assignment 3
ASSIGNMENT 3: FREESCALE SEMICONDUCTOR INC.
Submitted by
Mohammed A Khan
Submitted to
Prof: Wendy Achilles
Course: Acc 562 Advanced Auditing
Dated: 12-14-2014
Introduction
• Freescale Semiconductor Inc. (FCI) is a global leader in embedded processing solutions, providing industry leading products that are advancing the automotive, consumer, industrial and networking markets. • From microprocessors and microcontrollers to sensors, analog integrated circuits and connectivity –
FCI’s technologies are the foundation for the innovations that make the world greener, safer, healthier and more connected.
Continued from previous slide
• Some of Free scale's key applications and end-markets include automotive safety, hybrid and all-electric vehicles, next generation wireless infrastructure, smart energy management, portable medical devices, consumer appliances and smart mobile devices.
• The company is based in Austin, Texas, and has design, research and development, manufacturing and sales operations around the world.
Regulatory bodies that are involved to eliminate
Financial Fraud
1. COSO And Tradeway Commission: The Bodies are very much involved in establishing an integrated internal system for companies, their managements and their auditors. They are designed to provide reasonable assurance that the company achieve its objectives in the following areas:
– Reliability of financial reporting
– Compliance with applicable laws and regulations
– Effectiveness and efficiency of operations
Continued from previous slide
2. THE SABANES–OXLEY ACT 2002 (SOA): The intent of the SOA is to reduce the likelihood that material fraud will go undetected. The SOA includes the following major provisions – The creation of the Public Companies Accounting
Oversight Board (PCAOB)
– Rules designed to increase auditor independence
– New responsibilities for corporate directors, chief executive officers and chief financial officers
– Enhanced financial disclosures.
Continued from
Submitted by
Mohammed A Khan
Submitted to
Prof: Wendy Achilles
Course: Acc 562 Advanced Auditing
Dated: 12-14-2014
Introduction
• Freescale Semiconductor Inc. (FCI) is a global leader in embedded processing solutions, providing industry leading products that are advancing the automotive, consumer, industrial and networking markets. • From microprocessors and microcontrollers to sensors, analog integrated circuits and connectivity –
FCI’s technologies are the foundation for the innovations that make the world greener, safer, healthier and more connected.
Continued from previous slide
• Some of Free scale's key applications and end-markets include automotive safety, hybrid and all-electric vehicles, next generation wireless infrastructure, smart energy management, portable medical devices, consumer appliances and smart mobile devices.
• The company is based in Austin, Texas, and has design, research and development, manufacturing and sales operations around the world.
Regulatory bodies that are involved to eliminate
Financial Fraud
1. COSO And Tradeway Commission: The Bodies are very much involved in establishing an integrated internal system for companies, their managements and their auditors. They are designed to provide reasonable assurance that the company achieve its objectives in the following areas:
– Reliability of financial reporting
– Compliance with applicable laws and regulations
– Effectiveness and efficiency of operations
Continued from previous slide
2. THE SABANES–OXLEY ACT 2002 (SOA): The intent of the SOA is to reduce the likelihood that material fraud will go undetected. The SOA includes the following major provisions – The creation of the Public Companies Accounting
Oversight Board (PCAOB)
– Rules designed to increase auditor independence
– New responsibilities for corporate directors, chief executive officers and chief financial officers
– Enhanced financial disclosures.
Continued from
References: • Auditing: A business Risk Approach with case written by Rittenberg, Johnstone, Gramling , Knapp • National Fraud Information Center, Fraud Warnings, http://www.isa.net/project-open/pre-warn.html, nfic@internetMCI.com, February 4, 1997 • www.investopedia.com/university/scams/scams5.asp • www.wsj.com