Preview

Use A Us Publicly Traded Company Case Study

Good Essays
Open Document
Open Document
346 Words
Grammar
Grammar
Plagiarism
Plagiarism
Writing
Writing
Score
Score
Use A Us Publicly Traded Company Case Study
Use a US publicly-traded company’s proxy statement and 10-K to answer the following questions:1. Who is the company’s current CEO? Is he or she also the Chair of the Board?
The current CEO of Boston Beer is Martin F. Roper. He is the not the Chair of the Board. That position is held by C. James Koch.
2. Who serves on the board’s Audit Committee? How many members are Financial Experts? What experience qualifies them for that designation?
Jay Margolis, Jean-Michel Valette, Pearson C. Cummin, III, and Gregg A. Tanner all serve on the Audit Committee.
All of the members have been determined to be “audit committee financial experts” by the Board defined under SEC rules.
SEC defines an audit committee financial expert as an individual

You May Also Find These Documents Helpful

  • Good Essays

    274 citation omitted]. In other words, the plaintiffs claimed the defendants could not make an impartial decision as to whether to prosecute this action on behalf of the corporation since the defendants would face substantial personal liability if the shareholders were to prevail.…

    • 1598 Words
    • 7 Pages
    Good Essays
  • Good Essays

    Acc 555 Week 2

    • 636 Words
    • 3 Pages

    |role or financial reporting oversight role with the SEC Audit Client (for example, the family member is a treasurer, CFO, |…

    • 636 Words
    • 3 Pages
    Good Essays
  • Powerful Essays

    Sec's Rule 78j-1

    • 1369 Words
    • 6 Pages

    The financial reporting process needs oversight to function effectively. The audit committee is vital to that oversight process. While management is responsible for the daily operation of the company, the audit committee, in its oversight role, serves “as a check and balance on a company's financial reporting system” [SEC Release No. 33-8220 (4/25/2003)]. The audit committee helps to ensure that policies, procedures, and internal controls exist and are functioning properly within the risk parameters established. Duties encompass the independent review and oversight of the company's financial reporting processes, internal controls and independent auditors [SEC Release 33-8220].…

    • 1369 Words
    • 6 Pages
    Powerful Essays
  • Satisfactory Essays

    Unit 3, P2

    • 301 Words
    • 2 Pages

    These committees include the Audit Committee, which handles accounting issues, including auditing and reporting; the Compensation Committee, which approves compensation for the CEO and other employees of the company; the Finance Committee, which handles financial matters such as proposed mergers and acquisitions; the Governance and Nominating Committee, which handles various corporate matters (including nomination of the board); and the Antitrust Compliance Committee, which attempts to prevent company practices from violating antitrust laws.…

    • 301 Words
    • 2 Pages
    Satisfactory Essays
  • Satisfactory Essays

    ACC 4330 Syllabus

    • 1860 Words
    • 8 Pages

    1. Louwers, Ramsay, Sinason, Strawser, Thibodeau. Auditing and Assurance Services (5thEdition). McGraw-Hill Irwin. 2013 . ISBN 978-0-07-802544-0…

    • 1860 Words
    • 8 Pages
    Satisfactory Essays
  • Good Essays

    The management has the final responsibility for the integrity of internal controls. The client prepares the financial statements and the management makes certain claims or assertions about these numbers. The auditor's validate the management's assertions by identifying audit objectives, which are the auditor's version of assertions on the financial statements. The auditors are hired by the audit committee, which is comprised of key members with financial expertise and not the management. The audit committee relies on the management to run the daily operations of the business, and maintain quality and integrity of the accounting and reporting practices, internal controls, and financial statements. The management is also responsible for legal and regulatory compliance, the auditors’ qualifications and independence, and the performance of the company’s internal audit function and independent auditors. The audit committee is responsible for the oversight of all of the above management responsibilities. Other responsibilities of the audit committee include:…

    • 545 Words
    • 3 Pages
    Good Essays
  • Powerful Essays

    Acct 574 Case Study 1

    • 1103 Words
    • 5 Pages

    The Parmalat situation started out as a fairly standard – although sizeable –accounting fraud. Not even the best auditors could prepare for what was to come from this company. The Parmalat group, a world leader in the dairy food business, collapsed and entered bankruptcy protection in December 2003 after acknowledging massive holes in its financial statements. This happened when billions of euros seem to have gone missing from the company’s accounts. This dramatic collapse has led to the questioning of the soundness of accounting and financial reporting standards as well as of the Italian corporate governance system. Parmalat, which is headquartered in the central Italian city of Parma, was, like most Italian firms, launched as a family business. Under the direction of Calisto Tanzi, the capofamiglia, he began expanding the business shortly after his father’s death in 1961, transforming it from a small sausage and cheese shop into an international food and beverage concern. In a world where your network is your net worth, he formed close relationships with the Christian Democrats, who governed Italy throughout the postwar period. Today Parmalat is a leading producer of such items as pasteurized milk, cheese, yogurt, cookies, juice and iced tea, most of which are sold under a variety of names in different countries. Well-known names in North America include Archway and Mother’s cookies, Olivina margarine, Black Diamond and Balderson’s cheeses, and Astro yogurt. After such a description one may think that the company is very successful but this was only the beginning.…

    • 1103 Words
    • 5 Pages
    Powerful Essays
  • Satisfactory Essays

    hsm 260 week 8 checkpoint

    • 473 Words
    • 2 Pages

    This question is very important. The board members are on top f an organizations chain. It is important to know that those on the board are reliable and know what they are there for. As a whole, you need to be aware that the decisions made by the board will ensure that everyone is taken care of. Board members can’t just make a decision without using references. Otherwise, the decisions being made wont effect anything.…

    • 473 Words
    • 2 Pages
    Satisfactory Essays
  • Powerful Essays

    Bank of America Term Paper

    • 1798 Words
    • 8 Pages

    Comprehensive Variance Analysis including related events to explain and support the financial statements provided therein by the corporation.…

    • 1798 Words
    • 8 Pages
    Powerful Essays
  • Good Essays

    CPA Exam Test with Answers

    • 26082 Words
    • 105 Pages

    Answer A is incorrect. An active audit committee tends to temper management 's aggressive stance.…

    • 26082 Words
    • 105 Pages
    Good Essays
  • Satisfactory Essays

    Governmental Accounting

    • 1465 Words
    • 6 Pages

    16. Which of the following federal officials is a "principal" of the Joint Financial Management Improvement Program who considers and approves or disapproves accounting and reporting standards recommended by the Federal Accounting Standards Advisory Board?…

    • 1465 Words
    • 6 Pages
    Satisfactory Essays
  • Good Essays

    World Com

    • 375 Words
    • 2 Pages

    Laws and standards defining the responsibilities of the board of directors differ from one country to another. In the US companies must comply with the laws in which the company was incorporated. Many countries agree on what the most important responsibilities of the board of directors are. Setting corporate strategy, overall direction, mission or vision is among the most important. The board of directors is also responsible for controlling, monitoring or supervising top management. This includes hiring and firing of the CEO and top management. They are also responsible for reviewing and approving the use of resources and caring for shareholder interests. (45-46) One of the most well known examples of a board of directors who did not meet it’s responsibility is WorldCom. The board of directors did not control and monitor the CEO who led the destruction of WorldCom and was convicted of accounting fraud and sentenced to 25 years in prison. The CEO ran the company the way he wanted to with his goal of achieving financial growth through acquisitions without having the needed foundation. A driving factor was to build and protect his personal financial condition. The board of directors did not do anything to prevent this fraud. [ (Stefano, 2005) ]…

    • 375 Words
    • 2 Pages
    Good Essays
  • Good Essays

    Cafr Instructions

    • 2914 Words
    • 12 Pages

    Instructions: Obtain a copy of a recent Comprehensive Annual Financial Report (CAFR). You are to answer the attached questions for CAFRs 1 to 5. You do not have to do the other ones. In responding to the questions, recognize that yes and no answers are generally not sufficient. I am allocating significant points to these cases, and I want your answers to indicate that you have read and understood the information presented in your CAFR. For example, in question (d) in Chapter 1, don’t just say yes the CARF does contain an organizational chart, a table of contents, a list of principal officials, and so on, but list them and be descriptive of what you find. If you run into terms that you are not familiar with, check the index at the back of the book to find where it is discussed, or you can ask me. I am available to help if you have questions or run into difficulties.…

    • 2914 Words
    • 12 Pages
    Good Essays
  • Good Essays

    Answer Rationale: The answer should indicate an understanding of the responsibilities of the board regarding proper oversight of accounting professionals and the company's financial…

    • 1002 Words
    • 5 Pages
    Good Essays
  • Powerful Essays

    COBIT Case Study

    • 3244 Words
    • 13 Pages

    Therefore, the board is well informed on the discoveries and makes decisions based on the IT audit division’s recommendations. In 2005, the chief auditor, who previously was the head of IT audit division, became a board member, giving IT an important presence in the meeting room. “This is a very big plus because many companies do not have any IT-savvy board members,” said Komitas Stepanyan, head of the IT audit division. “The lack of an IT presence affects many of their IT related decisions and makes it more difficult to manage IT…

    • 3244 Words
    • 13 Pages
    Powerful Essays