Locate the 2009 Form 10-K for Wal-Mart in Appendix A and consider the following questions:
1. With respect to the report of the external auditors to “the Board of Directors and Shareholders of Wal-Mart Stores, Inc.”:
a. Who is Wal-Mart’s external auditor?
b. How long after the end of Wal-Mart’s fiscal year did the external auditor complete the audit?
2. With respect to the report of management concerning the financial statements:
a. Who is responsible for the financial statements?
b. After reading the paragraph on internal control, indicate whether you agree or disagree with the following statement: “The purpose of an internal control system is to ensure that all transactions are always recorded and that all assets are always completely safeguarded.”
c. After looking at the description of the members of the audit committee (in the second paragraph), do you think that any members of the Walton family are members of that committee?