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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
An investment opportunity has the potential of generating yearly revenues with the associated probabilities for the next five years as shown below. The salvage value at the end of five years is 0. The potential revenue in any given year is indepen..
A company decides to offer an average annual raise of 8%, although the current inflation rate is 10%. Each engineering manager decides on the best way to distribute the salary increase to his/her staff. However, if everyone gets an increase of 8%
At world prices, cotton is 25% of the cost of clothing and labor and capital costs are 75%. What is the effective rate of protection on clothing if the tariff on cotton is .1 and the tariff on clothing is .4
Assume the only choice variable is x. The total benefit function is B(x) =170x - x2 and the cost function is C(x) = 100 - 10x + 2x2 a) What are the marginal benefit and marginal cost functions
What is the own price elasticity of demand when Px = $354? Is demand elastic or inelastic at this price? What would happen to the firm's revenue if it decided to charge a price above $354?
1. the income tax system in a country requires each citizen to pay 10 of income on earnings up to 40000 and then pay 20
An ice cream vendor sells three flavors: chocolate, strawberry, and vanilla. 45% of the sales are chocolate, while 30% are strawberry, with the rest vanilla flavored.
In the economic of Zip, the marginal propensity to consume is 0.8. Government expenditures on goods and services are 50 billion, and taxes are 60 billion. Zip has no exports and no imports. the government increases its expenditures on goods and ser..
The hypothetical figures in the table below give five alternate combinations of steel and autos that Japan and South Korea can produce it they fully use all factos of production at their disposal with the best technology available to them. After s..
where C represents consumption, DI represents disposable income, I represents investment, G represents government purchases, T represents net taxes, Y represents real GDP, X represents exports, and IM represents imports.
Missy Walters owns a mail-order business specializing in clothing, linens, and furniture for children. She is considering offering her customers a discount on shipping charges for furniture based on the dollar-amount of the furniture order.
Discuss the economic impact (positive and negative) of international tourism on host destinations. In your discussion examine the impacts from the viewpoints of at least 2 different stakeholders (i.e. multinational corporations, host community, lo..
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