how your company compares to its competitors, recent industry developments/changes, etc. Understanding of the Company’s Risks:

in planning for an audit of a client, you generally need to obtain some background information on the client. For this paper, use the same company you used for the
first part of the paper and write a 2 to 3 page paper (typed, double-spaced) along with a separate reference page(annual reports, websites, and meetings with company

personnel are also acceptable references) explaining your understanding of the company’s industry and risks. Please review the most recent annual report and do

additional research on the company’s recent developments and press releases. Your paper should include the following sections: The Company I choose is Walmart.

Understanding the Company’s Industry: The information in this section of the paper should include information about the client’s industry such as: type, brief history

of the industry, largest companies in the industry, your company’s biggest competitors, how your company compares to its competitors, recent industry

developments/changes, etc. Understanding of the Company’s Risks: For this section of the paper, most of this information can be found in the notes to the financial

statements (or other info in the annual report) as well as by doing an analytical review and/or ratio analysis of the client. The information in this section of the

paper should include information about the client’s risks such as: Any significant and/or unusual changes in the client’s balance sheet or income statement accounts

(based on the results of an analytical review of the company’s most recent 2 years’ financial statements) and the reasons or possible reasons for those changes The

risks associated with the company’s business or products The risks associated with the company’s significant financial statement accounts (i.e., collectability of

accounts receivable)

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