Audit Risk Ann Inc. Essay

1823 Words Jun 14th, 2013 8 Pages
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|Ann Inc.: Audit Risk Analysis |
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|Liberty University
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The Board of Directors is elected and is the ultimate decision-making authority to direct the management of the Corporation in the interests and for the benefit of the Corporation’s shareholders. Ann Inc. is committed to full compliance with all requirements applicable to its public disclosures, including reports filed or furnished to securities regulators. The Independent Status of the Audit Committee The Ann Inc. Audit Committee is made up of five members and four of the five Audit Committee members are independent. Ronald Hovsepain is the Non Executive Chairman. The purpose of the Audit Committee is to provide assistance to the Board of Directors by fulfilling its obligations with respect to matters involving the accounting, auditing, financial reporting, internal control over financial reporting and legal compliance functions of the Ann Inc. and its subsidiaries. Financial Viability of Ann Inc. In the early 1990’s, AnnTaylor had spread its name recognition down the East Coast and west to the Mississippi. Joseph Brooks, CEO made several attempts to partner with Saks Fifth Avenue and Bloomingdales. However, after being outbid or snubbed by his financial offering Brooks decided to propose a public offering of AnnTaylor stock. The offering went public in 1991 and a healthy seven million shares were sold at $26 per share.

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