Question: a carefully planned audit increases auditor efficiency and provides greater...
A carefully planned audit increases auditor efficiency and provides greater assurance that the audit team addresses the critical issues. Auditors prepare audit planning documents that summarize client and industry background information and discuss accounting and auditing issues related to the client’s financial statements. Your assignment is to find and document information for inclusion in the audit planning memorandum. Obtain the necessary information by downloading a public company’s most recent annual report from its Web site (the company will be selected by you or your instructor). You may also use other sources of information such as recent 10-K filings to find additional information. You should address the following matters in four brief bulleted responses:
** I have chosen Walmart as my company.
• Brief company history.
• Description of the company’s business (for example, related companies, competitors).
• Key accounting issues identified from a review of the company’s most recent annual report. (Note: Do not concentrate solely on the company’s basic financial statements. Careful attention should be given to Management’s Discussion and Analysis as well as the Footnotes.)
• Necessary experience levels (that is, years of experience and industry experience) required of the auditors to be involved in the audit.
Your paper should be 1,250 words or more with at least 2 references cited in APA format.