Cubic Corporation Executive Summary

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Cubic Corporation was founded by Walter J. Zable in 1951. It began as a small electronics company in San Diego, CA and only after a few years became a leader of a variety of large-scale products. By the 1960s, Cubic’s economic growth of 588 percent (2014, Cubic.com). Cubic Corporation is currently the parent company of three major business segments including: Cubic Defense Systems, Mission Support Services and Cubic Transportation Systems. Cubic provides the leading services of realistic combat training systems and defense electronics. Delivering operations, maintenance and technical services for the United States and allied military forces. It also is the world’s leader of automated fare collection systems and services for public transit authorities…show more content…
The Audit Committee of Cubic’s Board of Directors in consultation with the company’s independent registered public accounting firm, Ernst & Young determined that the financial statements for the fiscal years ended September 30, 2013 and 2012 and each of the prior quarters of 2013 and 2012 are not in compliance with GAAP, causing the restate of financial statements. The effectiveness of internal control for reporting financial information and shareholder communication is no longer reliable. Therefore the restate of financial statements are the recommendation of management expressing revenues should be adjusted due to error in calculating revenues for a contract involving the company’s transportation systems segment (2014, Cubic Corporation to Restate Financial…show more content…
The result of errors, conclude that Cubic’s internal control and disclosure controls and procedures were not effective to the reasonable assurance level as indicated by GAAP’s guidelines, of the end of each restatement periods. The company has decided to amend any disclosures pertaining to its evaluation of controls and procedures as suitable in congruence with the amend filings (2014, Cubic Corporation to Restate Financial
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