PART 1: UNDERSTANDING THE ENTITY Overview of the Company 1. What are the primary inputs and outputs of the company (products, services, raw materials)? 2. What is the size of the corporation (sales, assets, employees)? 3. Where is the company located (one area or multiple)? 4. Where is the company in its life cycle (development, decline)? 5.Are there any other persons/companies closely associated with the company (common ownership, related families)? 6. What image does the company present? Overview of the Industry 1. What are the key economic factors about the industry? 2. Where is the company in its life cycle? 3. What are the key success factors, trends, and challenges for this industry? 4. How does your company compare with respect to these factors? 5. What notable accounting considerations are there for companies in this industry? 6. What particular legal or regulatory matters are of concern? 7. What social or environmental matters are of concern