Accounting Audit essay

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Individual Assignment 1 Public Company Reporting

The primary purpose of this case is to help you become familiar with the content of filings that public companies (Registrants) make with the Securities and Exchange Commission. As a public accountant, youll need to be very well versed in all accounting and auditing matters since in the eyes of the SEC, the independent registered public accounting firm is considered Expert in accounting and auditing. Please select a well-known company and/or a company included in the Standard and Poors 500 indexes of some of the 500 largest companies. To successfully complete this case you will need to search for your selected companys filings at www.sec.gov and analyze the most recently filed Annual Report – Form 10 K (which for many companies will most likely be for the year ended December 31, 2019 filing date will be between January-March 2020) and the Proxy Statement Form DEF 14A (usually filed between March-May 2018). In preparing your case please include the exact source of the information for each question. (For example Form 10 K, Item 1, page #).

1. Briefly describe the company, the location of its corporate headquarters, its business, and at least three risk factors along with their possible impact on the Company if it does not successfully manage these risks. Why would auditors want to know about their clients business-related risks?
2. Describe The Companys audit committee and its duties. Review the audit committees report and describe its primary concerns. Who is the designated financial expert on the audit committee? Does the designation as only one individual as a financial expert seem adequate for the complexity of The Company and the requirements of the Sarbanes-Oxley Act? Please explain.
3. Who is the auditor for The Company? What were the fees charged for audit services for each of the last two fiscal years (2017 and 2018)? What were the type and amounts of other fees for s ervices for each of the last two fiscal years? Do you believe the non-audit services provided by the auditor might compromise their independence or perception of independence? Why?
4. The Sarbanes-Oxley Act of 2002 requires principal executive officers of publicly traded companies to sign certain certifications in the annual report and also in the quarterly reports. Name each certification report in the annual report (hint this might be a separate exhibit under the 10-K filing). What is the name and title of the executive officer who signed each of the certification reports? Why do you think Congress felt that it was necessary to require executive officers to sign such certifications? Criteria for Grading: This assignment is worth 15 points. The assessment will be based on:
1) Spelling & Grammar – a good audit professional ensures their work is free of errors and is easy for others to understand – poor grammar or spelling will result in less points.
2) Specifically & clearly address the questions asked in the assignment including summary of key facts– missing items asked of you will result in less points.
3) Critical thinking – it is important to develop an ability to read information and determine how auditing concepts apply – missing or incorrect application will result in less points.
4) Follow directions – the assignment should be typed, be no longer than 2-pages single-spaced, 12-point, Times New Roman font – assignments not following directions will result in less points. I will not read beyond page 2.

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