The most common annual report required by the SEC is Form 10-K. Form 10 , another SEC report, is often used to register under the Securities Exchange Act of 1934. Item 2 of both Form \(10-\mathrm{K}\) and Form 10 calls for a summary of operations. A similar report, a Summary of Earnings, is required in Item 6 of Form S-1; this report is used in registration of securities for public sale under the Securities Act of 1933. Thus these summaries are important disclosure requirements in meeting annual reporting and initial filing requirements with the SEC.

{Required:}

a. Identify the basic information which must be disclosed in the summary of operations or summary of earnings sections of the reports filed with the SEC, including the period covered and the note requirements.

b. Are the summary sections of the SEC reports required to be audited?