Writing Resources
We will look at Starbucks Financial Reporting as it relates to the Financial Accounting Standards Board s FASB generally accepted accounting principles GAAP and submitted under the Securities Exchange Act of 1934 and in compliance with the Sarbanes Oxley Act of 2002 Financial reportings primary objective is to provide useful information for decision making Financial reporting is an integral part of business for stakeholders investors and management alike Control Procedures are designed to prevent fraud and clerical errors that may discredit the accuracy of a company's financial statements Strict internal controls also reduce losses from theft of company assets and identify low performing employees Internal controls should be implemented before any financial information is reported to external auditors lenders or investors Internal controls insure that amongst employees there are segregation of duties limitation to access authorization record keeping and verification As stated on page 86 of Starbucks 2017 annual report during the fourth quarter an evaluation was performed under the supervision and with the participation of management including the chief executive officer and the chief financial officer of the effectiveness of their disclosure controls and procedures as defined in Rules 13a 15 e and 15d 15 e under the Exchange Act
