View homework help - case study 16 nextcard, inc2 from acct 6346 at dallas baptist university case study 16 first, the documentation is the main issue of this case. Nextcard inc provides internet-based consumer credit the company offers an online credit approval system for a visa card, as well as provides interactive, customized offers for credit card. Nextcard inc has received 0 out of 5 stars based on 0 customer reviews and a bbb rating of out of business comprised of 67% bbb rating and 33% customer review rating. Nextcard, inc outside auditors play a crucial role in our nation's financial system as the watchdogs of corporate accounting, they are supposed to protect investors (hildebrand, 2010.
San francisco — securities regulators are suing the management team behind the rapid rise and fall of online credit card lender nextcard inc, alleging the company's top executives cooked the. Outside auditors play a crucial role in our nation's financial system as the watchdogs of corporate accounting, they are supposed to protect investors (hildebrand, 2010. In exchange for the excessive commissions, the complaint alleges, defendants (underwriters of nextcard's ipo), allocated shares of nextcard stock to certain investors at the ipo price of $2000 per share.
Strength : with the problems that occur in nextcard it can be reviewing about discipline workers weakness : companies require huge costs to make the security system opportunity : can improve the existing system in nextcard well and reliably in financial reporting or security documents. A nextcard inc shareholder sued the largest internet credit card issuer and its officers, accusing them of trying to profit by misleading investors about the company's prospects for 2000 and 2001. Nextcard, inc was one of the first issuers of credit cards online, and the first to offer instant online approval its headquarters were located in san francisco, california and maintained offices in livermore, california and at 44th st and van buren in phoenix, arizona. Nextcard, inc our business we are a leading internet-based provider of consumer credit we were the first company to offer an online credit approval system for a visa(r) card and to provide.
Background nextcard, inc was a model for successful people who were looking to the internet in the 1990's as an enterprise nextcard was founded in 1996 in california as the first credit card company to issue cards online. Cardholder agreement and fee schedule for nexscard visa® prepaid card 1 terms and conditions for nexscard visa ® prepaid card this document constitutes the agreement (agreement) outlining the terms and conditions under which the nexscard prepaid visa card has been issued to you by metropolitan commercial bank (member fdic) pursuant to a license from visa usa inc metropolitan. Learn about working at nextcard join linkedin today for free see who you know at nextcard, leverage your professional network, and get hired.
Join the nasdaq community today and get free, instant access to portfolios, stock ratings, real-time alerts, and more. Case 16 nextcard inc bryan seabrook saint leo university advanced auditing acc-412-cl02 angela sneed 28 march 2012 case 16 nextcard inc when consumers and companies decide to invest in a company they are putting all of our trust in the companies that they are buying the stock from and the audit firms that audit those companies. Case 42 f&c international, inc 249 a financial fraud spelled the end of a company with a proud history and tested the ethics of several of its key management and accounting personnel. By: team thunder tierra, michael, tommy, and hee jung nextcard, inc background how it happened early 1990s, jeremy lent served as the cfo of providian financial corporation.
Nextcard, inc was a united states company that was one of the first issuers of credit cards online, and the first to offer instant online approval its headquarters were located in san francisco, california and maintained offices in livermore, california and at 44th st and van buren in phoenix, arizona. Nextcard was the first company to market credit cards exclusively through the internet the company started to experience financial difficulties soon after it went public in 1999 because its. Nextcard's recurring operating losses weakened the company's financial condition nextcard operated in an industry that was dominated by a few financially strong and high profile companies not only was the industry dominated by a few financially strong and high profile companies but it was a complete new industry.
Running head: nextcard nextcard, inc background nextcard, inc was a model for successful people who were looking to the internet in the 1990's as an enterprise nextcard was founded in 1996 in california as the first credit card company to issue cards online. Nextcard, incorporated respectively demonstrated these risks as: extending $1 billion of in 1999 the company produced a loss of $77 assigning work to audit staff audit managers are often responsible for controlling staff time and overseeing billing and collections. In september 2003, the commission charged three former employees of nextcard's independent auditors, ernst and young (e&y), for altering and destroying e&y's working papers for the fiscal year 2000 audit of e&y client nextcard, inc.