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The book provides an “auditing in practice” illustration in Chapter 7 that focuses on Pfizer Pharmaceuticals Risk Disclosures as an Example of Inherent Risk at the Financial Statement Level.
Many risk factors are disclosed in corporate filings with the SEC. Note that the Pfizer example is drawn from the 2011 10-K filing.
Go to the EDGAR system (https://www.sec.gov/edgar/searchedgar/companysearch.html) and get the most recent 10-K filings for two U.S. companies in each of the following industries (8 companies in total):
(SIC Code 2111) Cigarettes
(SIC Code 2911) Petroleum Refining
(SIC Code 5412) Convenience Stores
(SIC Code 7011) Hotels / Motels
List the companies and years you used. Read about the risks disclosed in the 10-Ks by each company. Based on your reading, what risk factors appear to be most important in each industry?
For each of the risk factors identified above, state whether or not they are relevant to auditors and why?
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