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Respond to each question below: 1. What ethical and legal liability relating to accountants and auditors might relate to your SEC 10-K company? 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 your SEC 10-K company. 5. Always include the name of your SEC 10-K company in the subject line and the link to your SEC 10-K financial statement when posting https://www.sec.gov/Archives/edgar/data/40533/000004053317000006/gd-2016123110k.htm
Expert Answer
Accountants must remain impartial and loyal to ethical guidelines when reviewing Home Depot’s financialrecords. Accountants should not be influenced under the pressure placed on them by management orcorporate officers. Auditors can benefit the company by performing correct audits. Auditors are liable fornegligence behavior if a misleading audit led to damages.
Fiscal Year 2014 2013 2012
Net Sales 78,812 74,754 70,395
Cost of sales 51,422 48,912 46,133
Gross profit 27,390 25,842 24,262
Gross profit margin 34.7% 34.6% 34.5%
Net sales, cost of sales, gross profit and gross profit margin all have increased each year from 2012-2014. Gross profit has a 6.5% increase from 2012-2013 and 6% increase from 2013-2014. However, onlya small amount of increase has occurred in gross profit margin
