Current Issue Assignment - Article Summary and Analysis Essay

Current Issue Assignment - Article Summary and Analysis - Essay useility for the companys fiscal misstatements, according to a news article published in subscriber line Week on 30 October 2006, dalo Pharma CFO Resigns after Report, and submitted through The Associated Press (Hawthorne, NY).Taro has hired a law firm to probe the details of the case gathered by its receive audit committee. Furthermore, the company has reported that a member of the companys senior financial counselling caused Taro to coif misleading statements to the SEC and the companys auditor, Ernst & Young. The CFO of Taro and the unidentified financial management officer vigorously disagreed with the report before they both resigned.At present, the company has an interim oral sex administrative and restructuring officer, whose main job is to help Taro reduce its costs and restructure debt. The company is aspect to obtain bank waivers as it cannot be compliant with some of its creditors because of the late f iling of the annual report.For a company to ensure that it is leg on the wholey safe and financially sound in the short as substantially as the long run, it is crucial to have financial statements that are both accurate and foolproof (Spiro 1996). every financial management officer may blunder with numbers, either deliberately or not so. incorrect financial statements may wreck the budgeting process, cause significant damage to a companys reputation, and make it rather difficult for it to obtain loans in future.True financial statements are the lifeblood of an organization. A company is attached with the public at large through its products and services, and also its shareholders, suppliers, and the families of its employees, besides its lenders (Spiro). A financial misstatement depending on the form between a correct financial statement and a financial misstatement may hurt all the members of society it interacts with, no matter who is responsible for the error.Finally, it is vital for all financial managers to team up with