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Board of Directors Disclosures. The board of directors of Celestial City Corporation of Taejon, Korea, is issuing a corporate governance report. In this audit year Celestial City lost 1,280,000,000 South Korean Won (won) due to a weakness in their internal controls in the treasury department which represents 11 percent of their current assets. The controller's assistant, Dongsung Young, who, a Certified Public Accountant (CPA), is asked to write the first draft of the internal control portion of the report.
Required: Pretend that you are Mr Dongsung and write a draft of the internal controls portion of Celestial City Corporation's corporate governance report. Since Celestial City is publicly traded on the American Stock Exchange and a Depository Receipt use the Sarbanes-Oxley Act (SOX) section 404 requirements for the report. (See PCAOB, 2004, Auditing Standard No 2 An Audit Of Internal Control Over Financial Reporting Performed In Conjunction With An Audit Of Financial Statements," Public Company Accounting Oversight Board, 9 March. At time of this writing, PCAOB website was at
Market research at Apple Corporation has shown that the demand function for its new iPhone is as follows: QA = 3 - 0.02PA + 0.0002I + 0.01PS where QA is the quantity demanded (in thousands) of iPhones, PA is the price of an iPh..
McDonald's is a force to contend with both domestically and globally. The company has been a success story world-wide because of its focus on marketing details and because it plans globally yet acts locally.Choose a doughnut/cinnamon bun/bread..
Using cash flow analysis, determine in which currency Microsoft should invest. Be sure to show your complete calculations of the annual return and conversion of Euro back to dollars at the end of the three-year term. Assume that the annual interes..
Assume the Following IS-LM Model E Expenditure sector Sp = C + I + G + NX C = 110 + (2/3)YD Calculate the equilibrium values of private domestic investment (I), tax revenues (TA), and real money demand (md). How much of private domestic investment (I..
Suppose a depositor comes to the bank and withdraws $200 in cash. Show the banks new balance sheet assuming the bank obtains the cash by drawing down its reserves. Does the bank now hold excess reserves Is it meeting the required reserve ratio
Given below are the cost schedules for a perfectly competitive firm. Average Average Variable Total Marginal Quantity Cost Cost Cost 1 $ 50 $ 90 $ 50 2 45 65 40 3 40 53 30 4 35 45 20 5 34 42 30 6 35 41 40 7 37 43 50 8 40 45 60
You are an assistant to a senator who chairs an ad hoc committee on reforming taxes on telecommunication services. Based on your research AT&T spends $15 million on related paper work and compliance costs. Depending on the locale, telecom taxes ca..
Write a two-page essay that explains why in perfect competition, there are no economic profits or losses in the long run. Use a minimum of two academic journal articles.
a. If the bond market is efficient, what is the market price of the bond expected to be in one year b. Suppose the bond issuer increases the coupon payment during the year to $30, with the same interest rate and the same current market price, what..
Assume that population is 100 in year 1 and 102 in year 2. What is the growth rate of real GDP per capita? (Instructions: Round your answer to two decimal places.) The growth rate of the economy's real GDP per capita = %
Ajax, Inc. is a monopolist. The estimated demand function for its product is Qd = 120 - 0.8P + 12Y + 4A Where Qd denotes quantity demanded, P denotes price, Y denotes personal income (in thousands of dollars)
Assume that the market price of new housing is $100,000 in Las Vegas, and local government officials modify regulations which increase the cost of building new homes. The higher costs cause supply to drop by 18%
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