In the year of 2004 there were many amended filings for financial restatements by publicly traded companies due to accounting errors‚ according to a report by Huron Consulting Group. The company I will be discussing is Ace Hardware Corporation which is not a publicly traded company headquartered in Oak Brook‚ Ill. Throughout its 84-year history‚ Ace Hardware has been known as the "helpful place" by customers in the communities it serves. With 4‚600 hardware‚ home center and building materials
Premium Revenue Finance 1918
300 stores in 27 states‚ $6.1 billion in sales‚ and 54‚000 employees. Dollar General Stores target large families‚ low-income and fixed-income and blue-collar households‚ and women ages 55 to 64. (C-87) Dollar General has determined that the yearly earnings of its customer base is $30‚000 a year and below‚ and that one-third of its customers earn less than $20‚000 a year. Dollar General’s strategy at being a low-cost provider is evidenced by minimizing labor and advertising costs‚ offering a limited
Premium Retailing Variety store Wal-Mart
(measure of auditor independence) is higher in firms with shareholders ratification of auditor independence than in firms without shareholders ratification of auditor selection. Using the data of 40 firms with a negative restatement‚ I also find that after announcement of restatement the increase cost of capital is higher in firms without shareholders ratification of auditor selection than in firms with shareholders ratification of auditor selection. My results indicates that shareholders ratification
Premium Audit External auditor Bond
parties. 1.The Ultramares doctrine 2.Section 552 of the Restatement (Second) of Torts 3.The foreseeability standard Ultramares doctrine is a rule which says that an accountant is liable only for negligence to third parties who are in privity of contract or in a privitylike relationship with the accountant. It provides a narrow standard for holding accountants liable to third parties for negligence. Section 552 of the Restatement (Second) of Torts provides a broader standard for holding accountants
Premium Generally Accepted Accounting Principles Financial statements Enron
Introduction The purpose of this report is to examine the external factors affecting Ford Motor Company within the last four years. Dr. John L. Waltman has authorized this report. It is based on secondary sources‚ mainly gathered through the First Search Periodical Index. Authorized Publication includes Wall Street Journal‚ Financial Times‚ New York Times‚ and sources from the Internet. This report examines and analyzes these three external factors: v Consumer Demand v Increased Fuel Costs v
Premium Ford Motor Company Automotive industry Station wagon
the cumulative effect of inflation over three years is close to or in excess of 100% Financial statements‚ including comparative information‚ must be expressed in units of the functional currency current as at the end of the reporting period. Restatement to current units of currency is made using the change in a general price index. The gain or loss on the net monetary position must be included in profit or loss for the period and separately disclosed. General price level changes and the purchasing
Premium Inflation
New Fraud Crackdown Looms | Emily Chasan Senior Editor With accounting-fraud cases at nearly a 10-year low‚ complacency might be the biggest fraud risk facing chief financial officers. Large fraud-related restatements of corporate earnings reports have fallen sharply since the financial crisis‚ but that doesn’t mean that companies aren’t still vulnerable to them. “There still is financial-reporting fraud going on out there‚” said Andrew Ceresney‚ the new co-director of the Securities and
Premium Fraud Enron Accounting scandals
countries. On March 21‚ 2013 Tech Data Corporation announced that company will restate some or all of its previously issued quarterly and audited annual financial statements for the fiscal year 2011‚ 20012 and 2013 including its recently released earnings from March 4‚ 2013.. Tech Data Corporation announced to restate in the recommendation of management‚ audit committee of its Board of Directors and after discussion with the Company’s independent accountants‚ Ernst & Young LLP. Tech Data Corporation
Premium Generally Accepted Accounting Principles Financial statements Finance
References: Abbott‚ L. J.‚ S. Parker‚ and G. F. Peters. 2004a. Audit committee characteristics and restatements. Auditing: A Journal of Practice & Theory 23 (1): 69-87. Abbott‚ L. J.‚ S. Parker‚ G. F. Peters‚ and D. V. Rama. 2004b. Audit‚ non-audit and information technology fees: Some empirical evidence. Working paper‚ University of Memphis. Agrawal
Premium Auditing Audit Auditor's report
References: KIT digital‚ Inc. Announces Restatement of Prior Period Financial Statements and Postponement of Third Quarter 2012 Results. (2012‚ November 21). Marketwire‚ Retrieved from http://ir.kitd.com/phoenix.zhtml?c=144912&p=RssLanding&cat=news&id=1761217 Kieso‚ D.E.‚ Weygandt‚ J
Premium Stock Balance sheet Income statement