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Audit Reports

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EXIDE TECHNOLOGIES A.) Exide Technologies operates in more than 80 countries and has been in the battery business for more than 120 years. Their battery products are split into three sectors: Transportation, GNB Motive Power, and GNB Network Power. The transportation sector concentrates on batteries for vehicles such as cars, trucks, SUVs, marine vehicles, RVs, commercial vehicles, and other niche applications. GNB Motive Power is made up of products used for things such as materials handling, cleaning machines, airport ground support, underground mining, and other similar needs. GNB Networ Power is used for things such as telecommunications, computers, security systems, emergency lighting, and forms of military equipment used in mission critical environments. B.) The company was audited by: KMPG LLP, the Atlanta, Georgia Office C.) The company states that Wal-mart Stores Inc.’s decision to no longer carry their product was a major contributing factor to their need for bankruptcy. They faced $31 million in interest payments in August of 2013 and the maturity of nearly $52 million in convertible notes in September. The company was in debt and one of their major customers choose to no longer carry their product. D.) This is in the email E.) Modified Unqualified F.) The report adequately warns of the bankruptcy in 2013, as the bankruptcy filing is already known. The warning statement “ the Company’s bankruptcy filing and related matters raise substantial doubt about the Company’s ability to continue as a going concern” is provided to users. The causes of bankruptcy were known. G.) Exide Technologies anticipates emerging from Chapter 11 restructing for its U.S. operations by the end of 2014. In an effort to do so on June 11, 2014 the company appointed two new executives to lead the Company’s efforts in upgrading one of it’s recycling facilities. Thomas Strang was named as Vice President of Environment Health, & Safety and Charles Giesige as Vice President of Recyling Operations. Info found: "Exide Technologies Adds New Executive Leadership Team Members." GlobeNewswire 11 June 2014. General OneFile. Web. 10 Oct. 2014. And http://www.exide.com/en/about/news/Exide-Technologies-Receives-Proposal-for-Plan-of-Reorganization.aspx H.) www.exide.com
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DEX ONE A.) Dex One Corporation (Dex Media) is a full-service media company which sells it’s services to small and medium-sized businesses to help get them more customers and sales. It is hired in place of these businesses having their own marketing department. They offer services such as: Online Business Listings, Search Engine Optimization, Search Engine Marketing, Yellow Pages Advertisements, QR Codes, Business Websites, and Facebook Business Pages. They examine a businesses marketing needs and determine a special solution for each individual client. B.) The external auditing firm:KMPG LLP C.) The main cause of this bankruptcy is the merger with Supermedia. Both companies elected to file for Chapter 11 “to implement ‘pre-packaged’ plans of reorganization. D.) IN EMAIL E.) The report is a modified unqualified report. F.) The report for 2013 was issued on March 18, 2013 with the knowledge that the company had already filed bankruptcy. The report is adequate however, the statement “has a highly leveraged capital structure and has experienced a decline in operating results and cash flows that raise substantial doubt about its ability to continue as a going concern” gives the users of the report proper warning and information in regards to the companies ability to continue. G.) Dex One Corporation emerged from Chapter 11 on April 30, 2013. Dex One merged with Supermedia in 2013 to form Dex Media. Found on: "10-Q: DEX MEDIA, INC." EDGAR Online-Glimpse 6 Nov. 2013. General OneFile. Web. 10 Oct. 2014. H.) Edgar Online-Glimpse DexMedia.com MetaLib…...

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