Identify the weaknesses reported in the Form 10-K of Company DJ.

Question

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Answer 1

Question

Chapter C9, Problem 1DQ

To determine

Identify the weaknesses reported in the Form 10-K of Company DJ.

Expert Solution & Answer

Explanation of Solution

Form 10-K: Form 10- K is the detailed annual report of a publicly trading company which is filed with the Securities Exchange Commission (SEC), to help the investors or creditors to make informed decisions. This report includes the financial statements, their footnotes and the report of the independent auditors of the statements audited.

The weaknesses reported in the Form 10-K of Company DJ are:

Financial reporting and control activities:

The current and deferred tax provisions were evaluated quarterly and annually.
The financial statements and related disclosures were compiled quarterly and annually.
The two business issues were accounted for together.

Financial reporting information and segregation of duties:

The Controller and department heads were given administrative access to their systems.
The dependent staff performed the quarterly control assessments.
The journal entries were posted and reviewed by the Controller and their assistants.
The reports having key management review controls were generated by the Controller.

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Answer 2

Question

Chapter C9, Problem 1DQ

To determine

Identify the weaknesses reported in the Form 10-K of Company DJ.

Expert Solution & Answer

Explanation of Solution

Form 10-K: Form 10- K is the detailed annual report of a publicly trading company which is filed with the Securities Exchange Commission (SEC), to help the investors or creditors to make informed decisions. This report includes the financial statements, their footnotes and the report of the independent auditors of the statements audited.

The weaknesses reported in the Form 10-K of Company DJ are:

Financial reporting and control activities:

The current and deferred tax provisions were evaluated quarterly and annually.
The financial statements and related disclosures were compiled quarterly and annually.
The two business issues were accounted for together.

Financial reporting information and segregation of duties:

The Controller and department heads were given administrative access to their systems.
The dependent staff performed the quarterly control assessments.
The journal entries were posted and reviewed by the Controller and their assistants.
The reports having key management review controls were generated by the Controller.

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Answer 3

Question

Chapter C9, Problem 1DQ

To determine

Identify the weaknesses reported in the Form 10-K of Company DJ.

Expert Solution & Answer

Explanation of Solution

Form 10-K: Form 10- K is the detailed annual report of a publicly trading company which is filed with the Securities Exchange Commission (SEC), to help the investors or creditors to make informed decisions. This report includes the financial statements, their footnotes and the report of the independent auditors of the statements audited.

The weaknesses reported in the Form 10-K of Company DJ are:

Financial reporting and control activities:

The current and deferred tax provisions were evaluated quarterly and annually.
The financial statements and related disclosures were compiled quarterly and annually.
The two business issues were accounted for together.

Financial reporting information and segregation of duties:

The Controller and department heads were given administrative access to their systems.
The dependent staff performed the quarterly control assessments.
The journal entries were posted and reviewed by the Controller and their assistants.
The reports having key management review controls were generated by the Controller.

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Answer 4

Question

Chapter C9, Problem 1DQ

To determine

Identify the weaknesses reported in the Form 10-K of Company DJ.

Expert Solution & Answer

Explanation of Solution

Form 10-K: Form 10- K is the detailed annual report of a publicly trading company which is filed with the Securities Exchange Commission (SEC), to help the investors or creditors to make informed decisions. This report includes the financial statements, their footnotes and the report of the independent auditors of the statements audited.

The weaknesses reported in the Form 10-K of Company DJ are:

Financial reporting and control activities:

The current and deferred tax provisions were evaluated quarterly and annually.
The financial statements and related disclosures were compiled quarterly and annually.
The two business issues were accounted for together.

Financial reporting information and segregation of duties:

The Controller and department heads were given administrative access to their systems.
The dependent staff performed the quarterly control assessments.
The journal entries were posted and reviewed by the Controller and their assistants.
The reports having key management review controls were generated by the Controller.

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Answer 5

Chapter C9, Problem 1DQ

To determine

Identify the weaknesses reported in the Form 10-K of Company DJ.

Expert Solution & Answer

Explanation of Solution

Form 10-K: Form 10- K is the detailed annual report of a publicly trading company which is filed with the Securities Exchange Commission (SEC), to help the investors or creditors to make informed decisions. This report includes the financial statements, their footnotes and the report of the independent auditors of the statements audited.

The weaknesses reported in the Form 10-K of Company DJ are:

Financial reporting and control activities:

The current and deferred tax provisions were evaluated quarterly and annually.
The financial statements and related disclosures were compiled quarterly and annually.
The two business issues were accounted for together.

Financial reporting information and segregation of duties:

The Controller and department heads were given administrative access to their systems.
The dependent staff performed the quarterly control assessments.
The journal entries were posted and reviewed by the Controller and their assistants.
The reports having key management review controls were generated by the Controller.

Answer 6

Chapter C9, Problem 1DQ

To determine

Identify the weaknesses reported in the Form 10-K of Company DJ.

Expert Solution & Answer

Explanation of Solution

Form 10-K: Form 10- K is the detailed annual report of a publicly trading company which is filed with the Securities Exchange Commission (SEC), to help the investors or creditors to make informed decisions. This report includes the financial statements, their footnotes and the report of the independent auditors of the statements audited.

The weaknesses reported in the Form 10-K of Company DJ are:

Financial reporting and control activities:

The current and deferred tax provisions were evaluated quarterly and annually.
The financial statements and related disclosures were compiled quarterly and annually.
The two business issues were accounted for together.

Financial reporting information and segregation of duties:

The Controller and department heads were given administrative access to their systems.
The dependent staff performed the quarterly control assessments.
The journal entries were posted and reviewed by the Controller and their assistants.
The reports having key management review controls were generated by the Controller.

Answer 7

Chapter C9, Problem 1DQ

To determine

Identify the weaknesses reported in the Form 10-K of Company DJ.

Answer 8

Expert Solution & Answer

Explanation of Solution

Form 10-K: Form 10- K is the detailed annual report of a publicly trading company which is filed with the Securities Exchange Commission (SEC), to help the investors or creditors to make informed decisions. This report includes the financial statements, their footnotes and the report of the independent auditors of the statements audited.

The weaknesses reported in the Form 10-K of Company DJ are:

Financial reporting and control activities:

The current and deferred tax provisions were evaluated quarterly and annually.
The financial statements and related disclosures were compiled quarterly and annually.
The two business issues were accounted for together.

Financial reporting information and segregation of duties:

The Controller and department heads were given administrative access to their systems.
The dependent staff performed the quarterly control assessments.
The journal entries were posted and reviewed by the Controller and their assistants.
The reports having key management review controls were generated by the Controller.