was more difficult and varied than the previous year which effected higher cost. Therefore, the proportion of cost decreasing is less than the proportion of revenue decreasing. 6. Cost of goods sold

for equity crowdfunding. Furthermore, in the case of ICOs, imposing the aggregate limit would not be an effective investor protection mechanism. This is because it would be very difficult to enforce and

new clients in the COVID- 19 situation is quite difficult. The managements and team brainstorm for strategy how to propose work that is suitable for the COVID-19 situation as the alternatives to the

from poor timing and end up buying and selling at the wrong times. /Timing the market is too difficult. “It is a losing strategy” gChasing (short term) past performance has been a basic investment

that are difficult to detect. For example, (1) fraudulent transactions through a subsidiary located overseas that has obscure business objectives and is hard to inspect, (2) trading transactions and

Business Development, Ministry of Commerce, shall be authorized to make a change of and an addition to wordings in order to comply with the order of the registrar as well as carry out any necessary or

focuses on identifying and understanding the extent to which future growth is related to the duration of an earnings string. The rationale is that the longer earnings strings, the more difficult firms

investments made in the higher-margins HVA businesses, integration into key feedstocks in balanced markets and timely investments in key geographies. These have resulted in a structural change in the earnings

Activity Report 2016_En INDEPENDENT AUDIT INSPECTION ACTIVITIES REPORT 2016 INDEPENDENT AUDIT INSPECTION ACTIVITIES REPORT 2016 Executive Summary...................02 Quality Assurance Review Panel................04 Activities for Enhancing Audit Quality...................05 Summary of Audit Inspection Results A. Firm Level...................08 B. Engagement Level...........................28 Root Cause Analysis...................42 Framework and Focuses in 2017...................44 Essential St...

another challenging year ahead. But our collective efforts to proactively implement the SEC Strategic Plan will yield tangible results and contribute to the robustness of the financial system and the