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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.
Case Study Labor standards Geeta & Company has experienced increased production costs. The primary area of concern identified by management is direct labor. The company is conside
given a scenario when iddle capacity is less than the special order.in this case should we accept or reject the order
Variables Unrestricted variable Yi can be expressed in terms of two non-negative variables by using the substitution: Yi = Yi' - Yi'', Yi', Yi'' ≥ 0 The substitution
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From the subsequent financial data describe: a) How the airline company has grown-up b) How the company has been capable to earn grater margins at higher levels of sales
I am part of a marketing group, and we are working on a project for a local cable company,they currently serve 3,200 customers and sell 50 wireless boxes a month,what I need to do
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HOW TO CALCULATE MATERIAL ACCOUNTING
What Procedure are followed in kaizen costing In brief kaizen costing involves setting a new cost reduction target every month. The difference between the target profits and th
Review the options and views available to answer the following questions: 1. What sort of information is being provided by the dashboard? What visual objects are used? Wh
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