Municipal Buses

In: Business and Management

Submitted By gshaanika
Words 750
Pages 3
The core problem of Molex, Inc is their failure to disclose an inventory valuation error problem thereby contravening AICPAs Statement of Position (SOP) 94-6
KPMG Report, 2008 states that the objective of such disclosures is to improve the information communicated to financial statement users and to help users assess those risks and uncertainties.
SOP 94-6 focuses primarily on disclosures about risks and uncertainties that could significantly impact the amounts reported in the financial statements in the near term or the near-term functioning of the reporting entity. These risks and uncertainties may result from, among other matters, the nature of the entity’s operations, and the use of estimates in the financial statements, and significant uncertainties in the entity’s operations.
Financial Implications due to delisting
It is the opinion of the group after careful analysis of the Molex, Inc case that should the company not comply with regulations and allow themselves to be delisted due to delinquency, it will bring about a host of financial implication. In their paper on the Laws and Finances of the delisting process, M. O’Hara and D. Pompilio, 2004 wrote that The practice of delisting stocks that fail to meet certain financial criteria is curious for many reasons: it hurts the firms being delisted; it harms the investors holding those shares; and it removes from the exchange or stock market a security that traders wish to transact. Perhaps the most immediate impact of the delisting announcement is on price.

Lack of Financial Expert within the Audit Committee
Definition of “Audit Committee Financial Expert”
A 2008 KPMG report stated that the Securities and Exchanges Commission (SEC) rules define “audit committee financial expert” as a person who has each of the following attributes: * an understanding of generally accepted accounting principles (GAAP)…...

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