`Phar-Mor.i` short response

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1 . The main culprit for the fraud is Mickey Monus the president and chief operating officer of Phar-Mor . Pat Finn , chief financial officer together with John Anderson and Stan Cherelstein were all affiliated with the company having no initiative at all to report the said violation likewise refuse to participate . Most of all , David Shapira the CEO of Giant Eagel , that is Phar-Mor 's parent company who should be

br partly responsible for timely operation , granted that the damage in Phar-Mor will have an impact to their group of companies financially being a majority stock holder . However , Mickey Monus although initiator of fraudulence himself , the fault does not solely end with him theless since the irresponsibility of other employers existed and therefore contributed to the fraud

2 . An alternative course of action for Stan Cherelstein is basically to confront the problem that there is fraud within Phar-Mor . There is always the option to report or at least meet professionalism by acting against providing false financial statements

3 . Assuming the position of Stan Chereleistein , the appropriate action that should have taken place is identical to the due care standard in the AICPA Conduct of Standard . In accounting , competence and diligence is a must . Primarily where it requires the observation of technical and ethical standards , which the professionals in the case of Phar-Mor failed to do

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