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FOR each of the following cases, indicate why management and the auditors determined that control deficiency was a material weakness.Case1. In our assessment of the effectiveness of internal control over financial reporting as of December 31, 2011, we identified a material weakness over the accounting for and disclosure of derivatives associated with warrant instruments primarily because we lacked technical expertise and adequate procedures to develop and document our common stock warrant analysis on the applicability of ASC 815. "Derivatives and Hedging -contracts in Entity's Own Equity " to our warrant instruments, because of the lack of technical expertise and adequate procedures to develop and document our analysis of the applicability of ASC 815, which was characterized as a material weakness with regard to accounting for warrants, management has concluded that we did not maintain effective internal control - Integrated framework.
Case 2. In the course of making our assessment of the effectiveness of the internal control over financial reporting, we identified a material weakness in our internal control over financial reporting. The preparation and review process for the calculation of the tax provision was inadequate, which led to errors in the computation of deferred tax assets and related income tax benefit.Case 3. Management identified a material weakness in First Bank Company's system of internal control over financial reporting with respect to ensuring that appropriate calculation of its allowance for loan losses. Specially, during s process enhancement to the model that calculatesThe allowance for loan losses, the quarterly average loss rate was not annualized due to a computational error. Control procedures in place for reviewing the quantitative model for calculating the allowance for loan losses did not identify this error in a timely manner, and, as such, the company did not have adequately designed procedures.
Treasury management is explained as "the corporate handling of all financial matters, the production of external and internal funds for business, the management of cash flows and c
Analysis of Each Decision Package This analytic procedure permits the manager of the decision package and its alternatives to assess and validate its operation. Numerous quest
Activity Based Management (ABM) Also referred to as activity based cost management (ABCM). This is used to describe the cost management application of ABC. To implement A
) Allgood Inc. has fixed costs of $480,000. It has a unit selling price of $6, unit variable cost of $4.50, and a target net income of $1,500,000. HOW TO COMPUTE
Weldon Industrial Gas Corporation supplies acetylene and other compressed gases to industry. Data regarding the store''s operations follow: 500 Garrison, Managerial Accounting, 12t
Adm2341 manufactures and sells four different products. The following data are extracted from the most recent financial statements: Products
MULTIPLE REGRESSION The least square regression equation discussed above was based on the assumption that total cost was determined by only one activity based variable. However
Describe the impact of different types of standards on motivations, and specifically, the likely effect on motivation of adopting the labor standard recommended for Geeta & Company
Deposits from the public are one of the important sources of finance mainly for fine established big companies along with a vast capital base. The period of public deposits is rest
why the activity costing have most comparative bid?
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