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Did any characteristics of your client change
Course:- Financial Accounting
Reference No.:- EM13864472





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Assignment Help >> Financial Accounting

Question:

You are an auditor filing an 8-K Interim Event. Describe your client and what circumstances led you to decide you needed to file this report.

Now, in a follow-up post, imagine you need to file an S-1 IPO Registration report on behalf of the same client. Did any characteristics of your client change? In other words, describe why you need to file this report.

Answered:-

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Annual reports are filed by each and every corporation that is registered with SEC in the form of 10-Kand quarterly reports are filed in the form of 10-Q. However under certain circumstances a corporation has to file an interim event report in the form of 8-K if there is a major event in between and the shareholders shall know about such significant events. Each and every firm is needed to file this report within 4 business days for the events that significantly alter business propositions and shareholders shall be made aware of it.

My client is a registered corporation engaged in the production and distribution of mobile phone components and has undergone significant changes in recent months.Under section 1.1 of the act, my firm has undergone some changes in the form of material agreements with clients and some changes to it as well. Material agreements are defined as agreements which put or provide significant obligation on the forms and such agreements can be enforceable against the firm.most likely such items of agreements require approval of the board of directors and shareholders.




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