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Written Paper: An analysis of the performance of New Century Financial Corporation’s internal accounting control systems.
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, relevant portions of the Final Report of Michael J Missal, Bankruptcy Court Examiner, US Bankruptcy Court for the DC, In Re: New Century TRS Holdings, Inc., and New Centuries filings with the SEC. Reading and understanding the examiner’s report is essential.
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:
1. What primary business risks did NCF face?
2. What were the primary financial reporting items (line items or account balances in NCF’s financial statements) related to these risks?
3. What accounting pronouncements were relevant to these account balances?
4. What key financial reporting errors did NCF make? What were the misstatements?
5. What were the key internal accounting controls that would have prevented or detected these errors?
6. 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, while organized in a cohesive manner. All significant deficiencies or material weaknesses in controls should be identifiable. The last point (question 6) should be a philosophical analysis and not a recitation of the causes of the announcement of restatement.
Grading: The grade for the written paper is based on the technical accuracy of the content, the quality of the writing, including style, grammar, and spelling, and thoroughness used in researching the material. A significant factor is demonstration of a clear understanding of all aspects of the matters covered. The paper should be readily reviewable, e.g., no rereading should be required to locate where you covered a particular point. This means you should use headings and sub-headings, if appropriate, to organize the presentation and guide the reader.
Note to writer: The course is Auditing, the final course of accounting in BBA.
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