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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.
As an MBA Managerial Accounting Student, John has asked you to evaluate the alternatives available and make recommendations as to the best course of action, and present it in a Rep
Activity based costing versus traditional costing Following are the main differences between activity based costing system and traditional costing system: Explain 1) Und
The Incredible game theorist Mr. Nash's work needed refining. First, it applies to games played only once, or in which players move simultaneously. But virtually all interestin
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Advantages of participatory budgets Information from employees most recognizable with each unit’s needs and constraints is included. Knowledge spread amongst numerous lev
Elements of cost: 1. Material: the substance from which the product is made is known as material it may be in a raw or a manufactured state. It can be direct as well as indir
The Work in Process account for Monty's Company contained the following entries: Work in Process Account Debit of $40,000 for direct raw materials Debit of $60,000 for direct labor
Ask question #Miwhy is the activity based costing unaccepable for external financial reportnimum 100 words accepted#
Under this method, approximated profit is calculated depends on transactions of the ensuing period. Afterward, decrease or increase in working capital is determined adjusting the e
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
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