(15 points) Choose a publicly traded firm (use this list – https://www.nasdaq.com/screening/companies-by-industry.aspx?exchange=NYSE), and identify the Ticker Symbol, a 3 or 4 letter combination.
Next, check the existing discussion posts to make sure that no one else had chosen that firm. If your firm has not been chosen add a posting to claim the firm you want. The Title of your discussion post must be your Company Name and Ticker Symbol so that other students will know that firm has been selected. You will not need to write anything inside the post.
Your work will be uploaded as an assignment, NOT in the discussion post. The discussion is only to claim the firm name.
Next, go to finance.yahoo.com and use the ticker symbol to look up the values for NIBT, total assets, total revenues, and total equity for your client.
Type your work in Word document. At the top of the document type your name, your firm, and the ticker symbol. Show your firm’s NIBT, total assets, total revenues, and total equity. Show how you calculated materiality for the current year based on each of the 4 rules of thumb. Refer to page 213 in the textbook.
The textbook provides a range of percentages, so you will have to choose a percentage within that range to apply. Which one would you choose and why?
Identify the materiality you will use for the audit and why. The reason you choose a certain percentage, or rule of thumb may depend on your perception of risk in the firm. The decision requires judgment. There is no perfect answer, but you should be able to state a reason for your choice based on specific references to the client you chose and the environment it operates in.
Save the Word document to a drive, and then upload it using this assignment link.