Intel - Accounting Analysis Project

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Purpose: To improve our understanding of accounting concepts and become familiar with the contents of a company’s annual report (Form 10-k), and the proxy statement (DEF 14A) which are both filed with the Securities and Exchange Commission (SEC). Scope: The team shall lead a class discussion for Intel Corporation 2010, with an analysis of Intel’s profitability. In addition to the presentation, a written report will be submitted onto Blackboard by May 2, 2011. The report shall contain the answers to the questions in the project handout. Conclusion: Through our analysis of Intel’s financial documents, there have been a number of specific items that have expanded our experience in understanding the concepts of accounting principles…show more content…
(Intel Annual Report 2010, 47-101) d. What is the auditor’s responsibility for the financial statements? The auditor’s responsibilities are to audit annual financial statements and internal controls over financial reporting, and reports from the 10-Q quarterly reports. The auditor must also advice on new accounting pronouncements, and consolidating financial statements. (Intel Proxy Statement 2011, 48) Also they must review any information in regards to amounts and disclosures in the accounting statements. (Intel Annual Report 2010, 105) e. What is management’s responsibility? Intel’s management is responsible for keeping control over its financial reporting internally by maintaining accurate records that keep track of transactions and dispositions of assets, keeping true to GAAP principles when recording transactions needed to prepare financial statements and also making sure recipes and expenditures are authorized by management when made. Finally management must also report any unauthorized misuse of company assets or acquisition of assets that might affect the financial statements in any way; this must be prevented or detected. (Intel Annual Report 2010, 106) f. Under the Sarbanes-Oxley Act of 2002, reports on internal control are required. Did the company’s management acknowledge its responsibility for establishing and
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