This will be all off of
WalMart’s reports
obtain theAnnual Report (Form 10K) andProxy Statement (Form DEF 14A) of the company for the
immediate past fiscal year. Review these documents in addition toEarnings Releases and other financial information available on
the company’s Investor Relations website to evaluate the following items.
Independent Auditor’s Report
·
Based on the selected public
traded company, what type of auditor’s report was issued on the financial
statements.
·
What kind of evidence the
auditors found that indicated the company did not follow Generally Accepted
Accounting Principles (GAAP).
Audit Committee
·
Identify members of the Audit
Committee of the Board of Directors, its functions, and number of meetings
held.
·
Determine if the composition
of this committee satisfies Public Company Accounting Oversight Board (PCAOB)
requirements in terms of independence and accounting knowledge.
·
Review the audit committee
report and discuss Committee actions. Determine how these actions ensure the
integrity of the audited financial statements.
Independent tered Public
Accountants
·
Identify the company’s
independent registered public accounting firm.
·
Determine how long this firm
has served as the external auditors.
·
Determine other services, if
any, provided to or on behalf of the company.
·
Determine fees paid to this
firm by type of service provided.
·
Discuss changes in or
disagreements with the accountants on accounting and financial disclosures, if
any.
Reports of the Independent
tered Public Accountants
·
Review the report of the
independent registered public accounting firm on internal controls. Determine
if the report and its contents meet the criteria established in Internal Control –
Integrated Framework issued by the Committee
of Sponsoring Organizations of the Treadway Commission (COSO) and the PCAOB.
·
Review the report of the
independent registered public accounting firm on the audited financial
statements. Determine what type of opinion was issued and whether the work
performed meets the criteria of COSO and the PCAOB, in addition to GAAP and
GAAS.
Prepare a 10-12 page research
paper (excluding title page, abstract, references page, and appendices
containing financial analysis) in APA format that presents the findings of your
analysis of the company’s SEC filings. Your paper should also discuss the
following:
·
The type of auditor’s report
that was issued.
·
What kind of evidence the
auditors found which indicated the company did not follow Generally Accepted
Accounting Principles (GAAP).
·
Roles, responsibilities, and
objectives of internal and external auditors.
·
Types and assessment of audit
and Internal control risks.
·
Ethical standards in auditing
and the implications of unethical behavior.
·
Internal control system, its
role in a business and its significance in the auditing process.
·
Use of computer assisted
auditing techniques.
·
GAAS, GAAP, PCAOB, and COSO
requirements for audits of publicly traded companies.
In addition to the SEC Forms,
a minimum of five (5) peer-reviewed academic or professional references must be
used in the paper.
Please
submit your assignment.
Your assignment will be graded
in accordance with the following criteria. Clickhere to view the grading rubric.
For
assistance with your assignment, please use your text, Web resources, and all
course materials.
