From the list provided on Blackboard, select a public company that interests you. Collaborate with your classmates. A company may be used only once. Choose carefully, since this will be your company for further assignments this semester > __UNION PACIFIC CORP MARKET CAP 125.6____________________________________________________ In the companys annual report to shareholders or their Form 10K filed with the SEC, find and read the auditors report. It is usually titled Report of Independent Registered Public Accountants or similar. Be certain that the report refers to at least the financial statements presented. After reading the report (usually 2-3 pages) guesstimate what your company might have paid in audit fees for that report. Enter your guess here > ______________________________________________________

BUS 375 Auditing

Using the information discovered above, search and locate your companys Proxy Material and find the required disclosure regarding audit and audit-related fees plus all other fees paid to the auditing firm. Compare your guesstimate above, to the actual audit and audit related fees in the proxy. What is the percent difference between your original guess and actual fees? > ______________________________________________________ Calculate the following and prepare ONE PowerPoint slide showing calculations: > Actual audit fees as percent of pretax income: _________________ > Actual audit fees as percent of net sales: _________________ > Actual audit fees as percent of total equity: _________________ > Actual audit fees as percent of total assets: _________________ Do you feel that the actual audit fees are too high, too low, or just about right for your company? Please explain how and why you have reached this conclusion.