best case, will show up over time out significant discrepancies in the zzzz best case, look at what a simple ratio analysis would have revealed (see exhibit 1, below.
In re zzzz best securities litigation, 864 f supp 960 (cd cal 1994) case opinion from the us district court for the central district of california. Wonder boy barry minkow - the kid who swindled wall street by daniel akst 280 pp new york: charles scribner's sons $1995 the true tale of barry minkow, the amazing teen-age swindler, resembles the story ''the emperor's new clothes'' mr minkow turned an insolvent carpet-cleaning.
Barry minkow's career has largely paralleled mine, and he has always been to me one of the most interesting personalities to intersect with my profession his audacious zzzz best fraud still stands as one of the preeminent examples of creating something out of nothing perhaps 80 percent of the sales for.
Free essay: 1 there are numerous differences between performing a review and actual audit on the financial statements, but the major one is that the review. Writing a business memo as you may recall from the introductory case study, the 1985 and 1986 financial statements of zzzz best were audited by cpa firms after reviewing the case study, along with the sections of the chapter related to the types of financial statements and their implied assurances, prepare a memo to.
Zzzz best company inc summary - download as word doc (doc / docx), pdf file (pdf), text file (txt) or read online “ernst & whinney” agreed to provide 4 types of services to “zzzz best company”: review the financial statement of the company for the 3-month period ending july 31 159995369 zzzz best case study. “classic case studies in accounting fraud” was completed under the direction of the miami university table of contents pages introduction 1 - 2 mckesson & robbins 3 - 12 allied crude vegetable oil refining 13 - 18 zzzz best 19 - 27 crazy eddie 28 - 39 phar- auditors and jack himself for answers.