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Publicly Traded Companies and Filing Status - Essay Example

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Summary

The paper "Publicly Traded Companies and Filing Status" highlights that a modified audit opinion was given by the auditors for both AL Steel Holding Corporation and ALCO Stores, Inc. The company through consensus from its members changed the method of accounting for inventory. …

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Publicly Traded Companies and Filing Status

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Subject: Finance & Accounting
Type: Essay
Level: Ph.D.
Pages: 1 (250 words)
Downloads: 2
Author: cgerhold

Extract of sample "Publicly Traded Companies and Filing Status"

Item No.

Company Name

SIC code

SIC Code description

Market Cap. (in $M)

Filer Status

Fiscal year-end (FYE)

Auditor and report date

Financial Statement Opinion Type (see below)

Hyatt Hotels Corporation

7011

Service

1,809.9

Large

Accel

12-31 -2011

KPMG

2-16

Unqualified opinion

Bank of America

6021

Banking and Finance

50,580

Large Accel

12-31 -2011

PWC

2-23

Unqualified

AK Steel Holding Corporation

3316

Manufacturing

533.16

Accel

12-31 -2011

Deloitte & Touche 2-27 -2012

E Lack of Consistency

Patriot Transportation Holdings

4212

Transportation

266.76

Accel

09-30 -2011

Hancock Askew & Co 12-7-2011

Unqualified

ALCO Stores Inc

5331

Retail

24.84

Non-Accel

01-28 -2012

KPMG

04-13-2012

E Lack of Consistency

In previous years the company used the retail method and decided to adopt the weighted average cost method which it believes provides a more accurate measure as well as a more effective approach of appropriately matching income with expenses. The Directors of ALCO Stores, Inc were not able to say how this change would affect previous financial statement balances but indicate what the figures would be if the method was not changed. This is a requirement of the accounting standards.

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