Question

You are the controller of Fagan Inc. K. L. Howard, the president, recently mentioned to you that she found an error in the 2013 financial statements which she believes has corrected itself. She determined, in discussions with the purchasing department, that 2013 ending inventory was overstated by $1 million. K. L. says that the 2014 ending inventory is correct, and she assumes that 2014 income is correct. K. L. says to you, “What happened has happened—there’s no point in worrying about it anymore.”

Instructions
You conclude that K. L. is incorrect. Write a brief, tactful memo to her, clarifying the situation.



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  • CreatedApril 07, 2014
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