Time Warner Inc.'s latest 10-K Annual Report (filed 02/17/12 for the period ended 12/31/11) is divided into two main parts. The first half of the report is more introductory where there are three sub-parts simply called PART 1, 2 and 3. In PART 1, Time Warner Inc. mainly talks about the background of its business, which includes video services, high-speed data services, advertising and cable television, etc. Additionally, it addresses risk factors that will be of concern to investors and those who have the potential to adversely affect their financial situation. PARTII is the main body of the first part, which provides information on the “Selected Financial Data” and the description of the “Management Discussion and Analysis”. The last part contains the signatures of the administrators. The second part, however, offers more detailed data, namely Management Discussion and Analysis, Consolidated Financial Statements (includes Balance Sheet, Income Statement, Cash Flow Statement, Statement of Shareholders' Equity), and Reports of Independent Auditors (ERNST&YOUNG LLP ). From all the information mentioned above, we come to the conclusion that this annual 10-K provides complete and intact information needed in the annual report. From our perspective, it is worth noting some of the risk factors discussed in the MD&A and the introductory part. Investors should be concerned about these elements because they can substantially influence expenses, market power and financial performance. First, as stated in the risks section, “A continued downturn in the housing market could negatively impact TWC's ability to attract new subscribers” (Time Warner Inc. 10-K Annual Report, p18). It is clear… . in the middle of the document... which also implies their accuracy on the financial data and the entry process. The second report offers a report on internal controls. First of all, it talks about the purpose of internal management: (1) Ensure that the items and transactions are recorded accurately and in accordance with GAAP; (2) Ensure that all records relating to asset dispositions are maintained properly; (3) Detect and prevent suspicious dispositions and acquisitions in a timely manner liability which is quite similar to what was stated in the previous report. Finally, they conclude that Time Warner Inc. maintained effective internal control during this period. By the way, they also attach a conservative argument that, due to the existence of inherent limitations and market uncertainty, internal control may contain some undetectable errors.