Problem
Financial statements for public companies are reported on Form 10-K and are available on the Securities and Exchange Commission's website.
In planning the audit, the auditor needs to understand the structure of the entity and its business environment. To do this, the auditor focuses on identifying potential risks that may have a significant effect on the financial statements. Select the most recent set of annual audited financial statements for a US public company. After reviewing the company's financial statements, discuss the entity, industry, and economy-level factors that the auditor should consider when planning the audit for this entity.