FINANCIAL ANALYSIS REPORT Essay Example | Topics and Well Written Essays - 2000 words

FINANCIAL ANALYSIS REPORT - Essay Example And they have acknowledged that their success is indebted to the talent, creativity, and dedication of their employees. They did not only compete to gain prestige and power but they are also searching and attracting talented people to work for them. Overall, the group’s vision is to â€Å"map out a specific plan of reaching $400 billion in revenue and becoming one of the world’s top five brands by 2020† (â€Å"Samsung,† n.d.). Samsung (UK) is popular in the areas of telecommunication and digital media as they have developed and distributed several products of mobile phones and consumer entertainment devices. Despite of the company’s overwhelming success, Samsung (UK) did not stop to aim for higher goals because the global market is constantly changing, and more importantly, they did not give their competitors a chance to overhaul. For them, nothing is impossible, as long as they have the needed financial resources, talented people, and loyal custome rs. This is the kind of spirit a true company must have. The main thrust of this paper is to analyze the performance of Samsung Electronics (UK) Ltd. By using the company’s financial statements and by applying financial ratios, Samsung’s (UK) performance and financial situation will be determined. For the past three years, Samsung (UK) has proven its success and growth. The company has received several recognitions in terms of producing innovative and advanced technologies. Most of the company’s recent development has been accepted by the people. For 2009, they managed to release new mobile phones like Giorgio Armani smartphones, Galaxy Tab, and Windows Phone 7 (Altoft, 2010). They had also released the world’s thinnest Blu-ray player, TV (6.5mm), and watch phone. Another important event for Samsung (UK) is the restructuring of their organizational leaders and announced their new general managers in UK print and display division (â€Å"Channel Pro,† 2010). Part

Auditors Responsibility for Detecting Fraud Assignment

Auditors Responsibility for Detecting Fraud - Assignment Example Business failure occurs when a business is unable to repay its creditors or meet investors because of prevailing business conditions. A recent fraud that shocked the financial society is the financial collapse of Lehman Brothers, a big investment firm in U.S. Reuters carried news report that the accounting firm of Ernest & Young helped to hide financial problems of Lehman Brothers that led to its downfall (McKena, Francine,2010) Reuters reported that Ernest & Young tolerated the fraudulent transactions of Lehman Brothers that used an accounting technique known as â€Å"Repo 105, a business model designed to hide billions in liabilities. The firm used this technique to hide as much as $50 billion in assets from the balance sheet. (McCool Grant, 2010) As a process, management puts the internal control to be assured that operations are in place. Internal control, as Carl Haus(2014) defined, are rules designed to promote proper functioning of business. It is also designed to protect company assets, Cari suggested. In this context, Independent auditors rely on the accuracy of internal controls to form their opinions. As such, management has the responsibility of providing a reliable financial position of the company. Based on this premise, failures of internal control started with top management who failed or ignored internal controls for a dependable financial reporting. The Auditors, on their part failed or disregarded the weaknesses of financial information or errors presented so as not to disrupt the operations of Lehman Brothers. Financial statements done by Lehman Brothers were manipulated by management to make it appear that it was a sound company.