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  "documentTitle": "Lasertec Corporation (6920)",
  "authorId": "58_Scorpion_Capital",
  "authorName": "Scorpion Capital",
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  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2024-06-05 00:00:00",
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  "notes": "The slide uses excerpts from 10K filings to show that auditors are flagging inventory valuation as a 'critical audit matter' due to management judgment, implying potential risk despite no explicit fraud findings.",
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      "kind": "callout",
      "text": "2023年8月、KLAの「10K」財務報告書\nPwCの監査報告書（抜粋）\n棚卸資産の実現可能な価値の推定\n\"The estimate of net realizable value of inventory is impacted by assumptions regarding general semiconductor market conditions... and require management to use significant judgment that may include uncertain elements....\"",
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      "text": "2023年8月、ラムリサーチの「10K」財務報告書\nEYの監査報告書（抜粋）\n棚卸資産の評価\n\"Inventory – Valuation [...] Auditing management’s estimates for excess and obsolete inventory involved subjective auditor judgment because management’s assessment [...] is judgmental and considers a number of qualitative factors...\"",
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      "text": "The estimate of net realizable value of inventory is impacted by assumptions regarding general semiconductor market conditions, manufacturing schedules, technology changes, new product introductions and possible alternative uses, and require management to use significant judgment that may include uncertain elements.",
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      "text": "昨今、KLAとラムリサーチの監査法人は監査報告書で、棚卸資産の操作リスクについて、「監査上の主要な検討事項」に例を挙げている。もっとも、KLAとラムリサーチの監査法人はリスクを重視しているものの、2社の棚卸資産の扱いに重大な問題があると指摘してはいない。しかし、半導体業界の他の会社では重大な問題となっており、事例は少なくない。例えば、東芝の半導体部門で発覚した大型不正会計では、棚卸資産の処理が大きな問題とされた。",
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      "text": "The estimate of net realizable value of inventory is impacted by assumptions regarding general semiconductor market conditions, manufacturing schedules, technology changes, new product introductions and possible alternative uses, and require management to use significant judgment that may include uncertain elements....The principal considerations for our determination that performing procedures relating to the valuation of product inventory is a critical audit matter are (i) the significant judgment by management when developing the estimated obsolescence used for determining the net realizable value of product inventory and (ii) a high degree of auditor judgment, subjectivity, and effort in performing procedures and evaluating management's assumption related to the future demand for product inventory. — PwC (KLA 10K Audit Report)",
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