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8. Find and read the “Report of Independent Registered Public Accounting Firm” (or similarly titled
report) in the 10-K of Walmart. Answer the following questions regarding this report:
a. Who are the auditors of your company?
Ernst & Young LLP, Rogers, Arkansas
b. What type of audit opinion did they issue (an unmodified, unmodified with modified wording
or modified opinion) for the financial statements and what is your interpretation of this type
opinion?
c. What type of audit opinion did they issue (an unmodified, unmodified with modified wording
or modified opinion) for the internal controls over financial reporting and what is your
interpretation of this type of opinion?
d. Based on this report, summarize in your own words the responsibilities the auditors assumed
regarding the financial statements and the internal controls over financial reporting. Do not
copy what is written in the report (hint: this would be an excellent place to use bullet points).
9. Find the Management’s Discussion and Analysis of Financial Condition and Results of
Operations (or similarly titled section of the 10-K). Read the section on “Results of Operations”.
a. What is the purpose of this section of the 10-K?
b. Using bullet points, state two things you learned from this section regarding the factors that
impacted the profitability of your company this year.

 

 
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