But certainly the financial services industry, which often uses spreadsheets and PC-based models to calculate critical estimates and material asset valuation amounts, is at high risk for the inevitable errors that do occur.
There was also no requirement for the auditor to give its opinion on whether the bank had fully corrected the material weakness in internal controls related to the valuation process until 2012 year-end.
Although no valuation has been released for the transaction, Lenovo executives say that it is not sufficiently material to require disclosure in financial statements.