Sec Investigation
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- Date Submitted: 10/11/2010 05:40 PM
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Green Grass Inc
Monica Miesner
Communication for Accountants/COM530
August 9, 2010
Christina Wilczewski
MEMORANDUM
DATE: March 22, 2008
TO: Mark Scott, Manager of Accounting
FROM: Monica Miesner, CPA
RE: SEC Investigation
During this investigation this organization needs to provide the SEC with all materials being requested and in a timely manner. The SEC is allowed to have access to any files that may be associated with our revenue recognition practices or any other issues that may be uncovered. Any information known should be given right away.
It will be very important to update the public with anything that may be going on. Do not give any extra information out that hasn’t be opened by the SEC yet. The public should know that we having started taking the steps to improve our accounting practices so other issues won’t arise. If anything is found we need to take the blame for this organization’s actions. If this is the case we need to inform them on what we are doing to prevent anything else like this from happening
It will be difficult dealing with the balances between calming the external stakeholders and the ethical considerations of providing all the information that is required by the SEC. The best way to get through this difficult time is to let them know where the investigation is at and what has been on covered and the steps we are doing to protect them. On the other hand we don’t want to give too much information. As a stakeholder they have the rights to know what is going on with some aspects of the investigation.
The press release will give us a negative light for awhile. It will take some time to clean our mess up, but we just have to make sure that it will not happen again. The practices in accounting held within this organization will have to be reviewed and development of stricter rules may have to be enforced right away. Separation of duties will be very important in improving our practices. The public will have to...
Monica Miesner
Communication for Accountants/COM530
August 9, 2010
Christina Wilczewski
MEMORANDUM
DATE: March 22, 2008
TO: Mark Scott, Manager of Accounting
FROM: Monica Miesner, CPA
RE: SEC Investigation
During this investigation this organization needs to provide the SEC with all materials being requested and in a timely manner. The SEC is allowed to have access to any files that may be associated with our revenue recognition practices or any other issues that may be uncovered. Any information known should be given right away.
It will be very important to update the public with anything that may be going on. Do not give any extra information out that hasn’t be opened by the SEC yet. The public should know that we having started taking the steps to improve our accounting practices so other issues won’t arise. If anything is found we need to take the blame for this organization’s actions. If this is the case we need to inform them on what we are doing to prevent anything else like this from happening
It will be difficult dealing with the balances between calming the external stakeholders and the ethical considerations of providing all the information that is required by the SEC. The best way to get through this difficult time is to let them know where the investigation is at and what has been on covered and the steps we are doing to protect them. On the other hand we don’t want to give too much information. As a stakeholder they have the rights to know what is going on with some aspects of the investigation.
The press release will give us a negative light for awhile. It will take some time to clean our mess up, but we just have to make sure that it will not happen again. The practices in accounting held within this organization will have to be reviewed and development of stricter rules may have to be enforced right away. Separation of duties will be very important in improving our practices. The public will have to...