03
Feb
10

A.01 Internet Problem (Worksheet 3)

Shelly Huzaynah 21207019

SMAK01-7

Auditing 2

Question :

  1. The EDGAR web site describes many SEC-required forms. Explain the purpose of each of the following SEC forms:
  • Form 8-K
  • Form 10-K
  • Form 10-KSB

Answer :

  • Form 8 – K

The purpose of an 8-K is to inform investors of material occurrences that fall between the issuance of the regular periodic reports filed with the SEC, namely the 10-Q and 10-K.

This is a report of unscheduled material events or corporate changes deemed of importance to the shareholders or to the SEC. Items 1-3 and 8 must be reported in an 8-K within 15 days of the event. Items 4 and 6 must be filed within 5 business days after the event, and Item 5 is optional, meaning there is no mandatory time for filing.
Item 1 – Changes in Control of Registrant

Item 2 – Acquisition or Disposition of Assets

Item 3 – Bankruptcy or Receivership

Item 4 – Changes in Registrant’s Certifying Accountant

Item 5 – Other Materially Important Events

Item 6 – Resignation of Registrant’s Directors

Item 7 – Financial Statements and/or Exhibits

Item 8 – Change in Fiscal Year

  • Form 10 – K

The primary purpose of the 10-K report is to provide investors with information about the company to assist in the process of determining whether a stock should be purposed. The 10-K is the foundation for fundamental analysis.

This report is provides a comprehensive overview of the registrant. The report must be filed within 90 days after close of company’s fiscal year and contains the following items of disclosure:

Items Reported

  • Cover Page
  • Part I
    • Item 1 – Business
    • Item 2 – Properties
    • Item 3 – Legal Proceedings
    • Item 4 – Submission of Matters to a Vote of Security Holders
    • Part II
      • Item 5 – Market for the Registrant’s Common Stock and Related Security Holder Matters
      • Item 6 – Selected Financial Data
      • Item 7 – Management’s Discussion and Analysis of Financial Condition and Results of Operations
      • Item 8 – Financial Statements and Supplementary Data
      • Item 9 – Changes in and Disagreements with Accountants on Accounting and Financial Disclosure
      • Part III
        • Item 10 – Directors and Executive Officers
        • Item 11 – Remuneration of Directors and Officers
        • Item 12 – Security Ownership of Certain Beneficial Owners and Management
        • Item 13 – Certain Relationships and Related Transactions
        • Part IV
          • Item 14 – Exhibits, Financial Statement Schedules and Reports on Form 8-K
  • Form 10 – KBS

This annual report statement is used to a small business. It filed by a small business company.

Question :

  1. Search EDGAR for the 10-K filings of the three companies listed below. Within the 10-K filings locate the independent auditor’s report and identify the type of opinion it is (e.g., unqualified, qualified, disclaimer, adverse) and what type of explanatory paragraph, if any, the opinion contains (e.g., going concern or emphasis of a matter). (Hint: You may be able to search the company’s 10-K by using the Internet browser’s “Find” command typically located in the “Edit” menu.)
  • General Motors Corporation (10-K filed 3-13-2003)
  • Ford Motor Company (10-K filed 3-14-2003)
  • The Home Depot (10-K filed 4-21-2003)

Answer :

  • General Motors Corporation (10-K filed 3-13-2003)

GENERAL MOTORS CORPORATION AND SUBSIDIARIES

CONSENT OF INDEPENDENT AUDITORS

The Board of Directors
General Motors Corporation:

We consent to the incorporation by reference of our report on page II-20 dated January 16, 2003 (March 12, 2003 as to Note 26) and of our report in Section IV dated January 15, 2003 (March 6, 2003 as to Note 22) appearing in this Annual Report on Form 10-K of General Motors Corporation for the year ended December 31, 2002, in the following Registration Statements:

Registration

Form     Statement No.       Description

—-     ————-       ———–

S-3      333-88508           General Motors Corporation and GM Nova Scotia

Finance Company Debt Securities,Preferred Stock,

Preference Stock and Common Stock

S-3      33-56671            General Motors Corporation $1-2/3 Par Value

(Amendment No. 1)    Common Stock

S-3      33-49309            General Motors Corporation Dividend Reinvestment

Plan

S-3      333-45104           General Motors Corporation $1-2/3 Par Value

Common Stock

S-8      333-100268          The General Motors Personal Savings Plan for

Hourly-Rate Employees in the United States

S-8      333-90097           General Motors Stock Incentive Plan

S-8      333-100269          General Motors Savings-Stock Purchase Program

For Salaried Employees in the United States

S-8      333-76441           The Hughes Non-Bargaining Employees Thrift and

Savings Plan The Hughes Bargaining Employees

Thrift and Savings Plan

S-8      333-100271          The GMAC Mortgage Group Savings Incentive Plan

S-8      333-90087           Hughes Electronics Corporation Incentive Plan

S-8      333-47200           Saturn Individual Savings Plan for Represented

Members

S-8      333-17937           Saturn Personal Choices Savings Plan for

Non-Represented Members

S-8      333-44957           General Motors 1998 Stock Option Plan

S-8      333-66653           ASEC Manufacturing Savings Plan

S-8      333-31846           General Motors Deferred Compensation Plan for

Executive Employees

S-8      333-55118           The GMAC Insurance Personal Lines Retirement

Savings Plan

S-8      333-55122           The Holden Employee Share Ownership Plan

S-8      333-100270          GMAC Mortgage Group Deferred Compensation Plan

for Executive Employees

/s/DELOITTE & TOUCHE LLP

————————

DELOITTE & TOUCHE LLP

Detroit, Michigan

March 12, 2003

HUGHES ELECTRONICS CORPORATION

INDEPENDENT AUDITORS’ REPORT

To the Board of Directors of Hughes Electronics Corporation:

We have audited the accompanying Consolidated Balance Sheets of Hughes Electronics Corporation as of December 31, 2002 and 2001, and the related Consolidated Statements of Operations and Available Separate Consolidated Net Income (Loss), Consolidated Statements of Changes in Stockholder’s Equity and Consolidated Statements of Cash Flows for each of the three years in the period ended December 31, 2002. Our audits also included the financial statement schedules listed in Item 15. These financial statements and the financial statement schedules are the responsibility of Hughes Electronics Corporation’s management. Our responsibility is to express an opinion on these financial statements and the financial statement schedules based on our audits.

We conducted our audits in accordance with auditing standards generally accepted in the United States of America. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, such consolidated financial statements present fairly, in all material respects, the financial position of Hughes Electronics Corporation at December 31, 2002 and 2001, and the results of its operations and its cash flows for each of the three years in the period ended December 31, 2002, in conformity with accounting principles generally accepted in the United States of America. Also, in our opinion, the financial statement schedules, when considered in relation to the basic consolidated financial statements taken as a whole, present fairly, in all material respects, the information set forth therein.

As discussed in Note 3 of the Notes to the Consolidated Financial Statements, effective January 1, 2002, Hughes Electronics Corporation changed its method of accounting for goodwill and other intangible assets to conform to Statement of Financial Accounting Standards No. 142, “Goodwill and Other Intangible Assets”.

/s/   DELOITTE & TOUCHE LLP

——————————

Deloitte & Touche LLP

Los Angeles, California

January 15, 2003

(March 6, 2003 as to Note 22)

“Based on the independent auditor’s report, General Motor Corporation and Subsidiaries has acquisition of Hughes Electronics Corporation, the consolidated financial statements present fairly (qualified), in all material respects. The subsidiaries company of General Motor Corporation (Hughes Electronics Corporation) changed its method of accounting for goodwill and other intangible assets to conform to Statement of Financial Accounting Standard No. 142 about Goodwill and Other Intangible Assets”.

  • Ford Motor Company (10-K filed 3-14-2003)

“Based on the certification which inform to public especially for the investors, the financial statements, and other financial information included in the annual report, present fairly (qualified), in all material respects the financial condition, result of operations and cash flows of the registrant as of, and for, the periods presented in the annual report.”

  • The Home Depot (10-K filed 4-21-2003)

INDEPENDENT AUDITORS’ REPORT

The Board of Directors and Stockholders

The Home Depot, Inc.:

We have audited the accompanying consolidated balance sheets of The Home Depot, Inc. and subsidiaries as of February 2, 2003 and February 3, 2002 and the related consolidated statements of earnings, stockholders’ equity and comprehensive income, and cash flows for each of the years in the three-year period ended February 2, 2003. These consolidated financial statements are the responsibility of the Company’s management. Our responsibility is to express an opinion on these consolidated financial statements based on our audits.

We conducted our audits in accordance with auditing standards generally accepted in the United States of America. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the consolidated financial statements referred to above present fairly, in all material respects, the financial position of The Home Depot, Inc. and subsidiaries as of February 2, 2003 and February 3, 2002, and the results of their operations and their cash flows for each of the years in the three-year period ended February 2, 2003, in conformity with accounting principles generally accepted in the United States of America.

/s/ KPMG LLP

Atlanta, Georgia

February 24, 2003

THE HOME DEPOT, INC. 2002 ANNUAL REPORT

“Based on the independent auditor’s report, the consolidated financial statements of The Home Depot, Inc and Subsidiaries present fairly (qualified), in all material respects.”

Source :


0 Responses to “A.01 Internet Problem (Worksheet 3)”



  1. Leave a Comment

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s


%d bloggers like this: