suppose your audit firm is in the intitial planning phase for the audit of apple for the year ended September 25, 2021. As the audit senior, you have been assaigned responsibility for gathering and summarizing information necessary to evaluate Apple's business risk. Required: Go to Apple's website (investor.apple.com) and explore the website. Click on the "SEC filings" link. Obtain the most recent SEC form 10-K (annual report for the fiscal year ended September 26, 2020) provided for Apple. Based on the information obtained from the website and your know ledge of the industry: 1. Prepare a memo discussing your understanding of Apple and its envirioment. Evaluate Apple's performance and the risk of misstatement, be sure to describe your reasoning.
suppose your audit firm is in the intitial planning phase for the audit of apple for the year ended September 25, 2021. As the audit senior, you have been assaigned responsibility for gathering and summarizing information necessary to evaluate Apple's business risk. Required: Go to Apple's website (investor.apple.com) and explore the website. Click on the "SEC filings" link. Obtain the most recent SEC form 10-K (annual report for the fiscal year ended September 26, 2020) provided for Apple. Based on the information obtained from the website and your know ledge of the industry: 1. Prepare a memo discussing your understanding of Apple and its envirioment. Evaluate Apple's performance and the risk of misstatement, be sure to describe your reasoning.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Answer at least 400 words.
suppose your audit firm is in the intitial planning phase for the audit of apple for the year ended September 25, 2021. As the audit senior, you have been assaigned responsibility for gathering and summarizing information necessary to evaluate Apple's business risk.
Required:
Go to Apple's website (investor.apple.com) and explore the website. Click on the "SEC filings" link. Obtain the most recent SEC form 10-K (annual report for the fiscal year ended September 26, 2020) provided for Apple. Based on the information obtained from the website and your know ledge of the industry:
1. Prepare a memo discussing your understanding of Apple and its envirioment. Evaluate Apple's performance and the risk of misstatement, be sure to describe your reasoning.
2. Professional auditing standards provide guidance on the auditor's consideration of an entity's business risks. What is the auditor's objective for understanding and entity's business risks? why does an auditor not have responsibility to identify or assess all business risks? provide some examples of business risks associated with an entity that an auditor should consider when performing an audit.
3. Who was Apple's auditor for its 2020 financial statements? did the audit firm issue a combined or separate report on the financial statements and on internal controls over financial reporting? what type of audit opinion did the auditor provide for the 2020 financial statements? what was the auditor opinion about internal controls over financial reporting?
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