1) This is use to provide management's narrative explanation of the financial statements, strategies, prospects, and risks ("through the eyes of management"). a) Operating and Financial Review b) Fiasco 2) It is the intentional disclosure of not real information—meaning material misstatements, omissions, or manipulative narratives in the OFR a) Material Misstatements b) Fiasco 3) A factor that says they have to meet the analyst expectations, executive compensation tied to stock price/performance, pressure from the board. a) Opportunity Factor b) Pressure Factor 4) In a fraud triangle, this is the belief that the dishonesty is temporary, for the "greater good" of the company, or that they are simply "managing earnings." a) Rationalization Factor b) Opportunity Factor 5) The numbers (Balance Sheet, Income Statement, etc.) are formally reviewed by an external auditor for material misstatements (error or fraud). a) The OFR/MD&A Portion b) Audited Financial Statements

The Operating and Financial Review (OFR) Fiasco

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