Mattel was just recovering from an accounting scandal which had revealed the company's poor internal controls...

   

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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. Mattel responded by conducting an i internal investigation instead, 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. They needed to tackle Mattel's problematic governance and internal controls problems, 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. Required You are required as a group to analyse the above case Financial Reporting at Mattel making reference to the content of Unit 1 - Financial Reporting and Regulatory Frameworks as the main background reading. When you have completed the analysis of the case, remember that how present your materials is also as important as content itself. Hence at the very least, you should prepare a cover page with the following information: The title of the report, your name, your course/module and the date. Next, enclose the Abstract/executive summary of your report, on its own page, and also bearing the title of the report. Then include a contents page, followed by the main text of the report, and finally provide your references and bibliography as laid out below. The main text of the report should not be more than ten (10) written pages. In sum, your case report should have the following, in this order: Section Title Page: Indicative Content [Title; your name; your course; date] 1 Marks 2% Abstract/Executive Summary: Contents Main Text: I References and Bibliography Appendices [Title; abstract/executive summary] Contents page provides a listing all the main headings and their location in the report The text of your report: o Description o Analysis/Diagnosis o Options/Alternatives Prescription/Recommendation o Action A complete listing of all the texts and resources used to prepare your report. Appendices should include a copy of the source Statement of Income, Statement of Financial Position, and Cash Flow Statement (only). 5 2½ 2 2 2 2 2 10 20 20 15 20 2% 2% 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. Mattel responded by conducting an i internal investigation instead, 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. They needed to tackle Mattel's problematic governance and internal controls problems, 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. Required You are required as a group to analyse the above case Financial Reporting at Mattel making reference to the content of Unit 1 - Financial Reporting and Regulatory Frameworks as the main background reading. When you have completed the analysis of the case, remember that how present your materials is also as important as content itself. Hence at the very least, you should prepare a cover page with the following information: The title of the report, your name, your course/module and the date. Next, enclose the Abstract/executive summary of your report, on its own page, and also bearing the title of the report. Then include a contents page, followed by the main text of the report, and finally provide your references and bibliography as laid out below. The main text of the report should not be more than ten (10) written pages. In sum, your case report should have the following, in this order: Section Title Page: Indicative Content [Title; your name; your course; date] 1 Marks 2% Abstract/Executive Summary: Contents Main Text: I References and Bibliography Appendices [Title; abstract/executive summary] Contents page provides a listing all the main headings and their location in the report The text of your report: o Description o Analysis/Diagnosis o Options/Alternatives Prescription/Recommendation o Action A complete listing of all the texts and resources used to prepare your report. Appendices should include a copy of the source Statement of Income, Statement of Financial Position, and Cash Flow Statement (only). 5 2½ 2 2 2 2 2 10 20 20 15 20 2% 2%

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Title Page The title of the report is Financial Reporting at Mattel The authors name is John Smith T... View the full answer