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Verifone And Ncr Essay

5191 words - 21 pages

Verifone Systems, Inc. & NCR Corporation
Verifone Systems, Inc. & NCR Corporation

Manhattan College
B.S. Accounting and Finance
Professor Phillips
MBA 609-01
Alison Landy
5/3/12

Table of Contents
I. Executive Summary Page 3
II. Description of the Companies Page 4
III. Description of the Industry Page 4-5
IV. Business Risk: Nature of the Industry Page 5
V. Business Risk: Economic Climate Page 5
VI. VeriFone Governance Structure Page 5-7
VII. NCR Governance Structure Page 7-8
VIII. Restatement Page 8-12
IX. Business Risks: The Company Page 12-13
X. Accounting Policies and Disclosure ...view middle of the document...

Also, it addresses how executive compensation is determined. It addresses the Audit Committee’s role in regards to the existence of fraudulent financial statements.
It includes an examination of the differences of each company’s accounting policies and disclosure practices. This explains how it impacted financial statements and violated U.S. GAAP. In addition, it explains the consequences that the company faced and the solutions the company came up with to help resolve these issues. Also, there is an analysis of different financial ratios that show the effects of the restatements.

Description of the Companies

VeriFone Systems, Inc. designs, markets and services electronic payment solutions in North America and internationally. It provides system solutions, which includes countertop electronic payment systems. Also, it secures PIN pads that support credit and debit transactions and provides access to multiple wireless system solutions that support Internet protocol-based code division. They offer products for consumer-activated functionality at the point of sale. Further, the company offers client services, customized application development, advertising publishing, taxi payments and advertising, cardholder data security, annual software maintenance program, and repair services. The company was formerly known as VeriFone Holdings, Inc. and changed its name to VeriFone Systems, Inc. in May 2010. In November 2006, VeriFone acquired all of the outstanding ordinary shares of Lipman Electronic Engineering Ltd. VeriFone Systems, Inc. is headquartered in San Jose, California.
NCR Corporation provides products and services that enable businesses to connect, interact, and transact with their customers worldwide. It offers financial-oriented self-service technologies and provides self-service kiosks to the retail, hospitality, travel, gaming, and entertainment industries. Also, it offers printer consumables for various print technologies and the company provides various maintenance and support services. The company was founded in 1884 and is headquartered in Duluth, Georgia.
Description of the Industry
The electronic payment solutions industry encompasses systems, software, and services that enable the acceptance and processing of electronic payments for goods and services. The electronic payment system serves as the interface between consumers and merchants at the point of sale and with the payment-processing infrastructure. It captures critical electronic payment data, secures the data through sophisticated encryption software and algorithms, and routes the data across a range of payment networks for processing, authorization, and settlement.
Business Risk: Nature of the Industry
There are many business risks related to the electronic payment industry. There are many incentives and pressures that present itself to a company, which would encourage fraudulent financial reporting. First, the markets are highly competitive and are subject to...

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