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Question

Answered

In late October 2019, Mattel said auditors had completed their investigation and had determined that income tax expense was understated by $109 million in the third quarter of 2017 and overstated by $109 million in the fourth quarter of 2017, with no impact for the full year. The accounting error had to do with Mattel’s ownership of “Thomas & Friends,” an animated children’s show. The error was tied to a $562 million valuation allowance that Mattel created against its deferred tax assets in September 2017. Ultimately, the allowance was reduced by $109 million to lower Mattel’s loss during that quarter.In addition, Mattel admitted there had been an accounting error and that the internal investigation had found weaknesses in its accounting procedures in October 2019. The company’s chief financial officer, Joe Euteneuer, also announced his departure from the company. A Los Angeles-based PwC partner named Joshua Abrahams, who led the Mattel audit team, has been placed on administrative leave.(Adapted from cnbc.com, 6 November 2019)In recent years, we have witnessed numerous accounting scandals, such as Mattel in the U.S., and Toshiba in Japan, which have wavered public confidence the companies’ financial reporting process as well as the independence of external auditors. RequiredIn the context of Mattel, discuss the needs of the users of financial information as well as the objectives of performing an external audit on the financial statements. Critically discuss the extent that external auditors are truly independent from their clients.Appropriate and relevant examples and other case studies may be used to justify your arguments.

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BUACC 3741 Auditing Assessment

Task: This assignment has three parts. Part A: Background Assignment Section 301 of the Corporations Act requires companies to have their financial reports audited. Academic research suggests that larger auditors (Big4 auditors) charge higher audit fees than smaller auditors (non-Big4 auditors), ...

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MGMT 303 Non profit management

You are the Executive Director of a very well-known non-profit organization called “Inspire.”  Inspire seeks to help women and children (fleeing violence) reach their fullest potential through numerous programs and services.  Inspire is one of the largest non-profit organizatio ...

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acc 653 Audit test

1 GSH TERM-CONTRACTING IRREGULARITIES Background The Government Services Handling (GSH), frequently referred to as the housekeeper of the Federal Government," is an agency that deals in a vast range and variety of contracting and procurements. In 1978, GSH was rocked by a series of scandals within t ...

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