Fraud: Supply Chain Management Terms and Company Essay

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On the basis of interviews and the review of documentation, we developed the following understanding of the facts and circumstances surrounding the December 31, 2005, sales transaction in question.

In October of 2005, the Company was notified by Juan Sinaloa that a customer was interested in purchasing a very significant amount of its products. Although Mr. Sinaloa had orally agreed to the terms of the transaction with the customer, he had not yet received a sales order. Mr. Sinaloa requested that the Company ship the products to him so that he could fill the order immediately once a sales order was received.

We understand that discussions had been initiated (before year-end) with Mr. Sinaloa to transition his relationship with the Company from that of an agent to a distributor. Per our discussions with the CFO, we understand there were two primary causes for this transition. First, Mr. Sinaloa had been seeking to increase his commission because of the volume of prior sales he had negotiated for the company and the expected increases in future sales. Second, related specifically to the December 31, 2005, sale, we understand that the customer’s general manager was on vacation and would not be able to sign the customer’s purchase order before year-end. As a result of these factors, the Company’s VP of sales orally approved the transition. A distributor agreement was drafted and signed by all parties after year-end.

Before the execution of the distributor agreement,

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