11 May HOW DOES THE COMPANY COMPARE WITH OTHERS IN THE INDUSTRY?
Understanding the Company?s business and industry
a. What is the company’s industry?
b. What are its primary products?
c. What raw materials does the company use?
d. How large is the company:
_ sales
_ assets
_ employees
e. Where is the company located?
f. What other people/companies are closely associated with this company?
II. Assess business (discuss the following topics)
a. Divisions and Product Lines may be discussed in the MD&A section. What audit and internal control issues may arise in these areas as you consider chapters 10 and
11?
b. Discuss the profitability and other comments in the MD&A section as they relate to chapters thus on audit strategy, risk, internal control, materiality, and
management.
c. Management often explains higher or lower than expected in their comments. Discuss the profitability and other comments in the MD&A section as they relate to our
chapters thus on audit strategy, risk, internal control, materiality, and management.
d. What ethical and legal liability relating to accountants and auditors might relate to your SEC 10-K company?
e. Describe four or five key business risks related to the client?s business and industry.
f. How does the company compare with others in the industry?
III. Prepare a variance analysis for your company:
a. Create a table and refer to percentages in terms of year to year change for dollar values and identify accounts with a variance of 15 percent or highest.
b. Review the notes in the Company?s financial statements ? which accounts are discussed in the Company?s financial statements notes
c. Discuss possible reason(s) for the variance
IV. Discuss the auditor’s name, city and state, and date of their letter. Read their opinion and comment on issues highlighted other than the standard clean opinion.
What issues may have been included in a management letter to your SEC 10-K company based on issues you have identified this semester where audit issues and the
management of risk may arise.
V. Conclusion
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