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1) What was financial reporting problem at Molex? How would the correction of the problem be recorded in Molex financial statement

2) What is the function of the audit committee, top management, the board, and external auditors in financing reporting?

3) Why were auditors so concerned about problem? If you were a member of board would you agree with their concern? How would you react to auditor's request that CFO ( and possibly CEO) be replaced?

2) Suppose Warren Buffett has make a decision to purchase the professional hockey team to play in Omaha. Team is structured as S corporation and costs $400 million. In year one, team had $110 million of revenue and $100 million of operating expenses. Mr. Buffett is in= 35% tax bracket.

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