Offer You Cant Refuse - 1247 Words

Case 10-10 An Offer You Can’t Refuse Fast Eddie, a publicly held company, manufactures and installs refrigeration systems for governmental and commercial applications. Fast Eddie is being investigated by a governmental agency for overpricing on government sales during the period from 2007 through 2009 as well as allegations of misrepresentations by one of Fast Eddie’s former officers, Sweet Lou. The criminal and civil investigations began in late 2009. In the prior fiscal year, the company’s auditors, CPAs-R-Us, obtained management’s representation and a letter from Fast Eddie’s independent legal counsel that indicated that the ultimate outcome of the investigation could not be determined and that any potential payment for the alleged†¦show more content†¦Fast Eddie believes the first paragraph of the settlement offer adequately supports the company’s contention that this offer in no way obligates the company to the government and, t herefore, the offer does not indicate that a liability should be accrued. The first paragraph states: Fast Eddie has offered a one-time payment of $3.7 million as a final settlement of the investigation in process by your department. If this amount is accepted by the government, it must represent a complete exoneration of all charges against Fast Eddie. The following letter summarizes the company’s understanding of our meeting in April 2011. At that time, you represented that the offer of settlement could not be accepted. Although we understand that the government does not generally accept offers to settle before finalizing its investigation, we believe it would be in everyone’s best interest to put this matter behind us. We believe that if this case goes to federal court, the company will be able to establish that it has no legal liability for this matter. However, CPAs-R-Us is concerned that the last paragraph of the settlement offer may indicate that the company ful ly intended the offer to represent an amount Fast Eddie was willing to pay to resolve the investigation. The last paragraph states: In conclusion, Fast Eddie believes the government hasShow MoreRelated10 Things Avoided By Successful People Essay812 Words   |  4 Pagesout that accomplishment lies in their capability to go up in the features of failure, and they cant do this when theyre living in the past. 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