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Additional InformationFinancial statements are not the sole output of a financial reporting system. Additional information about a company is also communicated. A thorough financial statement analysis involves examining this additional information.Management’s Discussion and Analysis (MD&A). Companies with publiclytraded debt and equity securities are required by the Securities and ExchangeCommission to file a Management’s Discussion and Analysis (MD&A). Managementmust highlight any favorable or unfavorable trends and identify significantevents and uncertainties that affect a company’s liquidity, capital resources, andresults of operations. They must also disclose prospective information involvingmaterial events and uncertainties known to cause reported financial informationto be less indicative of future operating activities or financial condition. TheMD&A for Colgate shown in Appendix A includes a year-by-year analysis alongwith an evaluation of its liquidity and capital resources by business activities.Management Report. The purposes of this report are to reinforce: (1) senior management’s responsibilities for the company’s financial and internal controlsystem and (2) the shared roles of management, directors, and the auditor inpreparing financial statements. Colgate’s report, titled Report of Management, discusses its policies and procedures to enhance the reliability of its financial records.Its report also highlights the role of its audit committee of the board of directors inproviding added assurance for the reliability of financial statements.Auditor Report. An external auditor is an independent certified public accountanthired by management to provide an opinion on whether or not the company’s financial statements are prepared in conformity with generally accepted accountingprinciples. Financial statement analysis requires a review of the auditor’s report toascertain whether the company received an unqualified opinion. Anything less thanan unqualified opinion increases the risk of analysis. Colgate’s Report of IndependentAccountants, prepared by PricewaterhouseCoopers, is reproduced in Appendix A.Colgate received an unqualified opinion.We discuss audit reports in Appendix 2A.Explanatory Notes. Explanatory notes that accompany financial reports play anintegral part in financial statement analysis. Notes are a means of communicatingadditional information regarding items included or excluded from the body of thestatements. The technical nature of notes creates a need for a certain level of accounting knowledge on the part of financial statement analysts. Explanatory notesinclude information on: (1) accounting principles and methods employed, (2) detaileddisclosures regarding individual financial statement items, (3) commitmentsand contingencies, (4) business combinations, (5) transactions with related parties,(6) stock option plans, (7) legal proceedings, and (8) significant customers. Thenotes for Colgate follow its financial statements in Appendix A.Supplementary Information. Supplemental schedules to the financial statementnotes include information on: (1) business segment data, (2) export sales, (3) marketable securities, (4) valuation accounts, (5) short-term borrowings, and (6) quarterly financial data. Several supplemental schedules appear in the annual report of Colgate. An example is the information on segment operations included as note 14in Colgate’s annual report.Proxy Statements. Shareholder votes are solicited for the election of directorsand for corporate actions such as mergers, acquisitions, and authorization of securities.A proxy is a means whereby a shareholder authorizes another person to actfor him or her at a meeting of shareholders. A proxy statement contains informationnecessary for shareholders in voting on matters for which the proxy issolicited. Proxy statements contain a wealth of information regarding a companyincluding the identity of shareholders owning 5% or more of outstanding shares,biographical information on the board of directors, compensation arrangementswith officers and directors, employee benefit plans, and certain transactions withofficers and directors. Proxy statements are not typically part of the annual report
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