Review and discuss the Form 10-K for the Apple company.
Section 1, Initial Risk Assessment.
Hint: The business and risk information is usually found in the first part of the Form 10-K. However, for the risks, do not simply restate what is in the Form 10-K. Think like a senior manager at a CPA firm – what accounts (Cash, A/R, Revenue, Inventory, etc.) might be the most potentially risky and why? For example, an airline might not have the same inventory considerations found with a retail outlet like Wal-Mart.
In 700 words
Describe the business briefly.
Assess any risks you may encounter in auditing this company.
General Audit Concerns
· The requisite background you and your team will need to adequately audit this company.
· Time it will take to adequately audit this client.
General Business Concerns
.
· Has the company you’re auditing recently increased or decreased their operations due to mergers or sales of parts of the business?
· Are they a conglomerate with lots of disparate kinds of goods and services, or are they a simple straight-forward type of business operating in a relatively small location?
· Are operating supplies (such as jet fuel or specialty plastics) in short supply or subject to wild pricing swings on the open market?
· What about overseas operations – are they operating in dangerous parts of the world?
· How robust or intense is the competition in this particular industry?
· Has their top management recently been replaced and if so, why?
· Is seasonality a factor for this company? How does that affect revenue and other operations?
Describe the following issues:
Ethics and Legal Issues
· The ethics and sophistication of top management and cultures where the company operates.
· Have there been significant auditing or accounting issues raised in the recent past?
· Did they have disputes with their previous audit firm?
· Is this company or industry particularly susceptible to lawsuits or other legal proceedings?
Evaluate the regulatory and compliance requirements of this company:
Regulatory and Compliance Concerns
· The compliance requirements of this company.
· Is it subject to a high-level of governmental regulation?
· Are employees unionized? Are they generally compliant with Sarbanes-Oxley and other regulatory rules?
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