Select the Wal-Mart company. Use the U.S. Securities and Exchange Commission (SEC) EDGAR System. Obtain the Annual

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Question:

Select the ‘Wal-Mart’ company. Use the U.S. Securities and Exchange Commission (SEC) EDGAR System. Obtain the Annual Report (Form 10K) and Proxy Statement (Form DEF 14A) of the company for the immediate past fiscal year. Review these documents in addition to Earnings Releases and other financial information available on the company’s Investor Relations website to evaluate the following items. Audit Committee • Identify members of the Audit Committee of the Board of Directors, its functions, and number of meetings held. • Determine if the composition of this committee satisfies Public Company Accounting Oversight Board (PCAOB) requirements in terms of independence and accounting knowledge. • Review the audit committee report and discuss Committee actions. Determine how these actions ensure the integrity of the audited financial statements.

Independent Registered Public Accountants

• Identify the company’s independent registered public accounting firm. • Determine how long this firm has served as the external auditors. • Determine other services, if any, provided to or on behalf of the company. • Determine fees paid to this firm by type of service provided. • Discuss changes in or disagreements with the accountants on accounting and financial disclosures, if any.

Write a paper in which you address the following:

• Roles, responsibilities, and objectives of internal and external auditors

• Types and assessment of audit and Internal control risks

• Ethical standards in auditing and the implications of unethical behavior

• Internal control system, its role in a business and its significance in the auditing process

• Use of computer assisted auditing techniques

• GAAS, GAAP, PCAOB, and COSO requirements for audits of publicly traded companies In addition to the SEC Forms, a minimum of five (5) peer-reviewed academic or professional references must be used in the paper.