The Whonka Chocolate Company: Corporate governance and controls over financial reporting

► Improvements to thinking and writing are meager in college but vital for success. ► This case provides a resource that successfully addresses these issues. ► Students create a written appraisal of the internal controls and corporate governance. ► Complex reasoning is used to apply knowledge regard...

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Bibliographic Details
Published in:Journal of accounting education 2011-12, Vol.29 (4), p.295-314
Main Authors: Bromley, Robert G., Harrast, Steven A.
Format: Article
Language:English
Subjects:
Accounting systems
Boards of directors
Candy industry
Communication Skills
Corporate governance
COSO
Critical thinking
Educational case
Financial reporting
Internal controls
Public Company Accounting Reform & Investor Protection Act 2002-US
SOX
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Summary:► Improvements to thinking and writing are meager in college but vital for success. ► This case provides a resource that successfully addresses these issues. ► Students create a written appraisal of the internal controls and corporate governance. ► Complex reasoning is used to apply knowledge regarding Sarbanes–Oxley and COSO. ► The case is appropriate for graduate and undergraduate accounting and auditing students. Whonka Candy Company (Whonka) is a case study dealing with internal control and corporate governance. The company has grown rapidly over the last few years and achieved a large share of the wholesale chocolate market. The growth has caused many changes to corporate operations and financial reporting. Your responsibility as a new member of Whonka’s board of directors is to evaluate the company’s current system of control. Use the knowledge you have obtained regarding the Sarbanes–Oxley (SOX) Act (2002) (Sarbanes-Oxley Act of 2002. 2002, July 30. Available at http://www.sec.gov/about/laws/soa2002.pdf) and the COSO Internal Control–Integrated Framework (1992 and 2012) (Committee of Sponsoring Organizations of the Tre. (1994). INTERNAL CONTROL – INTEGRATED FRAMEWORK. Jersey City, NJ: AICPA. Retrieved on June 12, 2012 from http://www.snai.edu/cn/service/library/book/0-framework-final.pdf) and best business practices of accounting system design and operation to develop a report to the board. This case will challenge your ability to think critically and practice your written communication skills.
ISSN:0748-5751
1873-1996
DOI:10.1016/j.jaccedu.2012.06.007