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SEC and Creating Audit Report
Select a publicly traded company using the U.S. Securities and Exchange Commission (SEC) EDGAR System at https://sec.gov/edgar/searchedgar/companysearch.html and submit to the instructor for approval. Please note that each student must research a different company. Once the instructor has approved the company selection, obtain the Annual Report (Form 10K) and Proxy Statement (Form DEF 14A) of the company for the immediate past fiscal year. Review these documents in addition to Earnings Releases and other financial information available on the company's Investor Relations website to evaluate the following items.
Independent Auditor's Report
Audit Committee
Independent Registered Public Accountants
Reports of the Independent Registered Public Accountants
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:
What is pro forma reporting according to regulation SX of the SEC? How has pro forma reporting been used by corporations over the years? Summarize the arguments for and against this type of reporting.
For several years Orbon, Inc., has followed a policy of paying a cash dividend of $0.71 per share and having a 3% stock dividend. In the 2014 annual report, Orbon reported restated earnings per share for 2012 of $1.12.
Identify and analyze the types of risks that organizations face and to apply the applicable risk knowledge to understand and perform better audits.
Would your answer change if EFL had written to King and Queen advising you that they intended to make a loan to Impulse and were relyingon the 2012 audited financial report to assist them in making their decision?
Discuss the ethical issues involved with this situation. Explain how you should handle this situation. Explain what type of report you should issue and why.
FIFO means "first in, first out." This follows the assumption that the first items received into inventory are the first items sold. In some cases, this may not be true because companies often have to sell new items after old ones have become outd..
It will be a comprehensive review of the organisation's strategy, objectives, actions and achievements in planning for and implementation of environmental sustainability.
Select the component of audit risk(a,b,c and d - below) that is most directly illustrated. The components may be used once, more than once, or not at all.
How would you respond to corporate decision to which you're ethically opposed?
Determine whether the responsibility to hire and fire audit managers should have prevented the firing of the chief of internal auditing by management for reporting fraudulent activity.
Perhaps the issue of independence in internal audit departments goes back to, as you mentioned before, the morality of the internal audit staff. The internal audit department I worked for took the issue of independence seriously. It was important ..
What are some major components of an internal control system? Are these components always necessary?
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