Pay Me With Virtual Money or Gold? Your accounting client, Ted Longview, is the CEO of Longview
Question:
Pay Me With Virtual Money or Gold? Your accounting client, Ted Longview, is the CEO of Longview Industries, Inc. Longview Industries sells their engineering products worldwide with a number of salesmen located at various cities throughout the world. Currently, the company has been paying these salesmen's salary and commissions with money transfers into their overseas bank accounts. The cost of fund transfers has been increasing over the years. Mr. Longview has come to you to ask about the risk of using a cash payment system called Pecunix. He tells you that the currencies in the payment system are backed by gold so there is little risk of loss, and the price of gold may increase making it possible to have a gain on the funds. He wants to use Pecunix and debit cards to pay his salesmen. You tell him you will prepare a risk assessment on Pecunix.
Write a formal memo addressed to Mr.
Longview and Longview Industries, Inc., outlining any the financial risks of using the Pecunix Payment System. Identify the physical location of the company as well as any other information you develop from Network-Tool.com and other Internet sites.
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