Introduction to Managerial C H A P T E R O N E Introduction to Managerial Decision Making Phar-Mor, Inc., the nations largest discount drugstore chain, filed for bankruptcy court protection in 1992, following disc all overy of one of the largest business fraud and misappropriation schemes in U.S. history. Coopers and Lybrand, Phar-Mors former auditors, failed to detect inventory largeness and other financial manipulations that resulted in $985 million of earnings overstatements over a three-year period. A federal jury unanimously imbed Coopers and Lybrand liable to a group of investors on fraud charges.
The self-made plaintiffs contended that Gregory Finerty, the Coopers and Lybrand partner in charge of the Phar-Mor audit, was hungry for business because he had been passed over for additional profit-sharing in 1988 for failing to sell enough of the firms work (Pittsburgh Post-Gazette, February 15, 1996). In 1989, Finerty began selling services to relatives a...If you want to get a full essay, order it on our website:
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