Google Annual Report Analysis Essay

1141 WordsJan 9, 20135 Pages
Understanding Corporate Annual Reports Financial Accounting 1A – Online By: Chak Lam Andy WONG Dr. Seyedin References: http://www.ibm.com/annualreport/2004/annual/guide_whatis.shtml http://thecaq.aicpa.org/Resources/PCAOB/ http://www.aicpa.org/audcommctr/guidance_resources/auditors_and_audit_committee/understanding_process/36.htm http://www.sec.gov/about/whatwedo.shtml http://fl1.findlaw.com/news.findlaw.com/hdocs/docs/gwbush/sarbanesoxley072302.pdf What is an annual report? A formal report on a company’s performance in the preceding year Name the federal government agency that requires a publicly held corporation to keep shareholders informed of its state of business. Securities and Exchange Commission (SEC) What is the…show more content…
A spate of highly publicized business failures, allegations of corporate improprieties and financial statement restatements. Under the new rules of the Sarbanes-Oxley Act of 2002, name eight types of services that are "unlawful" if provided to a publicly held company by its auditor. 1. bookkeeping or other services related to the accounting records or financial statements of the audit client 2. financial information systems design and implementation 3. appraisal or valuation services, fairness opinions, or contribution-in-kind reports 4. actuarial services 5. internal audit outsourcing services 6. management functions or human resources 7. broker or dealer, investment adviser, or investmentbanking services 8. legal services and expert services unrelated to the audit What is the mission of SEC? To protect investors, maintain fair, orderly, and efficient markets, and facilitate capital formation How many commissioners does SEC have and who appoints them? Five presidentially-appointed Commissioners How many divisions and offices does SEC have? Four divisions & nineteen offices Briefly explain the Securities Act of 1933 and the Securities Exchange Act of 1934. The Securities Act of 1933 requires that investors receive financial and other significant information concerning securities being offered for public sale; and prohibit deceit, misrepresentations, and other fraud in the sale of securities. The Securities Exchange Act of 1934 empowers the

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