Reporting Problems at Molex‚ Inc. INTRODUCTION This report discusses Molex‚ Inc.’s conflicts with its auditor‚ Deloitte and Touche‚ over a reporting issue in 2004. The report explains the details of the firm’s issue while also addressing the intentions behind Molex’s decisions‚ Deloitte’s concerns‚ and the resolutions for the conflict. MOLEX’S PROBLEMS In mid-July 2004‚ Molex’s corporate finance group identified an on-going accounting issue within the firm: for several years‚ Molex had mistakenly
Premium Balance sheet Generally Accepted Accounting Principles Financial statements
1: Does the error represent a material misstatement? According to GAAP‚ information is material "If its omission or misstatement could influence the economic decision of users taken on the basis of the financial statements." Based on this definition and the following ratios‚ we believe Molex did in fact misstate the Balance Sheet and Income Statements for the period ending in June of 2004. In September‚ prior to making these errors public information‚ Molex released its yearly financials
Premium Revenue Finance Balance sheet
WHAT THEY DO: Accountants and auditors examine financial statements for accuracy and conformance with laws. Accountants and auditors prepare and examine financial records. They ensure that financial records are accurate and that taxes are paid properly and on time. Accountants and auditors assess financial operations and work to help ensure that organizations run efficiently. Duties Accountants and auditors typically do the following: • Examine financial statements to be sure that they are
Premium Certified Public Accountant Accountant Auditing
Wei-Hsiang Wang What do you think art is? In my opinion‚ the major purpose of art is to influence someone. Some of the most common types of art in public are paintings‚ photos‚ and sculptures. When I go to the library‚ I would see photos of intellectual people‚ such as Gandhi‚ and Albert Einstein. These photos on the wall can greatly influence my mood and efficiency on studying. When I go to a hospital‚ I would see paintings and pictures that show life. Most of these paintings would have the
Premium Albert Einstein Green Drawing
What do you think is unethical? The countrywide approved everyone to get their loans‚ no matter they have jobs or not‚ no matter they have income or not‚ no matter they have assets or not. The criteria they use may be unethical. They don’t care whether the documents are valid‚ whether they can verify the income‚ whether the appraisal is any good. They just care about getting the loan closed‚ in order to do another loan. The underwriters/ contractors looked through the loan as quick as they can.
Premium Mortgage loan Finance Bond
Article Review – Decision Making: It’s not what you think 1. Briefly summarize the article. What is the main point or key concept in the article and how do you think it affects you as a current or future employee? The articles I read were Primal Leadership‚ Becoming the Boss and Decision Making: It’s not what you think. I decided to review the article Decision Making: It’s not what you think. The article discusses three models of decision making in “thinking first”‚ “seeing first” and “doing
Premium Decision making Cognition Decision theory
1. A) Summarize in one paragraph what you learned from reading the Introduction. Making smart choices is a fundamental life skill‚ relevant to everyone; regardless of age and class. This book offers the first straightforward‚ easy-to-follow process designed to improve the way we make business decisions‚ family decisions‚ personal decisions‚ and or and decisions that can help us reach our goals. The authors‚ have created a user-friendly set of techniques of assessing our options more clearly and
Premium Education Learning Teacher
Case: Molex 1. Molex is a global 1.84 billion dollar company that manufactures electronic components; the company is based in Chicago and is the world’s second largest manufacturer of electronic components. Although the company started as a local company‚ the vision of Molex was much greater. Molex now generates about 61 percent of its business from outside of the United States. Molex has stayed true to its set goal‚ which is to build a truly global company that is at home wherever in the world
Premium Human resource management United States Human resources
and exchange of messages”‚ while meaning is more the perception of that message. In the case study‚ “What do you mean I’m not getting a raise?” at the end of Chapter 1 in Shocklyey-Zalabak (pg 25) are shown how messages are communicated within organizations. After reading you quickly learn that although one message may be sent or intended‚ the same message or intended is not received. You have several different players; Jane Jackson‚ a division manager; the section managers; and the employees
Free Communication
from Auditors about Managers’ and Auditors’ Earnings Management Decisions Mark W. Nelson John A. Elliott Cornell University Robin L. Tarpley The George Washington University ABSTRACT: This paper reports analyses of data obtained using a field-based questionnaire in which 253 auditors from one Big 5 firm recalled and described 515 specific experiences they had with clients who they believe were attempting to manage earnings. This approach enables us to analyze separately managers’ decisions about
Premium Revenue Audit Income