PROJECT REPORT > Arizona State University ACC 450_ Auditing Standards Project_ A. SEC FILINGS Form 10-K (2020-03-20) Form 10-Q (2020-12-02) Form 8-K (2021-1-15)

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Arizona State University ACC 450 A. SEC FILINGS Form 10-K (2020-03-20) Form 10-Q (2020-12-02) Form 8-K (2021-1-15) A-1. There are four parts in the 10-K filling for Walmart . Part one is... a description of company’s business, risks that company faced with, explanations of the comments from SEC, company’s significant properties, pending lawsuit and any information concerning mine safety violation. Part two give information about company’s equity securities, company’s perspective on the results of the past financial year, company’s audited financial statements, if there are any change in accountant and information not yet report. Part three is mainly about the top executives like their background, experience, compensation, ownership of the company, relationships and transactions between company and its directors and fee company paid to accounting firms. Part four is list of financial statements. A-2. Report of Independent Registered Public Accounting Firm To the Shareholders and the Board of Directors of Walmart Inc. Opinion on the Financial Statements We have audited the accompanying consolidated balance sheets of Walmart Inc. (the Company) as of January 31, 2020 and 2019, the related consolidated statements of income, comprehensive income, shareholders' equity and cash flows for each of the three years in the period ended January 31, 2020, and the related notes (collectively referred to as the "Consolidated Financial Statements"). In our opinion, the Consolidated Financial Statements present fairly, in all material respects, the financial position of the Company at January 31, 2020 and 2019, and the results of its operations and its cash flows for each of the three years in the period ended January 31, 2020, in conformity with U.S. generally accepted accounting principles. We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the Company's internal control over financial reporting as of January 31, 2020, based on criteria established in Internal Control-Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (2013 framework) and our report dated March 20, 2020 expressed an unqualified opinion thereon. Adoption of ASU No. 2016-02 As discussed in Note 1 to the Consolidated Financial Statements, the Company changed its method of accounting for leases effective February 1, 2019, due to the adoption of Accounting Standards Update (“ASU”) No. 2016-02, Leases (Topic 842). Basis for Opinion These financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on the Company’s financial statements based on our audits. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB. We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion. Critical Audit Matters The critical audit matters communicated below are matters arising from the current period audit of the financial statements that were communicated or required to be communicated to the audit committee and that: (1) relate to accounts or disclosures that are material to the financial statements and (2) involved our especially challenging, subjective or complex judgments. The communication of critical audit matters does not alter in any way our opinion on the Consolidated Financial Statements, taken as a whole, and we are not, by communicating the critical audit matters below, providing separate opinions on the critical audit matters or on the accounts or disclosures to which they relate. Contingencies iption of atter As described in Note 10 to the Consolidated Financial Statements, at January 31, 2020, the Company is involved in a number of legal proceeding has made accruals with respect to certain of these matters. For other matters, a liability is not probable, or the amount cannot be reasonably estimated and therefore an accrual has not been made. Where a liability is reasonably possible and may be material, such matters have been disclosed. Management assessed the probability of occurrence and the estimation of any potential loss based on the ability to predict the numbe claims that may be filed or whether any loss or range of loss can be reasonably estimated. For example, in assessing the probability of occurrenc particular legal proceeding, management exercises judgment to determine if it can predict the number of claims that may be filed and whether it reasonably estimate any loss or range of loss that may arise from that proceeding [Show More]

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