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Hi y'all! Today I'm sharing some tips for reading a 10-K (annual report of a public company), focusing on the sections that would be most helpful if you're a new staff (audit or tax), on a new audit client for your firm, for job applicants who are interested in working for a public company or work for / audit a private company and need examples of disclosures for your private report.
Please feel free to add areas you guys focus on when reading a 10-K!
Disclaimer! While these are sections that I recommend to focus on (since it can be overwhelming if you try to absorb everything at once), feel free to read everything or if your supervisor gives you specific instructions, listen to them obviously 😝 This is more for those who do not receive clear instructions, but always feel free to ask for clarification from your supervisors where needed!
Jump around:
00:06 Background and audience this video is meant for
02:12 Navigating to public company filings on Edgar SEC website
03:57 Overview of key forms you'll see during an audit of a public company (10-Q, 8-K, DEF14A, 10-K)
Into the nitty gritty of the 10-K:
07:10 Table of contents of 10-K and general areas we'll focus on
08:12 Business overview
08:56 Risk factors
09:52 Tangent time: for those in college, a tip if you're worried about automation in accounting/audit
11:03 Legal proceedings
11:43 Sections in MD&A to focus on (critical accounting policies, fluctuations from year to year, controls & procedures)
13:50 Sections in financial statements and footnotes to focus on
19:59 If you want to know executive compensation or auditor fees...
22:11 Bloopers
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