Auditors are required to obtain and support an understanding of the entity and its environment in order to identify business risks. Much of the information needed to identify the risks can be obtained from the company's annual report, 10K, and proxy materials. Many companies publish these documents on their Web site. Additionally, industry infor- mation on these companies can be obtained from Web sites such as Yahoo (yahoo.marketguide.com).

a. In groups s of two or three members complete the questionnaire (except for the business process section) for a real-world company assigned by your instructor. There may be some questions asked on the question- naire that you will be unable to answer. If you cannot answer a question, respond "information not available."

b. The measurement and performance section asks for information on the entity's key performance indicators (KPIs). Identify what you think the KPIs are for the company assigned, and how the company compares to its industry averages and major competitors. Prepare tables for this data and a memo of your analyses.. K-9875