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Written Assignment: SEC 10-K Analysis on ExxonMobil
Using the Internet, access the SEC 10-K annual report for ExxonMobil.
https://ir.exxonmobil.com/static-files/12d442a1-9503-450f-86a5-139512ce2f35
You are the new auditor for the ExxonMobil. As the new auditor, you are to develop a comprehensive audit plan. The auditing standards describe the components of what is to be included in an audit plan. You are to describe accounting and auditing issues in the audit that you will face as the new auditor.
Your paper should consist, at a minimum, of the following:
7 page single spaced, double space between paragraphs. Page count does not include title page, tables and exhibits, table of contents, and works cited list
title page
bibliography or works cited (business classes use APA format)
in text citations (business classes use APA format)
tables, and appendixes if you wish to copy and paste financial statements or materials you did not write (these will not be part of the ‘page count’)
Your paper should use one-inch margins on the left, right, top, and bottom of each page, and font set at 12 point
Write your paper, in your own words, using accounting words and explaining how these relate to the financial statements of your company
Use bullet lists, create data visualization and charts to accompany your commentary. You must include and discuss graphics or charts in your report. Write in your own words. A report with excessive quotations is not in your own words.
Review the company’s MD&A as well as financial statements and the accompanying footnotes. Use this information to prepare your “analytic” results. You may want to seek additional background and comparative data on the business. Yahoo Finance has a “competitors” feature.
The content of your paper should focus on accounting issues and include words at a higher level than in Principles of Accounting.
The use of headings will label the sections in your paper. Your goal is to explain the financial statements and the information of the SEC 10-K. While not explaining every item in the SEC 10-K, your paper should tell a story and illustrate your mastery of accounting terms and concepts. No more than one page should be devoted to your company’s history and non-financial information. Focus on the Notes to the Financial Statements and the MD&A.
At the minimum, the following headings must be used and the following questions must also be answered in detail:
Background:
You must provide a brief background of the company and the industry. Address issues associated with the specific industry and operational of your U.S. Corporation.
Financial Statements:
Answer the following questions;
1. What ethical and legal liability relating to accountants and auditors might relate to ExxonMobil?
2. What trends in sales, cost of goods sold, and gross profit do you see? Create a small table for your records and refer to percentages in terms of year to year change for dollar values and the gross profit percentage.
3. Review net income and post comments using the techniques you used for gross profit.
4. International Issues: comment on foreign currency issues and the global picture for ExxonMobil.
Income Statement:
Answer the following questions;
1. Inventory comments: comment on inventory issues using the concepts of materiality and geographic location.
2. Inventory and Sales: comment on issues related to diversity in customer base and issues of internal control.
3. Accounts Receivable and Sales: comment on issues related to the selling and distribution system of your SEC 10-K company and issues of fraud as well as internal control.
4. Challenges and opportunities you see as you relate our auditing topics to your company. Details are high level in the SEC 10-K but organizations rely on Auditing concepts, as they prepare for the audits and as part of their internal control process.
Management Discussion and Analysis:
Answer the following questions;
1. The management of risk and uncertainty is often included in the MD&A section comments. What do you learn of interest here?
2. Divisions and Product Lines may be discussed in the MD&A section. What audit and internal control issues may arise in these areas as you consider our chapters for the week.
3. Management often explains higher or lower than expected in their comments. Discuss the profitability and other comments in the MD&A section as they relate to our chapters thus on audit strategy, risk, internal control, materiality, and management.
MD&A; ESG; Contingencies; Liabilities:
Answer the following questions;
1. Costs and fluctuations are often discussed in the MD&A section. Any comments on your analysis here?
2. Supply Chain Management is an increasing concern for all organizations. What do you learn from your review of MD&A?
3. Environmental, Social, and Governance (ESG) and Sustainability relate to many issues including pollution and the cost of remediation and hazardous wastes. What do you learn about these topics from the SEC 10-K?
4. Contingencies and liabilities: can they be estimated? Are they probable to occur? What do you learn about your company in this area? Do these issues appear as critical audit matters for your company?
Company Audit Issues:
Answer the following questions;
As our course topics focus on specific audit issues, identify steps to audit each of the following:
Audit of the Acquisition and Payment Cycle: Tests of Controls and Substantive Tests of Transactions, and Accounts Payable
Completing the Tests in the Acquisition and Payment Cycle: Verification of Selected Accounts 
Audit of the Payroll and Personnel Cycle
Audit of the Inventory and Warehousing Cycle 
Audit of the Capital Acquisition and Repayment Cycle
Audit of Cash Balances
Balance Sheet
Statement of Stockholders Equity
Statement of Cash Flows

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