You are a newly promoted manager at Standards & Co., a CPA firm, in their audit practice. During your training, you are instructed to select an example of filed annual financial statements (Form 10-K) for a publicly traded company. Your task is to review the financial statements for all periods presented, verify that required disclosure is included, and ensure that the information presented is accurate and complete. Those will be your daily tasks after you are fully trained. Your training manager did not make the task easy for you and did not provide you with checklists and other guides on how to complete the task. The training manager wants to evaluate if you are able to find the information you need to know. You are required to show your work. You have plenty of experience, and you know that without any other workpapers and additional support, you need to come up with a good plan to complete this task quickly to impress your training manager. This is your plan:\ As an expert in the accounting equation, you know that assets have to equal liabilities and equity. Therefore, your first step would be to foot all amounts included in the face of all financial statements.\ The only thing you can do to verify accuracy is simply to tie all amounts included in the MD&A and in notes to the financial statements, to the financial statements themselves. This will also help you to identify if there are no errors or overrides.\ Next, you will need to review the summary of accounting policies to gain a better understanding of the numbers in the financial statements.\ Next, you will need to evaluate if all required disclosure is included. This would be a daunting task without a checklist to complete it quickly for the full financial statements. Consequently, you asked your training manager if you could only focus on assets and liabilities. The training manager agreed. That is a big help. You will need to focus on these sections, research disclosure requirements, and, based on the research, identify that numbers included on the face of financial statements are adequately disclosed in the notes to the financial statements.