The final project will involve reviewing a publicly traded company and identifying some of the internal control weaknesses that currently exist. In this review, you will be examining how these internal controls are reported to the public along with identifying the individuals responsible for carrying out these tasks. This project will be done throughout the session by reviewing specific areas each week that impact the auditor and management in carrying out their responsibility of reporting to the public.

Assignment Details:

Select a publicly traded domestic (U.S.) company with internal control weaknesses by reviewing the companys latest Form 10-K Securities and Exchange Commission (SEC) filing and submit it to your instructor for approval.

• Select a publicly traded domestic (U.S.) company and identify its stock symbol. To select a publicly traded company, use the key words finance stock quotes to search the Internet. Ensure you select a domestic company for your assignment.
• Use this information to research the weaknesses disclosed by the selected company. (Companies to consider would include ones recently in the news.)
• Select the link that provides information about the SEC filings of various companies. Next, select your preferred company from the list of companies provided. Scroll down to the companys Form 10-K Annual Report and look at the detailed filing.
• From the Form 10-K annual reporting, select Items 9, 9A, 9B, and Item 7 of the SEC report and analyze for any material weaknesses in internal controls or disagreements with auditors.

Part II

What are the disclosed operational and/or financial weaknesses of the company?

• Outline and explain which of the financial statements would have been misstated and if this misstatement would have had an impact on more than one year. Distinguish which stakeholders will be affected and in what way(s).