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Memo for accounting - Assignment Example

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It primarily focuses on the clothing needs of 7 to 12 year old kids and 14-17 year old adolescents through separate individual stores. The Aero is a potential…
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Aeropostale, Inc: Annual Report and Proxy ment Memo Introduction Aeropostale, Inc or simply Aero is a New York based specialty retailer dealing with casual apparel and accessories. It primarily focuses on the clothing needs of 7 to 12 year old kids and 14-17 year old adolescents through separate individual stores. The Aero is a potential company from an investment standpoint. This memo points out some positive aspects of the company using its annual report and proxy statement.
Internal Control over Financial Reporting
From the annual report of Aeropostale, for the fiscal year ended on 29th January 2011, it seems that the company has been maintaining good control over financial reporting. The internal control process assists the Aero management to ensure the reliability of financial reporting and preparation. It also makes sure that the prepared financial statements exhibit a true and fair view of the state of affairs of the company in accordance with generally accepted accounting principles. With regard to the efficiency of internal control system, based on the Committee of Sponsoring Organization of the Treadway Commission (COSO)’s criteria, the company claims that its internal control over financial reporting as of 29th January 2011 was effective (annual report). An effective internal control system is considered as the potential strength of any organization as this feature adds value to stakeholder interests.
Leadership Structure
The proxy statement 2011 clearly shows that the Aero has effectively defined the roles of its CEO and chairman. As per the disclosures contained in the proxy statement, the CEO is responsible for dealing with “general management, oversight, supervision, and control of the business and affairs” of the company (proxy statement). He has also the responsibility to find that the Board’s all orders and resolutions are put into effect. In contrast, the Chairman is assigned for the supervision of the Board meetings and shareholders. In addition, it is the duty of the Chairman to provide appropriate advices to the CEO and other executive officers on various business matters (proxy statement). The separate CEO and chairman structure of the company is very effective, and hence it contributes to the operational efficiency of the Aeropostale, Inc. The interdependent functions of the CEO and the Chairman would aid shareholders to ensure better use of their money.
Disclosure Analysis
From a detailed study of the report, it is evident that the Aeropostale, Inc has a prosperous future. Aero’s international expansion strategy is the most positive aspect. The company has entered numerous overseas markets over the last decade and it adopts a new venture approach to establish foreign subsidiaries. This approach provides the company with more operational freedom and control over subsidiary operations. Similarly, the company’s disclosures seem comprehensive as it points out negative and even negligible aspects of its market operations. I strongly believe that this type of an extensive and concise information disclosure would be beneficial for different stakeholder groups.
The Aero’s internal control over financial reporting detailed in annual report and the leadership structure described in the proxy statement seem to be the interesting facts. Likewise, the international expansion strategy of Aeropostale, Inc is identified to be the most promising feature of the company.
Annual report. Management’s Report On Internal Control Over Financial Reporting. Retrieved from
Proxy Statement. (2011). Aeropostale, Inc. Annual meeting of stakeholders. Retrieved from
1. Annual Report
Our management is responsible for establishing and maintaining adequate internal control over financial reporting, as defined in Rules 13a-15(f) and 15d-15(f) under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Our internal control over financial reporting is a process designed to provide reasonable assurance to our management and board of directors regarding reliability of financial reporting and the preparation and fair presentation of published financial statements in accordance with generally accepted accounting principles.
All internal control systems, no matter how well designed, have inherent limitations. Therefore, even those systems determined to be effective can provide only reasonable assurance with respect to financial statement preparation and presentation. Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. In addition, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in condition, or that the degree of compliance with policies or procedures may deteriorate.
Our management assessed the effectiveness of our internal control over financial reporting as of January 29, 2011. In making this assessment, management used the criteria set forth by the Committee of Sponsoring Organizations of the Treadway Commission (COSO) in Internal Control — Integrated Framework. Based on that assessment, our management believes that, as of January 29, 2011, our internal control over financial reporting is effective.
2. Proxy Statement
We now separate the roles of our CEO and our Chairman. As specified in our Bylaws, our CEO is responsible for the general management, oversight, supervision and control of the business and affairs of our Company, and ensuring that all orders and resolutions of the Board are carried into effect. Our Chairman, on the other hand, is charged with presiding over all meetings of the Board and our shareholders, and providing advice and counsel to our CEO and our Company’s other executive officers regarding our business and operations. In connection with the Board’s annual self-evaluation process, as required by our Corporate Governance Guidelines, the Board evaluates its organization and processes to ensure that the Board is functioning effectively. We believe that our separate CEO and Chairman structure is the most appropriate and effective leadership structure for our Company and our shareholders. Additionally, we also have a Lead Independent Director who presides over all meetings of the non-management independent Board members.
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