The course project will involve reviewing a publicly traded company and identifying some of the...

Question

The course project will involve reviewing a publicly traded company and identifying some of the internal control weaknesses that currently exist. In this review, you will be examining how these internal controls are reported to the public along with identifying the individuals responsible for carrying out these tasks. This project will continue throughout the session by reviewing specific areas each week that impact the auditor and management in carrying out their responsibility of reporting to the public.

Assignment Details:

Select a publicly traded domestic (U.S.) company with internal control weaknesses by reviewing the company’s latest Form 10-K Securities and Exchange Commission (SEC) filing and submit it to your instructor for approval.

Select a publicly traded domestic (U.S.) company and identify its stock symbol. To search a publicly traded company on the Internet, use the key words finance, stock and quotes. Ensure you select a domestic company for your assignment.

Use this information to research the weaknesses disclosed by the selected company. (Companies to consider should include the ones recently in the news.)

Select the link that provides information about the SEC filings of various companies. Next, select your preferred company from the list of companies provided. Scroll down to the company’s Form 10-K Annual Report and look at the detailed filing.

From the Form 10-K annual reporting, select Items 9, 9A, 9B, and Item 7 of the SEC report and analyze for any material weaknesses in internal controls or disagreements with auditors.

Support your answers with scholarly research, examples, and evaluation and present them in the APA format.

Khushboo · Accepted Answer

Company selected and brief introduction
The selected entity is Apple Inc. and the company is listed on NASDAQ stock exchange. The company is US based technology company which is headquartered at Cupertino, California. The company is also fourth largest PC company and second largest mobile manufacturer in world. The major products of the company are AirPods, iPad, watch, Mac and also providing various services. The total assets base of the entity is $99.80 billion in year 2022 and total assets base $352.76 billion. The auditor of the entity is Ernst and Yong LLP.
Reporting of effectiveness of internal controls  and material weakness in internal controls including disagreement with auditors
The entity has followed all the accounting disclosure and guidelines and there is no disclosure related to disagreement with auditors reported by the entity under Item no 9. The auditor and management has conducted an assessment of effectiveness of internal controls over financial reporting as per criteria of COSO 2013 audit framework and the auditor has also reported audit report in Part II of item 8 of form 10K (Apple Inc, 2022). Further, the auditor has also issued unqualified opinion on weakness in internal controls. Further, the auditor has reported under Item 9A that the entity has recorded summarized and processed the information within time period defined in SEC rules and has also allowed timely decision regarding required disclosures.

The course project will involve reviewing a publicly traded company and identifying some of the internal control weaknesses that currently exist. In this review, you will be examining how these...

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