Provide your answers to the following questions: (Reminder: Include each question immediately followed by your answer.)
1. As disclosed in the Walmart Inc. Form 10-K for the year ending January 31, 2020, what did the company disclose about its internal control over financial reporting?
2. What critical audit matters were disclosed in the Walmart Inc. Form 10-K?
3. Regarding the Walmart 2020 Proxy Statement filed on June 3, 2020, what does the company consider a related party transaction and how are they handled?
4. In the Walmart 2020 Proxy Statement, why was a breakdown of the independent accountant fees disclosed?
5. What is the primary purpose of the anti-bribery provisions of the FCPA and the accounting requirements based on the “SEC Investor Bulletin: The Foreign Corrupt Practices Act: Prohibition of the Payment of Bribes to Foreign Officials.” To access this document, go to the Investor.gov website, click on Additional Resources, then Glossary, then scroll down and click on Foreign Corrupt Practices Act.
6. Briefly describe the significant events that were disclosed in the Walmart Inc. Form 8-K filed on June 20, 2019. Why are these disclosures important?
7. What did Walmart disclose in the Form 10-K about its global anti-corruption compliance program?
8. What are the four different ways IFRS can be used by a country? How is IFRS used in the U.S.?
9. Go to the FASB website, click on Reference Library, and read “Comparability in International Accounting Standards.” Why does FASB believe that seeking more comparable global accounting standards fits their core mission? What is FASB’s three-part strategy for seeking greater comparability in accounting standards internationally?
10. Go to the IFRS.org website and click on “Around the World” and then click on “Why Global Accounting Standards?” Briefly explain the three benefits of IFRS standards.
11. Go to the IFRS.org website and click on “Use of IFRS Standards by Jurisdiction.” Scroll down and click on United States. Approximately how many foreign SEC registrants use IFRS Standards in their U.S. filings?