Time Warner Inc.'s latest 10-K Annual Report (filed 02/17/12 for the period ending 12/31/11) is divided into two main parts. The first half of the report is more introductory and has three sub-parts simply named PART 1, 2 and 3. In PART 1, Time Warner Inc. mainly talks about the history of its business, which includes video services, broadband data, advertising and cable TV, etc. They also address risk factors that will cause concern among investors and those with potential. possibility of negatively influencing their financial situation. PART II is the main body of Part I, which provides information on the “Selected Financial Data” and a description of the “Management’s Discussion and Analysis”. The last part confers the signatures of the administrators. On the contrary, the second part offers more detailed data, namely the management report, the consolidated financial statements (including the balance sheet, the statement of operations, the cash flow statement, the statement of shareholders' equity) and reports from an independent registered public accounting firm (ERNST&YOUNG LLP). From all the information mentioned above, we conclude that this annual 10-K offers intact and complete information necessary in the annual report. From our own perspective, some of the risk factors discussed in the MD&A and introductory section are worth noting. Investors should be concerned about these items because they can significantly influence spending, market power, and financial performance. First, as noted in the risk section, “a continued downturn in the real estate market may negatively impact TWC's ability to attract investors. new subscribers” (Time Warner Inc. 10-K Annual Report, p18). It is visible... middle of paper ...... to also imply their accuracy on financial data and entry process. The second report provides a narrative on internal controls. He first talks about the purpose of internal management: (1) Ensuring that entries and transactions are recorded accurately and in accordance with GAAP; (2) Ensure that all records relating to asset transfers are properly maintained; (3) Detect and prevent suspicious dispositions and acquisitions in time. Secondly, they argue about their own responsibility which is quite similar to that mentioned in the previous report. Finally, they conclude that Time Warner Inc. maintained effective internal controls during this period. By the way, they also attach a conservative narrative that, due to the existence of intrinsic limitations and market uncertainty, internal control may contain undetectable anomalies..