Financial Reporting Problem

Topics: Corporation, Business, Audit Pages: 2 (626 words) Published: March 11, 2013
Financial Reporting Problem

Financial Reporting Problem
In every company there are challenging that must be overcome to maintain a healthy business. It is important for a corporation like Wal-Mart to be aware of their competition. The ability to study and learn from other business in the same market can drastically influence the success of an organization. It is equally important to ensure that a corporation is aware of their own strengths and weaknesses. A corporation as large as Wal-Mart uses auditors as a safety mechanism to ensure that proper procedures are being followed and provide accurate information to management. Having to ability to learn about an organization strengths, weaknesses, and competitors could be useful to select organizations. That type of information would be utilized by creditors, investors, and employees. This essay will further discuss Wal-Mart’s financial data at a different level. Wal-Mart faces many challenging while conducting daily operations. It is imperative for Wal-Mart’s upper management to have the most current and accurate information about their primary competitors. Wal-Mart is a giant in the merchandising market and it is hard to believe that there are corporations that challenge them. The primary competitors for Wal-Mart are Cost Co Wholesale, Target, Sears Holding, Dollar General, and eBay. Those corporations force Wal-Mart to constantly evolve in order to stay competitive. Each of the corporations above has certain strengths and focus on a select type of customers. Wal-Mart has the ability to stay competitive in several markets and target multiple types of customers. They conduct operations online, internationally, and continuously provide low cost to consumers. The massive amount of sales and services that Wal-Mart performs makes it a necessity to audit them occasionally. An audit provides the corporation with an abundance of knowledge. It will provide an organization with the information needed...
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