my project is about MICROSOFT CORP and i have to use the last 10-K. Auditing Project Description Students will obtain a public companys most recent Form 10-K filing with the SEC and, using a team approach, prepare an analysis of business risks affecting the financial reporting process and develop an audit plan (overview level) for the company selected. Students will choose a company that no other student has chosen. The first person who posts it gets the company so have a couple in mind in case the company you choose is taken. You will submit Part Two here. Part Two is due nowsee the Course Schedule. Part Two Detailed Instructions Obtain outside information about the company and its industry. Answer the following questions: What are the key economic factors of the industry in which it is housed? Economic factors include costs of labor, government activity, laws, policies, tax rates, labor supply, unemployment. Where is the company in its life cycle? A company's life cycle has four phases: start-up, rapid growth, maturity, and decline. What are the five or six most important factors for success in this business? Typical success factors may be related to leadership, strategic and tactical plans, good decision-making, effective communication, continuous quality improvement, efficient production, marketing and customer service. Look at the annual report and see what the company is saying (as well as other analysts) in terms of what makes them successful. How does this company stand with respect to these factors? Is the company meeting its goals? How does this company compare to a major competitor (identify this major competitor and look at their annual report or other sources for comparison)? Describe four or five key business risks related to the clients business and industry. This is very important. Research this thoroughly to find out the key business risks associated with this specific company (one example: a global pandemic). What notable accounting considerations are there for companies in this industry? Confirm the Revenue Recognition Standards for the industry In the FASB database you have access to. Identify any specific industry accounting standards (look under INDUSTRY link) you should be aware of. What legal or regulatory matters are of concern? Legal factors are external factors that can impact the business (examples: environmental laws/regulations, discrimination laws, consumer laws, copyright laws, health and safety laws, foreign trade restrictions, etc.) What social matters are of concern? Is the company socially responsible? Explain how? Do they specify their social responsibility objectives? Does the company produce a product that creates social concerns and publicity that could impact the profitability of the company (examples: environmental concerns, cannabis production or selling, cigarettes, e-cigarettes, etc.). Identify and examine the company's internal controls. Examples: Code of ethics, employee hotline for whistle-blowing, segregation of duties, access controls (how assets are safeguarded), disaster recovery controls, etc