2015.07.13 week 4
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Week 4: July 13, 2015
Doble
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Review Audited Financials
Components:Letter to the ShareholdersBalance SheetIncome StatementCashflow StatementNotes
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Annual Report & MorePublic Traded Companies:
Annual Reportwww.prars.comInvestor Relations
10K Report to the SEC (p. 104)Annual report without PR piece
Media PublicationsWall Street JournalEconomistForbes, etc.
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Annual Report Three Key Elements:
1. Regulatory Requirements Letter to the shareholders signed by CEO/CFO
2. Public Relations Good and the bad Direction going – rectify problems
3. Management Discussion & Analysis Segment reporting
Divisions or line of business
Safe Harbor Provision pg. 92 Company does not provide guidance Only providing an future assessment
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Independent AccountsProxy StatementAudit Process
Accounting procedures followedRole of the CPA firm – AuditorOpinion Letter
Unqualified OpinionQualified OpinionNo Opinion – Adverse OpinionFootnotes
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Considerations360 Approach
CompetitorsSuppliersAnalyst ReportsCorporate WebsiteGlassdoor
http://www.glassdoor.com/index.htm
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QuestionsHow many years of financial or statistically information is typically presented?What is the role of the CPA firm?How does a 10K vary from the Annual Report?What key components should the annual report contain?Why should we care about shareholder advocates?What is insider trading?
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Due Diligence Project
1. Annual ReportDownload the company you are tracking annual reportThis is going to provide you with 2/3rds of the information you will be needed
2. Multiple Perspectives & OpinionsResearch and find three resources
Company Press ReleasesAnalyst ResearchGoogle web search