In other words, should analyze the good and/or bad aspects of each discussion board activity and justifying your analysis.

For this discussion board you should answer the following questions. You can find some of the answers to the questions below in the company 10-k, on the company’s website, or you may have to do additional research to find some of the answers.

The Boeing Company – You should be able to click on the PDF file link provided here The Boeing Company 10-K report for the period ending 12.31.18.pdf Download The Boeing Company 10-K report for the period ending 12.31.18.pdf to access this company’s 10-K report.
The Hershey Company – You should be able to click on the PDF file link provided here The Hershey Company 10-K report for the period ending 12.31.18.pdf Download The Hershey Company 10-K report for the period ending 12.31.18.pdf to access this company’s 10-K report.
Tesla Motors Inc. – You should be able to click on the PDF file link provided here Tesla Motors Inc 10-K report for the period ending 12.31.18.pdf Download Tesla Motors Inc 10-K report for the period ending 12.31.18.pdf to access this company’s 10-K report.

The questions listed below will continue the process an auditor must take when preparing for an audit. Not only do you have to understand the company itself but the industry in which they operate so you can understand all of the risks for the company and formulate the audit procedures accordingly. One of the first few steps of the audit process is for the audit team to come together and hold a fraud brainstorming session where every member of the team will come up with any area of potential fraud within the company they are preparing to audit. In order to do this and completely participate in the brainstorming they have to understand the company, industry and any economic, social, regulatory, or legal issues the industry faces. Each student should answer the following questions for the company they choose:

What are the key economic factors about the industry in which the company operates? You can use this link as a starting point for your research on this question: http://www.marketingtutor.net/economic-factors-affect-business-environment/ (Links to an external site.). Don’t forget to also look at item 1 and 1A of your company’s 10-k report for specific risks for your particular company.
Where is the company in its life cycle? You can use this website to read about business life cycles: https://smallbusiness.yahoo.com/advisor/stages-business-lifecycle-challenges-100036770.html. (Links to an external site.) How might this affect audit risk? Are their different pressures (internal or external) that may affect the audit risk at different stages in a company’s life cycle?
What are the five or six most important factors for success in this business? You should be thinking outside the box a little here. Think about all kinds of things that make a business successful from it’s people, R&D, Patents, financial, international issues, and the legal and regulatory environments they all operate in.
Describe four or five significant business risks related to the client’s business and industry and why you think they are a significant risk that may affect how you plan and perform the audit. (Client business and industry risks are discussed in chapter 8 of the textbook. You should also be able to find specific risks associated with your particular company in sections 1 & 1A of the 10-k report. You can also find more information on identifying business risk at the following link: http://www.investopedia.com/articles/financial-theory/09/risk-management-business.asp (Links to an external site.)) Again don’t forget to think outside the box a little bit here as well. Are any of the businesses unionized? Are they in involved lawsuits or patent infringement issues? Are there issues with regulatory agencies such as the FDA or local health authorities? These are all international businesses. Are there any extra risks involved because they are international? For example, will the vote Great Britain made a few months ago to leave the European Union have any impact on these businesses that the audit team might want to think about during the next audit. Do any of the companies have warranty issues or patents that are expiring soon? For those of you who have Tesla as your company do you think Federal and State tax credits for purchasing electric automobiles have a significant impact on the business, audit, or industry risk? Why or Why not?
What notable accounting considerations are there for companies in this industry? You will have to read the company’s 10-k and possibly due other research on the specific industry your company is in. (For example, do they have revenue recognition issues, do they have assets such as goodwill that are difficult to value, do they have huge inventories in a variety of different locations that will be difficult to observe, are they involved in lawsuits that will need to be disclosed or recorded,etc….) You should be looking at areas on the balance sheet and income statement which have difficult accounting principles, are difficult to value, are easy to manipulate, have significant changes from one year to the next, and/or make up a large portion of the balance sheet or income statement (such as inventory, property, plant, and equipment, patents, goodwill, allowance for doubtful accounts, cost of goods sold, revenue recognition, payroll, pensions, etc..). These are the areas which usually require the most audit work.
What legal or regulatory matters are of concern for your specific company or companies within their industry. (For example Banks would have to deal with Banking and Financial regulations imposed on them by the Federal Reserve. If they are publically traded banks they will also have to deal with any SEC regulations. Company’s like BP and Exxon would have to deal with the EPA.)
What social matters are of concern?
Don’t forget to post your original response to the questions above for the company you choose. When you are replying to at least 2 other student’s responses you should choose at least one student that analyzed a different company than the one you chose.

All original response posts should be submitted by 5:00 pm on Wednesday, March 23rd and the replies to at least 2 other students should be submitted by 5:00pm Monday, March 28th.

Discussion board topics are worth a total of 100 points for each discussion board assignment. The following points are what is looked for in your original posts to the discussion board and your replies to other students’ postings:

Original Posting (60 points)
Relation of new information to old information learned in the course (or other related business courses) to date.
Relation of information in article or reading to personal experience.
The use of proper grammar, complete sentences, lack of misspelled words.
The response answers all questions asked and is on topic.

Discussion at a critical level, not just recitation of facts from the article.

Note:Discussion at a critical level means discussing things such as your opinion of the point mentioned, why you hold that opinion, what you see wrong with point mentioned, how you see the point consistent/inconsistent with what you have learned so far, implications for the future, consistencies/inconsistencies within the article or reading itself, and so forth.

In other words, should analyze the good and/or bad aspects of each discussion board activity and justifying your analysis.

Reply to Two Others’ Postings (40 points total – 20 points for each):

Discuss one point you like/agree with, and one point you dislike/disagree with, and why

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