Dow Chemicals : Transfer Of Financial Assets

1742 WordsDec 19, 20157 Pages
DOW CHEMICALS Transfer of Financial Assets Introduction DOW Chemicals is a well-known multinational chemical corporation as a matter of fact it is the second largest chemical company (after BASF) in the world. It was established in the year 1897 by a chemist called Herbert Henry Bow. Bow had only one thing in mind when he went about creating his company and it was to innovate. Throughout the 117 years DOW has been around they had learned and improved on their standing strategies and ideals, which in effect led them to where they are today and has allowed them to grow and solve problematic challenges through science. Over the years DOW has spread their interests into other sectors, one of which is investment and sale of trade accounts receivable in exchange for cash and interest to commercial paper conduit entities also knows as conduits. Transfers of Financial Assets has become a noticeable part of DOW’s financials therefore making sure that the purchase and sale of their trade accounts receivables are done correctly is a very important task. PCAOB Trade accounts receivable are account receivables, which have fallen behind on payments, that is why DOW puts up the money and in return they get paid with cash and interests from the conduits some time later. DOW purchases trade accounts receivable from North American and European companies and later resells them to asset-backed commercial paper entities. When preparing to accept a new audit engagement, auditor

More about Dow Chemicals : Transfer Of Financial Assets

Open Document