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Obtain a 10-k report and an annual report for a public company (this may be in electronic form and/or hard copy form). Be sure that the 10-k report and the annual report are for the same fiscal year. In either document, locate the auditor's report for the financial statements only. This is a one-page report that is generally found in front of the company's audited financial statements. Attach a copy of the auditor's report to a one-page, typewritten document, which details the following (Use corresponding headings.):
a. Name of Company
b. Industry of Company
c. Primary Products or Services
d. Indentify the "type" of audit report (e.g., unqualified, qualified, and so on).
Note: "Many companies post their [10-k report and annual report] on their home pages, generally under a heading labeled 'investor relations'" (Messier et al., 2010, p. 29). One source for free annual reports is https://www.prars.com. A 10-k may be obtained from the EDGAR site, located at https://www.sec.gov/edgar.
Describe and evaluate this type of internal audit. What types of organisation would it be most useful for?
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