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> Financial Reporting at Mattel

商品編號: 9-122-006
出版日期: 2021/10/12
作者姓名:
Dey, Aiyesha;Nguyen, Trung;Herrmann, Marshal;Kelley, Julia
商品類別: Other
商品規格: 28p

再版日期:
地域: California;Central America and Caribbean;North America;United States
產業: Consumer services;Financial service sector;Media, entertainment, and professional sports;Recreation and fitness industry
個案年度: -  

 


商品敘述:

In September 2020, Diana Ferguson was nearing her first Audit Committee meeting as the newly appointed Audit Committee chair of Mattel, Inc. Mattel was just recovering from an accounting scandal which had revealed the company''s poor internal controls and weak board oversight over financial reporting, and the committee had important decisions to make going forward. In early 2018, Mattel''s Tax team had discovered a significant reporting error in its third-quarter financial results. In consultation with Mattel''s independent auditor, PricewaterhouseCoopers (PwC), Mattel''s finance team opted not to issue a correction and instead (effectively) concealed this mistake. This cover-up came to light in 2019, when an anonymous whistleblower reported the incident, setting off a chain of negative press coverage and senior-level resignations. Mattel responded by conducting an internal investigation, and concluded that, while their accounting processes needed to be improved, there was no evidence of fraud. Despite this, this issue had resurfaced in early 2020 when the United States Securities and Exchange Commission (SEC) launched a fresh investigation into the accounting error and subsequent cover-up. In light of these events, Ferguson and the Audit Committee faced a challenging road ahead with several important issues to consider. They needed to tackle Mattel''s problematic governance and internal controls, and restore investor confidence in the company''s financial disclosures. They also needed to review their earlier decision to continue to engage PwC as Mattel''s auditor going forward.


涵蓋領域:

Accounting;Annual reports and financial statements;Auditing;Boards;Compliance management;Corporate accountability;Corporate disclosure;Corporate governance;Financial statements;Government policy and regulation;Litigation and lawsuits;Shareholder relations


相關資料:

Case Teaching Note, (5-122-064), 30p, by Aiyesha Dey, Trung Nguyen, Marshal Herrmann