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Content. The case study is “New Century Financial Corporation” (NCF), a Harvard Business School case. The HBS presentation should be the starting point for your analysis. You should use other sources as well, including, for example, relevant portions of the Final Report of Michael J. Missal, Bankruptcy Court Examiner, US Bankruptcy Court for the District of Delaware, In re: New Century TRS Holdings, Inc., and New Century’s filings with the SEC. Reading and understanding the Examiner’s report is essential. Links to the Missalreport:
• http://pdfserver.amlaw.com/ca/newcentury01_0327.pdf
• http://guides.newman.baruch.cuny.edu/acc5400_Carmichael_Fall_2012
The primary focus of your analysis should be the performance of NCF’s internal accounting control systems. Important questions for your analysis are as follows:
• What primary business risks did NCF face?
• What were the primary financial reporting items (line items or account balances in NCF’s financial statements) related to these risks?
• What accounting pronouncements were relevant to these account balances?
• What key financial reporting errors did NCF make? (What were the misstatements in the financial statements?)
• What were the key internal accounting controls that would have prevented or detected these errors?
• Why did these accounting failures go undetected for so long despite changes in governance in the post-SOX era?
Your answers to these questions should be presented clearly in easy-to-identify report sections. Each point should be explained in detail. All significant deficiencies or material weaknesses in controls should be identifiable. The last point should be a philosophical analysis and not a recitation of the causes of the announcement of restatement.
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