Wal-Mart
Locate the 2009 Form 10-K for Wal-Mart in Appendix A and consider the following questions:
1. With respect to the report of the external auditors to "the Board of Directors and Shareholders of Wal-Mart Stores, Inc.":
a. Who is Wal-Mart's external auditor?
b. How long after the end of Wal-Mart's fiscal year did the external auditor complete the audit?
2. With respect to the report of management concerning the financial statements:
a. Who is responsible for the financial statements?
b. After reading the paragraph on internal control, indicate whether you agree or disagree with the following statement: "The purpose of an internal control system is to ensure that all transactions are always recorded and that all assets are always com-
pletely safeguarded."
c. After looking at the description of the members of the audit committee (in the sec- ond paragraph), do you think that any members of the Walton family are members of that committee?